Posted on 03/07/2022 11:13:14 AM PST by Enlightened1
Over the past week, we first noted that amid broad economic sanctions, there were numerous Russian gold refiners on the LBMA’s “Good Delivery” list, and subsequently we said that this “begged the question as to what would the LBMA do about the large number of Russian gold refineries on the LBMA Good Delivery Lists, refiners which are embedded with the Russian banks in the Russian gold market.”
The question was answered today, when the LBMA – London’s gold market – suspended all Russian refineries from its accredited list, meaning their newly minted bars can no longer trade in one of the world’s most important bullion centers.
The London Bullion Market Association said on Monday that it suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country. Existing bars produced by the refiners before their suspension will still be accepted. From the statement:
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.
Existing Material Remains Good Delivery
Following a suspension or a transfer to the Former List, the bars that the Refiner produced while on the List will still be considered Good Delivery. Please see Section 1.4 of the Good Delivery Rules for full details.
As Bloomberg explains, “the decision amounts to a de facto ban on new Russian gold bars entering London’s market, where trillions of dollars of precious metals trade each year.” The LBMA’s Good Delivery list is widely seen as the international standard for financial gold trading, as most bullion banks will only handle metal produced by accredited refineries.
Last month, Russia’s central bank said it would begin purchasing domestically produced bullion again, resuming a long-running buying spree after a two-year pause. The move may prove a lifeline for the countries miners, who will now struggle to find other ways to sell their gold.
It is unclear how gold leasing operations will be impact, and whether the removal of billions in good collateral will lead to another repo linkage break – as Zoltan Pozsar warned overnight – or how that will impact the price of gold.
The status of palladium and platinum refineries remains unchanged, as they are managed by the London Platinum and Palladium Market. Russia is the top producer of palladium, accounting for about 40% freshly mined supply.
Once you melt it it could come from anywhere.
I will be happy to take it
The Ukes need lead more than gold.
Yup.
No problem, Communist China will buy it, resell it on that same market at a profit, and buy more of the American Government with the profits.
China Wins! ... Russia Loses, and America Loses Everything.
Last month, Russia’s central bank said it would begin purchasing domestically produced bullion again, resuming a long-running buying spree after a two-year pause.
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Russia has lots of gold.
I can easily convert gold into lead.
Reverse transmutation is easy
“Russia is the top producer of palladium”
Oh no. Palladium is a major industrial metal for catalysis. Without it we are in a world of trouble.
Why can’t we just not admit Ukraine into NATO and the Russians go back home?
These “Sanctions” must have been designed by a consulting crew of Chimpanzees.
“The Ukes need lead more than gold.”
They need brains more than Pb.
As it anybody could prevent trading the world’s best trade item.
There’s always the Black Market.
You think Russia has just a lot of gold?
Take a look at their diamond reserve.
I am sure it will be assayed and sold in Shanghai. It will still find its way onto the market.
And they dig up an obscene amount every year. I don’t think their strip mining and chemical use is as regulated as ours. Lol.
I’m really beginning to believe the WEF “great re-set” and “depopulation” stuff
Paper futures and derivatives trading of gold and silver dwarf the size of real physical for actual delivery by hundreds of times.
By removing a very large source of physical delivery of gold, it just moves us one step closer to COMEX and LBMA saying “sorry - your futures contracts are invalid. Everyone just settle in cash.”
And when that happens, another massive pillar of trust in the financial system crumbles.
Are Western Politicians really that stupid? There’s got to be another explanation, but I can’t find it, except with Klaus Schwab and the WEF
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