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LBMA suspends Russian gold and silver, US to follow

WeissWeiss Posts: 9,922 ✭✭✭✭✭

Russia holds some of the world's largest reserves of gold — some 2,300 tons of it, worth nearly $140 billion.

But as with oil, sanctions are making it incredibly difficult for Russia to actually realize the value of its holdings.

Last week, London's gold marketplace — the most important center in the world for bullion — banned all bars from Russian refineries, effectively shutting it out of the global trade.

If the currency continues to fall relative to the US dollar, Credit Suisse strategist Zoltan Pozsar told Bloomberg that the country could use the stockpile to effectively revert to a gold-standard, using it as an "anchor" by selling it at a fixed price in rubles.

https://www.businessinsider.com/russia-has-140-billion-gold-stash-that-no-one-wants-2022-3

LBMA's press release 03-07-22:

Good Delivery List Update: Gold & Silver Russian Refiners Suspended

In light of UK/EU/US sanctions and to ensure an orderly market, LBMA has suspended the following gold and silver refiners with immediate effect:

JSC Krastsvetmet (gold and silver) 
JSC Novosibirsk Refinery (gold and silver) 
JSC Uralelectromed (gold and silver) 
Moscow Special Alloys Processing Plant (gold)  
Prioksky Plant of Non-Ferrous Metals (gold and silver) 
Shyolkovsky Factory of Secondary Precious Metals, SOE (gold and silver)

These six refiners will no longer be accepted as Good Delivery by the London Bullion market until further notice.

https://www.lbma.org.uk/articles/good-delivery-list-update-gold-silver-russian-refiners-suspended

We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
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Comments

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    LBMA, and eventually COMEX, are shooting themselves in the foot. Wasn't long ago their vaults faced a shortage of metal and they expanded their list of who could produce good for delivery bars for them. In a new world of supply chain issues and a hot NATO challenged war look for "good for delivery" LMBA/COMEX vault supply to weaken while demand delivery increases. Not a good scenario for continued spot price control by either of these two futures exchanges.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    LBMA suspends Russian gold and silver

    Good!!

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    @cohodk said:
    LBMA suspends Russian gold and silver

    Good!!

    Agree. Good for those who want to see the futures exchanges lose their grip on price control. Inability to deliver will not bode well for faith in LBMA or COMEX.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:

    @cohodk said:
    LBMA suspends Russian gold and silver

    Good!!

    Agree. Good for those who want to see the futures exchanges lose their grip on price control. Inability to deliver will not bode well for faith in LBMA or COMEX.

    Good for those who want to see an evil POS lose his grip on societal control. Inability to deliver peace and prosperity does not bode well for "the guy".

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    @cohodk said:

    @derryb said:

    @cohodk said:
    LBMA suspends Russian gold and silver

    Good!!

    Agree. Good for those who want to see the futures exchanges lose their grip on price control. Inability to deliver will not bode well for faith in LBMA or COMEX.

    Good for those who want to see an evil POS lose his grip on societal control. Inability to deliver peace and prosperity does not bode well for "the guy".

    LOL, did you have the same feelings for your previous leader?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Good for those who want to see an evil POS lose his grip on societal control. Inability to deliver peace and prosperity does not bode well for "the guy".

    Which evil POS are you talking about? The Big Guy? Jamie Dimon? Soros?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭
    edited March 20, 2022 3:27PM

    Last I heard the Russkis were buying gold not selling. Sanctions, they always have a way around them. What does it mean for the gold price? Should I leave the bunker and get ready to sell? lol

    The whole worlds off its rocker, buy Gold™.

  • DrBusterDrBuster Posts: 5,300 ✭✭✭✭✭

    You guys are funny, debating how selling in a blatantly obvious black market operations country for like, ever, could be a problem in moving metals.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    This should be fun to watch. Big markets attempting to stifle sources, black markets moving freely... :D Hold on tight ... could be a good ride. Cheers, RickO

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    .> @jmski52 said:

    Good for those who want to see an evil POS lose his grip on societal control. Inability to deliver peace and prosperity does not bode well for "the guy".

    Which evil POS are you talking about? The Big Guy? Jamie Dimon? Soros?

    Moral dilemma much?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Touched a nerve, did I?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • johnny9434johnny9434 Posts: 27,310 ✭✭✭✭✭

    the best of every thing to every one , this wont be easy.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,755 ✭✭✭✭✭

    Papers and pencils. Got gold ?

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @jmski52 said:
    Touched a nerve, did I?

    Nope. But it appears your compass is broke.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭
    edited March 24, 2022 10:21AM

    POOF

  • JimTylerJimTyler Posts: 2,991 ✭✭✭✭✭
    edited March 24, 2022 6:35AM

    Think I’ll just watch.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    The west is just jealous because they wanted to invade it or stripmine it of resources and someone beat them to it

    Re: Biden's kid, Kerry's kid, Romney's kid, and McConnell's kid - all doing some kind of "business" in Ukraine until Putin invaded. I'm sure there's more going than what our wonderful "unbiased" CIA media is reporting.

