• "Spreading the ideas of freedom loving people on matters regarding metals, finance, politics, government and many other topics"

Russian government plans to 'break the LBMA monopoly' on gold

ZZZZZ

Midas Member
Midas Member
Midas Supporter
Joined
Dec 23, 2017
Messages
9,813
Reaction score
23,538
Location
Northern Arizona
Bring it on! Death to the LBMA! :D

Russian government plans to 'break the LBMA monopoly' on gold​

Submitted by admin on Tue, 2022-08-16 11:30 Section: Daily Dispatches
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.

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.

.
.
 

Buck

Mother Lode Found
Midas Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
24,084
Reaction score
32,394
is Moscow one of those "Country within a Country within a City"? like London and DC...and the other one?

this is not defined enough for me:

"an independent international infrastructure"
“place a specialized international precious metals exchange headquartered in Moscow”
it is “critically necessary”



it sounds surprisingly similar

...oh, i see...

“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.”
Meet The New Boss...Same As The Old Boss, only the names have been changed to protect their control...


give it time...(it's an economic war and it's gonna take a bit more time)
 

WillA2

Silver Member
Silver Miner
Sr Site Supporter
Joined
Dec 16, 2019
Messages
4,682
Reaction score
12,732
Every time TPTB whack the price of paper metals, like today, is a buying opportunity.

Buying on the dips stretches the fiat.
 

Uglytruth

Mother Lode Found
Sr Midas Sup +++
Survivor
Mother Lode
Joined
Apr 6, 2011
Messages
22,346
Reaction score
56,011
 

southfork

Mother Lode Found
Sr Site Supporter
Mother Lode
Joined
Mar 31, 2010
Messages
17,480
Reaction score
17,778
Russia should just buy all the comex and lmba gold and stand for delivery, BOOM