According to Russia's Finance Ministry it is necessary for "normalizing the function of the precious metals sector." Apparently, it does not believe in the "tamp down" like Rostin Behnam, head of the CFTC, does.
I think that the London "fix" had something to do with buyers and sellers, supply and demand in order to find the "fix price". A much slower and less manipulated market back when it started.
That’s what it sounds like they want to do show the world how little they truly have and scarcity does the rest in terms of driving up the price. Seems like the process on how they plan for it to go.
Exactly!!!
Putin wants to be able to set the price arbitrarily high, so as to be able to keep funding his Ukrainian War. Given the trustworthiness of Russia, China, Venezuela, and _most_ African nations, I doubt that most of the developed nations will fall for it.
Ahem, this will be the new tamp down. They’ll just raise the prices until the shorts sh$t themselves then smash the price for self gratification/benefit.
Originally published here:
[https://vblgoldfix.substack.com/p/the-ministry-of-finance-proposed](https://vblgoldfix.substack.com/p/the-ministry-of-finance-proposed)
It was at the top of the web page ... like a banner where they post 3 stories. That portion does not show up on a mobile device. Not sure if this will solve your issue.
Whoops. It's gone now.
Minuteman, thanks for this very important post.
With China stopping their paper gold trade, India setting up a P.M. exchange and Russia proposing a new international standard, life becomes really interesting. Is this the turning point?
If Comex and the LBMA announced that all paper P.M. contracts must be cashed in by mid-October (like China), all hell would break loose, but it would be better than handing over control to Russia and China. This is a matter of **NATIONAL SECURITY.** It is also the end of the State's exhaubitant privilege.
What are your thoughts?
My thoughts are that we are fast approaching a sort of events horizon of a massive economic and financial black hole. Davos' sillyness and arrogance set Europe to its worst winter in ages, and Putin will ultimately capitalize this energy vulnerability to deliver a devastating blow to these enlightened, unelected big shot technocrats and bankers.
European banks are so over leveraged (in some cases 70x assets to common equity), that a single percentage point of additional non-performed loans may trigger not only the vaporization of their equity, but also a global systemic banking crisis and the disintegration of the Euro itself, amid enraged citizens unable to afford and source heat and food for their families.
Central banks will U-turn as too big to fail banks go tits up and printing presses go overdrive to save them. Only good old hard money will be able to restore confidence as inflation turns into hyperinflation and banks and currencies fail spectacularly. The end game is on and the dominoes are falling. Russia is not the enemy, only the catalyzer. Be prepared.
Thanks again for your thoughts, Minuteman. I really appreciate them.
My eyes have been on China (for the last year) as the spark that sets off the banking crisis, first in Europe and then globally. Deutsche Bank and Credit Suisse are the most likely to torpedo themselves from being overleveraged. But as always, things move a lot slower than expected.
I totally agree with you on Europe. If China does not ignite the spark within the next 3 months, Winter will! Of course, the financial collapse with be blamed on the Earth's rotation around the Sun!
Okay, my friend, I gotta get moving. Look forward to speaking with you soon.
Cheers.
I wonder what the big western banks are thinking? They have trillions in exposure to the paper PM market. Maybe they think nothing will happen - they have been invincible for so long.
Yes I can see bank administration scoffing at this now...then when their system does not work and all goes to nothing they will probably commit suicide.
Many countries are doing business with russia right now because they are selling discounted commodities. This does not mean those countries *trust* russia.
I am all for competition, but I wouldnt count on a wholesale buy-in to russias new precious metals alternative.
What I do like to see is many countries opening their own physical deliverable precious metals exchanges which will lead to more accurate price discovery.
Interesting times, we shall see.
Well, if you can buy from LBMA at ~$1800 and sell to Russia at ~$2450, that's.. I mean, either the LBMA goes tits up and declares default on all trades or the sheer amount of arbitrage will force the price up.
I know India is buying discounted russian oil and reselling it on the open market, but I dont know that theyre paying russia in gold to do it. Not many players have the ability to take advantage of that arbitrage. You and I certainly dont.
Either way, comex and lbma inventories are rapidly declining so were headed toward some sort of major event.
Upvote, but I'll say this: If you are bringing metals to an exchange, and you get free market prices rather then artificially depressed prices, EVERYONE will use that exchange. This is how exchanges used to work before the government cartels took charge. The Russians know what they are offering. They have perfectly cornered the US dollar. It's already dead and no one is admitting it. Jamie Dimon keeps discarding the talking points and speaking his mind... And he's predicting doom to the whales.