    My compass is objective.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭
    edited March 24, 2022 10:21AM

    Agreed

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    POOF

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭
    edited March 24, 2022 10:46AM

    @derryb said:
    POOF

    After careful consideration I have decided to act .

    As a show of support I will no longer be putting tartar sauce on my fish sticks !!

  • LukeMarshallLukeMarshall Posts: 1,881 ✭✭✭✭✭

    Interesting Article I read yesterday that mentioned the LBMA sanctioning Gold and Silver from Russian Producers

    BUT

    The LPPM (London Platinum & Palladium Market) not following suit with sanctions on Russian Platinum and Palladium.

    https://www.bullionstar.com/blogs/ronan-manly/russian-palladium-and-platinum-too-important-to-sanction/

    It's all about what the people want...

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @LukeMarshall said:
    Interesting Article I read yesterday that mentioned the LBMA sanctioning Gold and Silver from Russian Producers

    BUT

    The LPPM (London Platinum & Palladium Market) not following suit with sanctions on Russian Platinum and Palladium.

    https://www.bullionstar.com/blogs/ronan-manly/russian-palladium-and-platinum-too-important-to-sanction/

    Well ya lets not get crazy right?

    I think Saudi Arabia beheaded about 300 people last week but we didn't sanction them , because they are good people just misunderstood thats all :D

  • PerryHallPerryHall Posts: 45,191 ✭✭✭✭✭

    @bronco2078 said:

    @LukeMarshall said:
    Interesting Article I read yesterday that mentioned the LBMA sanctioning Gold and Silver from Russian Producers

    BUT

    The LPPM (London Platinum & Palladium Market) not following suit with sanctions on Russian Platinum and Palladium.

    https://www.bullionstar.com/blogs/ronan-manly/russian-palladium-and-platinum-too-important-to-sanction/

    Well ya lets not get crazy right?

    I think Saudi Arabia beheaded about 300 people last week but we didn't sanction them , because they are good people just misunderstood thats all :D

    Were they innocent women and children or were they criminals?

    Worry is the interest you pay on a debt you may not owe.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    A third parking ticket in 12 months will get you beheaded in SA

  • derrybderryb Posts: 36,015 ✭✭✭✭✭
    edited March 25, 2022 10:44AM

    Not buying needed gold from someone only hurts you. Russia will have no trouble selling gold to others.

    Sanctions will prove to be the downfall of those who implemented them simply to distract from the actual causes of inflation and shortages and will fuel PM prices. The EU will fold like a cheap suit when winter comes and they need gas. The US will fold when mid term elections voters are hungry and broke. And then PM prices will fall. Most people don't understand that there is blowback with sanctions. You can threaten to freeze another country's gold only because you fail to understand their gold has no counterparty risk.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    Now thats some doom derry!!! Youve outdone even yourself.

    So what will you do when everything folds and collapses and folk are hungry and broke?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:
    gold has no counterparty risk.

    But apparently it does.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • HigashiyamaHigashiyama Posts: 2,132 ✭✭✭✭✭

    @derryb said: The EU will fold like a cheap suit when winter comes and they need gas

    Only time will tell, but I think this is unlikely. I expect that sanctions will outlast Putin.

    Higashiyama
  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @Higashiyama said:
    @derryb said: The EU will fold like a cheap suit when winter comes and they need gas

    Only time will tell, but I think this is unlikely. I expect that sanctions will outlast Putin.

    They are still ridiculous though. If Russia piped its oil to Saudi Arabia and they sold it to us we would be just fine with buying it I think. Once its in the barrel it burns the same .

    Kind of like buying Swiss gold coins , after its melted down and reminted all the sin of its origin just disappears ;)

  • derrybderryb Posts: 36,015 ✭✭✭✭✭
    edited March 25, 2022 1:42PM

    @cohodk said:

    @derryb said:
    gold has no counterparty risk.

    But apparently it does.

    The sanction gods hilariously think it does. They have no control over another countries gold holdings other than to not buy it or accept it as payment and to try to convince others to follow suit. The only way you can freeze someone else's gold is to to convince them to put it in the freezer. It's not like we are dealing with Libya where we just took their gold.

    If you choose not to buy gold from me (or accept it for payment for your dollars) does that give my gold counterparty risk? LOL

    Turn off the TV, open your eyes, and realize who is responsible for your higher gasoline prices, who is contributing to an already fragile supply chain that brings you your food, and who is destroying world-wide demand for dollars. Those responsible want you to believe it is someone else and it's obvious you think it's the boogeyman.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    @Higashiyama said:
    I expect that sanctions will outlast Putin.

