LBMA suspends six Russia gold, silver refineries from Good Delivery list

Monday March 07, 2022 12:55

The global precious metals market could see another significant disruption in its supply chain after the London Bullion Market Association (LBMA) has suspended the membership of six Russian precious metals refiners.

In a press release published Monday, the LBMA said that in light of UK/EU/US sanctions and to ensure an orderly market, it has suspended the following gold and silver refiners immediately:

• 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," the LBMA said.

In an email response to Kitco News, Ruth Crowell chief executive of the LBMA said, "We do not expect there to be a huge impact on the global supply chain. Russia is primarily a domestic gold market."

Richard Weaver, president of the Accredited Precious Metals Dealers and the Professional Numismatists Guild, said that it is difficult to determine the full impact of the LBMA's move as they would have to see what companies are supplied by the six refineries.

However, he added that the global precious metal supply chain remains fragile as it recovers from the global COVID-19 pandemic. He said that any disruption could impact the physical market.

"Right now, the physical market is extremely tight everywhere you look," Weaver said. "Any physical metal that comes out of the marketplace is going to have an impact."

Weaver also said that another disruption in the global market could lead to higher premiums for physical gold and silver bullion.

However, not all bullion dealers are worried that the LBMA has suspended the membership of Russian refiners.

Bart Kitner, president, Kitco Metals Inc, said that mints still have a ready supply of raw metals for their production…

He added that he doesn't see the six refineries as significant players in the global market. However, he added that the global supply chain remains at risk as the war in Eastern Europe could impact the movement of precious metals.

"Russia is not one of the leading exporters of gold and silver," he said. "They will also be able to get around the sanctions if they start trading on the Shanghai Gold Exchange, so this won't have a material impact on the market.

moar @

https://www.kitco.com/news/2022-03-07/LBMA-suspends-six-Russia-gold-silver-refineries-from-Good-Delivery-list.html

>>15808855

>>13515555 pb

> Austria, you're in the batters box whether you know it or not.

>>15809101

giddyap

This is Why SILVER will become the Post Collapse Currency

With everyone focused on gold as an investment vehicle, many have ignored a metal that is 20 times rarer.

Most investors assume that because silver is almost 50 times cheaper than gold, it's more abundant. They are dead wrong. The world has been drawing down its above-ground supply of silver for decades, diminishing the only source of what is available for investment.

Only now have we begun to collectively recognize silver as a solid investment. While gold is rarer below the surface,silver is more rare and undervalued above ground.

https://dinarrecaps.com/our-blog/silver-news-from-the-nomad-economist-and-bix-weir-friday-1-14-2022

>>15809129

think the bankster DS wants to bring in CBDC to replace a dying paper fiat system with a digital fiat social credit control system, but the WH successes are forcing central banksters to a place where they have to re-value gold up as PLAN B.

And if Russia (and China) adopt gold-backed currencies, the banksters' gold/silver paper price suppression scheme dies a brutal death.

anon's been wrong before, however

>>15809207

anon continues to stack as much as possible. only thing not sure of is when to hit the eject button on remaining junior gold/silver miners and convert extra physical. get extra leverage to price movements with the juniors, but waiting runs the risk that physical becomes unobtanium

>>15809256

relevant analogy, anon

>>15809231

dey ain't been subtle, have they?

>>15809266

kitco, sprott, miles franklin, other reputable dealers

>>15809351

have kel-tec KSG, Berkey, freeze-dried rats, …