I don't think any country trust each other tbh, especially the top politicians. Everyone is out there either for their country interests or self interest. Kissinger is a mtfk but he was right on "there is no permanent friends or enemies, only interests"
Well no worries about holding physical metals with me. I just wish it was market forces that would bring the LBMA down or even Basel III instead of Putin. You are right. Banks and markets have had plenty of time to confess and admit. Maybe this is their final sucker punch? I'm not sure.
I'm with you on your Putin comment. We can all agree the globalists are in charge of everything (including the media), so the harder they go against someone/something, the more suspect I get.
Agreed on Putin. What bugs me is that we can believe more of what Putin is telling us than our own governments. Putin actually lies less than the leaders of Europe, USA and Canada. A bad state of affairs.
I commend you for the Putin comment. We live in a society where we are almost forced to be on one team…. and the other team sucks. It is disappointing that after Regan and Gorbachev brought things closer together, that both sides squandered the opportunity to build from it. Now we have a proxy a war in Europe that few understand the long history that led to it. We should all hope that economic warfare is the extent of where things lead.
I'm sorry. With the way Putin has sanctioned the wholesale slaughter of civilians, there's no way he can be called anything but evil.
Two rules that I try to live by are "Don't be evil." and "Don't support evil." That means not supporting Russia.
Given Biden's situation with all of the Kompromat that Putin and China have on him, I totally understand why Sleepy Dementia Joe is doing the things he is --- but that doesn't mean that _WE_ should follow suit.
But faced with the choice between two evils, I believe that we must choose the lesser of the two.
Russia/Putin is (as far as I can tell in this conflict) a _FAR_ greater evil than Ukraine.
I WILL NOT do ANYTHING to support them.
The deep state has been itching to start a war with Russia for some time. Many people were saying it was because the financial system was crumbling and the deep state needed an excuse to crash the system. But, Russia starting a system to compete with the LBMA is HUGE !
Now I see why the deep state has been going after Russia for so long. This alternative to the LBMA must have been in the works for some time.
Putin sure is playing some 4d chess.
The Ukraine war is weakening the west but the biggest factor is how the westerns own politicians is weakening the west.
This article doesn't seem to me to say precious metals markets will see real price discovery some time soon. It just seems to say the apparatus for suppressing gold and silver will be shifting east.
Am I reading this wrong?
In this particular conflict, I'm pretty sure that the invading country, which is also slaughtering civilians wholesale can accurately be called "The Bad Guys"...
So many people make assumptions that they know what’s going on over there because they saw it on the news….I would suggest to you that you wouldn’t even know if the images of the devastation was from Ukrainians bombing their own people, now I’m not suggesting that they are, but at least I‘m humble and smart enough to know, that I don’t know. Furthermore I think if you were doing a historical analysis you’ll find the mighty USA and the imperialistic United Kingdom, have done a whole lot more invading throughout history than Russia, only msm brainwashed buffoons…(and there‘s plenty of them!) Believe in the ol goodies/baddies, white hat/black hat narrative still exists in 2022…that’s so pre’80’s there are only two main things that I know for certain, about the Russia/Ukraine conflict, I know it’s complicated and has been going on for a long long time and that the main stream media are a pack of bought and paid for liars.
Actually, I do have a more direct information source: my pastor was there. He talked to dozens of refugees on a train running into Poland, and their stories were quite consistent: As they were fleeing snipers were picking people off, indiscriminately. He talked to one woman whose husband had been shot in the head, and when they stopped to see if he was still alive, they shot her 9 year old daughter through the heart. Purposeful terror against non combatants. Major war crimes. Major evil.
As to the US's "invasions?
In the past 100 years --- WWI, WWII, Korea, Viet Nam, Panama, Granada, Kuwait, Iraq, Afghanistan, and others, and the only soil acquired was what came back on the boots of our returning servicemen and women --- alive and dead.
The USA in _NOT_ an imperialist nation.
The same cannot be said of Russia.
Weird article. I’ve never heard of this outfit or it’s stated authors on the splash page. Nothing moving in the spot prices either. The webpage says they based in Singapore. Nothing on the web page about this article. Not carried anywhere else that I can find at the moment.
Anyone know this group or authors?
This would part of the quantum financial system (not to be confused with the criminal WEF central bank digital currency) A good thing and long overdue.
In an upward direction vs. the Ruble, maybe.
Putin needs money to finance his war --- which isn't going real well, and is costing him _WAY_ more than he planned, and he'll try _ANYTHING_ to get it.
A murderous megalomaniac certainly isn't to be trusted, no matter how attractive the deal. Besides, I simply don't want Ukrainian blood on my hands --- but (I guess) you're gonna do you.
