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Putin vs the LBMA

Posted by drb2 @ 17:15 on September 6, 2022  

The globalist bankers are not going to like this. 

No wonder they hate Putin so much.

 

[snip] ….  “according to the Russian Finance Ministry“the basis of this new structure will be a new, specialized international precious metals brokerage headquartered in Moscow, which will rely on the MWS.”

The MWS will assemble a committee. This committee will include central banks and the most influential banks throughout the Eurasian Economic Union. Russia, Belarus, Armenia, Kazakhstan, and Kyrgystan are the current members of the Eurasian Economic Union.

These folks would then fix precious metals prices to national currencies from member countries or to a new monetary unit for international trade, such as the newly proposed BRICS currency.

Vlad believes that a new currency based on commodities will positively benefit member nations (we discussed this in our special report). Now, realise that if you are to fix the metals prices to the national currencies, you can’t inflate without producing more of the particular metal.

Also, the Russian Finance Ministry wants to create a system that will attract other countries like IndiaChina, Peru, Venezuela, and others in both South America and Africa.

[snip] ….

India just joined in the fight against the LBMA.

India recently initiated the country’s first international bullion exchange (IIBX).

The IIBX will be located in the new central business district. The district is called Gujarat International Finance Tec-City (Gift City) in Ahmedabad. Accordingly, Ahmedabad is the most populous city in the Indian state of Gujarat. The development marks India’s first greenfield smart city, which blends eco-friendly elements and highly developed infrastructure.

Indian Prime Minister Modi’s objective with this exchange is to “empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality”. As the world’s second-largest market for gold, India has much to gain from this development.

PM Modi also believes that the IIBX will also allow India to influence the international bullion market’s prices and become competitive with COMEX and LBMA.

The IIBX has also launched a new initiative called the NSE IFSC-SGX Connect, which will process all Nifty orders placed on the Singapore Exchange Limited (SGX).

From <https://www.zerohedge.com/news/2022-09-06/london-metal-exchange-suspends-russian-nickel>

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.