    Not unless there's a profit somewhere. It's not like a hot war where there's money to be made.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭
    edited March 26, 2022 2:33AM

    Wrong thread.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:
    Turn off the TV, open your eyes, and realize who is responsible for your higher gasoline prices, who is contributing to an already fragile supply chain that brings you your food, and who is destroying world-wide demand for dollars. Those responsible want you to believe it is someone else and it's obvious you think it's the boogeyman.

    Is it them?

    Are we on the verge of a purge?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    yes, maybe, not sure, don't know, no.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,015 ✭✭✭✭✭
    edited March 26, 2022 6:19AM

    @derryb said:
    Not buying needed gold from someone only hurts you. Russia will have no trouble selling gold to others.

    Sanctions will prove to be the downfall of those who implemented them simply to distract from the actual causes of inflation and shortages and will fuel PM prices. The EU will fold like a cheap suit when winter comes and they need gas. The US will fold when mid term elections voters are hungry and broke. And then PM prices will fall. Most people don't understand that there is blowback with sanctions. You can threaten to freeze another country's gold only because you fail to understand their gold has no counterparty risk.

    Well, that didn't take long. EU Steps Back From Impractical Russia Oil Embargo.

    "With little spare capacity, EU policymakers have concluded the price risks from embargoing Russian petroleum exports are too high, and have backed away from the idea for now."

    Maybe someone should weigh the costs of sanctions to Americans.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Europe will have to start buying rubles and selling their gold, now that Russia has decided to start playing by the same rules. If there’s a moronic group than those in DC, it’s got to be those in Brussels.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,015 ✭✭✭✭✭
    edited March 26, 2022 8:32AM

    another reason gold sanctions are a stupid idea and good for gold prices.

    "The result of sanctions against Russian gold reserves would be to alert the 36 countries that hold significant portions of their gold reserves in the vaults of the Federal Reserve Bank of New York that they should take their gold back as soon as possible."

    "And that could create significant turmoil in the gold market, since the Fed has demonstrated difficulty in actually finding and transporting the gold it holds for other nations. The bank famously told Germany that it would take seven years to repatriate just a portion of that nation's holdings. It ended up taking only four years, but the episode raised serious doubts that all the claimed national gold reserves are actually at hand in the New York Fed's vaults."

    The emperor vault has no clothes gold? Shouldn't have leased out someone else's gold.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Shouldn't have leased out someone else's gold.

    Or our gold either. But at least Mnuchin said "gold is safe". That really makes one feel secure, knowing that "gold is safe". Duh.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • LukeMarshallLukeMarshall Posts: 1,881 ✭✭✭✭✭

    @LukeMarshall said:
    Interesting Article I read yesterday that mentioned the LBMA sanctioning Gold and Silver from Russian Producers

    BUT

    The LPPM (London Platinum & Palladium Market) not following suit with sanctions on Russian Platinum and Palladium.

    https://www.bullionstar.com/blogs/ronan-manly/russian-palladium-and-platinum-too-important-to-sanction/

    @derryb said:

    But Russian palladium and platinum are too important to the West to sanction. LOL

    Yes indeed

    It's all about what the people want...

  • JimTylerJimTyler Posts: 2,991 ✭✭✭✭✭

    Russia has the world by the short hairs.

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    @derryb said:
    The EU will fold like a cheap suit when winter comes and they need gas.

    it begins:

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    Buh Bye go team go. > @derryb said:

    @derryb said:
    The EU will fold like a cheap suit when winter comes and they need gas.

    it begins:

    OMG, the nerve. Carry on! I smell a few more sanctions, and some butter fried beans. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    Look at the bright side, you've tripled your post count since you became a troll.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    Whats the spot value of a post count ?

  • derrybderryb Posts: 36,015 ✭✭✭✭✭

    six cans of beans and two chickens

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    @derryb said:
    Look at the bright side, you've tripled your post count since you became a troll.

    Look at your bright side, you've been dead wrong for the past 2 decades certainly you can't be wrong for the next 2...or 3. Another 25 years your day may finally come. lol

    The whole worlds off its rocker, buy Gold™.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @derryb said:
    Look at the bright side, you've tripled your post count since you became a troll.

    Think what it would be if he only had one account...

  • derrybderryb Posts: 36,015 ✭✭✭✭✭
    edited April 7, 2022 11:34AM

    @taxmad said:

    @derryb said:
    Look at the bright side, you've tripled your post count since you became a troll.

    Think what it would be if he only had one account...

    It's really me, I like trolling myself.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @taxmad said:

    @derryb said:
    Look at the bright side, you've tripled your post count since you became a troll.

    Think what it would be if he only had one account...

    Thats the glicker rule

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