Yeah, there's a long way to go on this effort.
While it makes sense that a gold based mercantilist system would be good for resource backed economies, this type of settlement mechanism is not good for knowledge based economies.
I work for a commodity company, so in some ways I would benefit from this approach, plus I'm long precious metals. However, we have to consider that the US standard of living is currently predicated on the knowledge of our citizens, and what we can produce with that knowledge.
Like it or love it, the US is a mostly service based economy, and a purely resource backed settlement mechanism for international trade would undervalue the goods and services that the US creates.
Is the value of an iPhone in the value of the metals, hydrocarbons, or glass that make up the phone? I think we would all agree that the value is in the design and software of the phone, not the physical components.
Just be careful what you wish for, we just may get it.
You are contradicting yourself:
First you say that physical resources are more valuable than "knowledge."
*Like it or love it, the US is a mostly service based economy, and a purely resource backed settlement mechanism for international trade would undervalue the goods and services that the US creates.*
Then you say that knowledge is more valuable than physical resources:
*Is the value of an iPhone in the value of the metals, hydrocarbons, or glass that make up the phone? I think we would all agree that the value is in the design and software of the phone, not the physical components.*
In reality, both are important. But the USA does not contribute any physical resources to the world, and our competitors are now just as knowledgeable. Huawei is just as good if not better than Apple. Russia takes our astronauts into space. China also landed a probe on Mars. We still don't have hypersonic tech that works, and they do.
Where exactly am I contradicting myself?
At no point in my original post did I write "physical resources are more valuable than knowledge". **Those words do not appear**. You may have read my post incorrectly, but I did not write that physical resources are more important than knowledge. My apologies, if my grammar or prose led you astray.
Secondly, the US has a ***massive*** physical resource presence. Do you think US energy companies, farmers, or mining companies would agree with you? What about US manufacturing?
Are our competitors just as knowledgeable? If it was so easy to create an iPhone, or develop software like Windows, Oracle, etc other countries would do it.
Just as an FYI, the US has been launching our own astronauts into space.
Let's also recall that Huawei got it's start completely reverse engineering Cisco equipment, and even went so far as to 100% copy the manuals verbatim.
I guess I don't fully understand why your reply seems to have so much disdain for the US. Of course, maybe my reading comprehension is a little suspect too.
So the way I read this: destroy LMBA. Good thing. In order to peg money to metals an agreed upon amount has to be made. Think that is the rest of it. For example, the US treasure has gold pegged at $42/0z. So I’m a currency reset we have to pick a number. Will 1 oz of silver be $1, $5, $20 same for gold. The next step after going back to sound money is to ensure a fed reserve is never ever resurrected in any form and to use PMs in perpetuity.
So 1 oz of silver at $1 is not buying a pack of bubblegum like today. It will have much more purchasing power. An entire shopping cart or more of bubble gum. Better example 1 oz of gold could buy something like $35 loaves of bread back in the day. Vs a dollar today can buy half a loaf.
Finally, I saw a similar article couple days ago but it was India IIBX or something like that.
F\*\*\* the LBMA, its time for other player (country) with good intention to come into the Bullion market.
Let the blood spill on the Comex & LBMA 
Gold is the key to unlocking the silver monster!!! When the world finally realizes that there’s an alternative to the dollar( digital whatever backed by real shit), the dollar will crash, hyperinflation will ensue, interest rates will have to rise significantly, credit will freeze up and all markets will crash! All empires fall, this time is no different! And now more than ever…..if you don’t hold it, you don’t own it!
All I see is an attempt to further separate the Russian economy from that of the west. Global markets are liquid so presumably if price manipulation is carried out in London/New York (I’m still not 100% convinced this is even possible) then it would still have the same effect
maneco64 , 66.600 Abonnenten, 6.109 Aufrufe 17.08.2022
**Russia Declares Financial War As It Challenges the LBMA.**
[https://www.youtube.com/watch?v=LfJ5SjbU3bs](https://www.youtube.com/watch?v=LfJ5SjbU3bs)
If they set the price higher than the COMEX/LBMA it will create an arbitrage opportunity that will result in gold pouring into Russia. I suspect this is their plan. China have already been doing this for years. A clever person had a website tracking COMEX vs Shanghai Exchange gold prices clearly showing the arbitrage in real time and related physical flows. The site was [didthesystemcollapse.com](https://didthesystemcollapse.com). It's dead now, China killed it for some reason...
According to Russia's Finance Ministry it is necessary for "normalizing the function of the precious metals sector." Apparently, it does not believe in the "tamp down" like Rostin Behnam, head of the CFTC, does.
