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Sanctions against Russia threaten London gold and silver markets, Maguire says
9:16a ET Saturday, March 12, 2022
Dear Friend of GATA and Gold:
Russia, like China, has much more official gold than it has reported and the two nations are considering using the "nuclear option" against the petrodollar, London gold trader Andrew Maguire claims in his weekly interview with Shane Morand for Kinesis Money.
That is, Maguire says, Russia would demand gold as payment for its oil exports.
Further, Maguire says, the Bank of Russia's increasing acquisition of domestically produced gold will reduce supply on the international market, just as economic sanctions against Russia will reduce supply of Russian silver to the London market.
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The interruption of Russian silver supply to London, Maguire says, is already imperiling silver delivery commitments and silver derivatives, raising the threat of defaults.
Maguire's interview with Morand is 37 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=JJ0XM8fufOQ
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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