Russia and other countries insist LBMA Manipulating Spot Prices Downwards

[Emily]

https://bullion.directory/moscow-wor...allenges-lbma/
Russia Insists LBMA Manipulating Spot Prices Downwards
Bullion.Directory precious metals analysis 02 September, 2022
By Paul Engeman
Director at Ainslie Bullion

In a bid to encourage greater free price discovery in precious metals, Russia and a number of former USSR nations are setting up a competing precious metals exchange, initially dubbed the Moscow World Standard (MWS).

This comes as Russia has become increasingly insistent that the London Bullion Market Association (LBMA) has been manipulating spot prices down artificially.

The US and UK combined produce approximately 5.5% of global gold output, whereas Russia and China produce more than 20%. In 2021, Russia came in a narrow second in terms of gold mining output behind China. China has also sought to wrestle more control away from the LBMA with the launch of the Shanghai Gold Exchange (SGE) in 2002.

This launch has coincided with a dramatic growth in official reserves in China, however the extent of China’s true gold holdings remain as opaque as ever. India has also now launched their own precious metals exchange, the India International Bullion Exchange (IIBX) as they are also unhappy with the LBMA. According to Indian Prime Minister, Narendra Modi, the IIBX will “empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.”...

 

[Emily]

Peter Schiff was interviewed in 2019 about Russia and China CB's increasing gold reserves. Central Banks increasing gold reserves is frequently a prelude to war. This has been a long time coming, and will get worse if diplomacy is not used.

 

[Emily]

https://www.armstrongeconomics.com/...-metals/gold/the-new-world-alternative-order/
The New World – Alternative Order

Blog/Gold
Posted Sep 11, 2022 by Martin Armstrong

Well, the Goldbugs are out in force claiming that Putin is creating a Moscow World Standard for gold. These people will never learn that their dream of some fixed gold standard has always collapsed throughout history. They have never played in the big leagues and consequently, they do not even understand the rules of the game. It’s like standing on the street corner and seeing a guy drive by in a black limo and lament life is not fair for they should be like him without ever knowing what he is really all about.
...

So, as the goldbugs are pushing the latest that Russia is now establishing a gold standard, they do not understand what is really going on. Russia has been turning from Europe and America toward Asia expanding its markets and its economic power even to include India and Iran. Putin has persuaded Middle Eastern oil and gas producers to turn to Asia. Some have accused me of advising Putin in his latest speech everything he said and what he is doing is coming from our models. I do not advise Putin personally. Of course, we have many readers in Russia as well. I was even called by RT about how our model predicted Ukraine would be the hot spot one year in advance...