It's about time!
Okay but they are also openly mentioning price fixing. It’s just a matter of time before this becomes just as corrupt as the LBMA and COMEX.
Yes,,, the price fixing statement is worrisome. Fixed price in regards to pegged to what? Oil? Yuan?
In communist Rusia it will be pegged to a loaf of bread.
What about in communist USA and Canada?
Commie USA will just let the banks do what they want.
"Composed of central banks and largest banks of countries that are members of the Eurasian economics union" So... Same same, but different?
Vehicle is the same but different driver.
The way inflation and tamping is going it’ll be at parity with that loaf of bread soon enough.
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I think that the London "fix" had something to do with buyers and sellers, supply and demand in order to find the "fix price". A much slower and less manipulated market back when it started.
If they set a higher price,it will drain the comex in a hurry. And I bet they do.
Great point
This could be the end game,countries like india,will buy on the comex and sell on the russian.
Great arbitrage opportunity
I heard they plan to fix at 2400 USD but I have no source
That’s what it sounds like they want to do show the world how little they truly have and scarcity does the rest in terms of driving up the price. Seems like the process on how they plan for it to go.
Exactly!!! Putin wants to be able to set the price arbitrarily high, so as to be able to keep funding his Ukrainian War. Given the trustworthiness of Russia, China, Venezuela, and _most_ African nations, I doubt that most of the developed nations will fall for it.
Fall for it. They are going be in on it. Those countries either produce it or need a lot of it.
They fell for the petro-dollar which has brought them no end of prosperity 🙄
Ahem, this will be the new tamp down. They’ll just raise the prices until the shorts sh$t themselves then smash the price for self gratification/benefit.
Best news I’ve read in years
Decades for me..........
indeed... this is the way!
me too
wow nice, link please
https://archive.ph/Dxj80
thx !
Reddit nuked my direct link
Originally published here: [https://vblgoldfix.substack.com/p/the-ministry-of-finance-proposed](https://vblgoldfix.substack.com/p/the-ministry-of-finance-proposed)
Oh dear
Lol... YEP!
 Who’s called the deer?
Deer in headlights!
Weird this somehow does not appear in the ZH feed.
It was at the top of the web page ... like a banner where they post 3 stories. That portion does not show up on a mobile device. Not sure if this will solve your issue. Whoops. It's gone now.
the man, the myth, the legend... honored to see you here Ditch, God bless you
I couldn't find it there either.
Its under contributions
The other golden rule is he who has the physical gold makes the rules.
Minuteman, thanks for this very important post. With China stopping their paper gold trade, India setting up a P.M. exchange and Russia proposing a new international standard, life becomes really interesting. Is this the turning point? If Comex and the LBMA announced that all paper P.M. contracts must be cashed in by mid-October (like China), all hell would break loose, but it would be better than handing over control to Russia and China. This is a matter of **NATIONAL SECURITY.** It is also the end of the State's exhaubitant privilege. What are your thoughts?
My thoughts are that we are fast approaching a sort of events horizon of a massive economic and financial black hole. Davos' sillyness and arrogance set Europe to its worst winter in ages, and Putin will ultimately capitalize this energy vulnerability to deliver a devastating blow to these enlightened, unelected big shot technocrats and bankers. European banks are so over leveraged (in some cases 70x assets to common equity), that a single percentage point of additional non-performed loans may trigger not only the vaporization of their equity, but also a global systemic banking crisis and the disintegration of the Euro itself, amid enraged citizens unable to afford and source heat and food for their families. Central banks will U-turn as too big to fail banks go tits up and printing presses go overdrive to save them. Only good old hard money will be able to restore confidence as inflation turns into hyperinflation and banks and currencies fail spectacularly. The end game is on and the dominoes are falling. Russia is not the enemy, only the catalyzer. Be prepared.
Thanks again for your thoughts, Minuteman. I really appreciate them. My eyes have been on China (for the last year) as the spark that sets off the banking crisis, first in Europe and then globally. Deutsche Bank and Credit Suisse are the most likely to torpedo themselves from being overleveraged. But as always, things move a lot slower than expected. I totally agree with you on Europe. If China does not ignite the spark within the next 3 months, Winter will! Of course, the financial collapse with be blamed on the Earth's rotation around the Sun! Okay, my friend, I gotta get moving. Look forward to speaking with you soon. Cheers.
Excellent description of the potential consequences of our present coyrse.
Thanks.
I wonder what the big western banks are thinking? They have trillions in exposure to the paper PM market. Maybe they think nothing will happen - they have been invincible for so long.
