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Russian government plans to 'break the LBMA monopoly' on gold
Treasury Proposes to Create Alternative to the London Precious Metals Standard
From Vzglyad
Institute for Socio-Economic and Political Studies, Moscow
Thursday, July 28, 2022
Via Google Translator
https://vz.ru/amp/news/2022/7/28/1169741.html
A new international standard for the precious metals market, the Moscow World Standard (MWS), should be created to become an alternative to the standard of the London Bullion Market Association (LBMA), the Russian Finance Ministry said.
A letter from the Ministry of Finance to industry participants says that "an independent international infrastructure" is needed to "normalize the functioning of the precious metals industry."
According to the department, it is “critically necessary” to create it, RIA Novosti reports.
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It is proposed to “place a specialized international precious metals exchange headquartered in Moscow” using the “new international standard MWS” as the “basis of the structure." It is also proposed to establish a Price Fixing Committee. Subject to the application of the MWS standard, it will include the central banks and the largest banks of the Eurasian Economic Union countries represented in the precious metals market.
According to the Russian department, it is necessary to “bet on fixing prices in the national currencies of the key member countries, or on new units of international settlements, such as the new unit of settlements proposed by the president of Russia within the member countries of the BRICS organization.”
The Ministry of Finance wants to make membership in this organization attractive to all foreign market participants, especially China, India, and Venezuela, Peru, and other countries of South America, as well as Africa. The agency expects that such a move will quickly break the LBMA monopoly and ensure the stable development of the industry.
Recall that the Council of the European Union approved the seventh package of anti-Russian sanctions, including a partial embargo on gold, blacklisting 55 individuals and legal entities, expanding the list of dual-use goods prohibited from import. The largest producer of primary silver and the second-largest gold producer in Russia, Polymetal, is exploring the possibility of selling Russian assets.
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* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
