LBMA suspends Russian gold and silver, US to follow
Weiss
Posts: 9,935 ✭✭✭✭✭
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
--Severian the Lame
Comments
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
LBMA suspends Russian gold and silver
Good!!
Knowledge is the enemy of fear
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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".
Knowledge is the enemy of fear
LOL, did you have the same feelings for your previous leader?
Keep an open mind, or get financially repressed -Zoltan Pozsar
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?
I knew it would happen.
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™.
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.
This should be fun to watch. Big markets attempting to stifle sources, black markets moving freely...
Hold on tight ... could be a good ride. Cheers, RickO
.> @jmski52 said:
Moral dilemma much?
Knowledge is the enemy of fear
Touched a nerve, did I?
I knew it would happen.
the best of every thing to every one , this wont be easy.
Papers and pencils. Got gold ?
Nope. But it appears your compass is broke.
Knowledge is the enemy of fear
POOF
Think I’ll just watch.
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.
I knew it would happen.
Agreed
POOF
Keep an open mind, or get financially repressed -Zoltan Pozsar
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 !!
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...
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
Were they innocent women and children or were they criminals?
Worry is the interest you pay on a debt you may not owe.
A third parking ticket in 12 months will get you beheaded in SA
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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?
Knowledge is the enemy of fear
But apparently it does.
Knowledge is the enemy of fear
@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
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Not unless there's a profit somewhere. It's not like a hot war where there's money to be made.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Wrong thread.
Knowledge is the enemy of fear
Is it them?
Are we on the verge of a purge?
Knowledge is the enemy of fear
yes, maybe, not sure, don't know, no.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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.
I knew it would happen.
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.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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.
I knew it would happen.
But Russian palladium and platinum are too important to the West to sanction. LOL
Keep an open mind, or get financially repressed -Zoltan Pozsar
Yes indeed
It's all about what the people want...
Russia has the world by the short hairs.
it begins:
Keep an open mind, or get financially repressed -Zoltan Pozsar
Buh Bye go team go. > @derryb said:
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™.
Look at the bright side, you've tripled your post count since you became a troll.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Whats the spot value of a post count ?
six cans of beans and two chickens
Keep an open mind, or get financially repressed -Zoltan Pozsar
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™.
Think what it would be if he only had one account...
It's really me, I like trolling myself.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Thats the glicker rule