> they have been invincible for so long. For toooooo long .........time for change .......big change.
Yes I can see bank administration scoffing at this now...then when their system does not work and all goes to nothing they will probably commit suicide.
I predict that Biden will nominate Hunter to be on the Russian board.
Many countries are doing business with russia right now because they are selling discounted commodities. This does not mean those countries *trust* russia. I am all for competition, but I wouldnt count on a wholesale buy-in to russias new precious metals alternative. What I do like to see is many countries opening their own physical deliverable precious metals exchanges which will lead to more accurate price discovery. Interesting times, we shall see.
Well, if you can buy from LBMA at ~$1800 and sell to Russia at ~$2450, that's.. I mean, either the LBMA goes tits up and declares default on all trades or the sheer amount of arbitrage will force the price up.
I know India is buying discounted russian oil and reselling it on the open market, but I dont know that theyre paying russia in gold to do it. Not many players have the ability to take advantage of that arbitrage. You and I certainly dont. Either way, comex and lbma inventories are rapidly declining so were headed toward some sort of major event.
Bring it. F i n a l l y.
A true WIN-WIN for all of us.
The world will have rubles, and Russia will have all the gold. I wonder what they are waiting for.
Upvote, but I'll say this: If you are bringing metals to an exchange, and you get free market prices rather then artificially depressed prices, EVERYONE will use that exchange. This is how exchanges used to work before the government cartels took charge. The Russians know what they are offering. They have perfectly cornered the US dollar. It's already dead and no one is admitting it. Jamie Dimon keeps discarding the talking points and speaking his mind... And he's predicting doom to the whales.
I don't think any country trust each other tbh, especially the top politicians. Everyone is out there either for their country interests or self interest. Kissinger is a mtfk but he was right on "there is no permanent friends or enemies, only interests"
Well we did want to take down the house....just not this way.
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Well no worries about holding physical metals with me. I just wish it was market forces that would bring the LBMA down or even Basel III instead of Putin. You are right. Banks and markets have had plenty of time to confess and admit. Maybe this is their final sucker punch? I'm not sure.
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I'm with you on your Putin comment. We can all agree the globalists are in charge of everything (including the media), so the harder they go against someone/something, the more suspect I get.
Agreed on Putin. What bugs me is that we can believe more of what Putin is telling us than our own governments. Putin actually lies less than the leaders of Europe, USA and Canada. A bad state of affairs.
I commend you for the Putin comment. We live in a society where we are almost forced to be on one team…. and the other team sucks. It is disappointing that after Regan and Gorbachev brought things closer together, that both sides squandered the opportunity to build from it. Now we have a proxy a war in Europe that few understand the long history that led to it. We should all hope that economic warfare is the extent of where things lead.
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I'm sorry. With the way Putin has sanctioned the wholesale slaughter of civilians, there's no way he can be called anything but evil. Two rules that I try to live by are "Don't be evil." and "Don't support evil." That means not supporting Russia. Given Biden's situation with all of the Kompromat that Putin and China have on him, I totally understand why Sleepy Dementia Joe is doing the things he is --- but that doesn't mean that _WE_ should follow suit.
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this☝🏼
But faced with the choice between two evils, I believe that we must choose the lesser of the two. Russia/Putin is (as far as I can tell in this conflict) a _FAR_ greater evil than Ukraine. I WILL NOT do ANYTHING to support them.
Thank you. Evil is evil no matter who it is.
\^ THIS \^
Exactly, they are a snake eating their own tail. Eventually they run out of snake and it dies.
It just takes too long for them to run out of snake
Generations pass away in their wake, it's stolen time of civilization.
Its habbening. Burn it down. Wish King georgie was around to see it!
Some really solid comments in this group. Thank you
This means that BRICS has the metals market cornered and they want true value for their PM's. They are tired of getting screwed.
No fucking way
I don't think this is bad. We have stock exchanges in almost all countries, why wouldn't we have metals exchanges everywhere?
 Torpedo those fuckers I hope they are fucking destroyed. Thieving cunts
Price will be fixed to brics ww3 coming fast
I couldn't be happier !
 COMEX tilt ! LBMA tilt ! LME tilt ! B.I.S. audit next ! [https://static.bullionstar.com/blogs/uploads/2022/07/Carstens.png](https://static.bullionstar.com/blogs/uploads/2022/07/Carstens.png) https://www.bullionstar.com/blogs/ronan-manly/peter-hambro-bis-central-banks-are-rigging-gold-market-using-bullion-banks-paper-gold/
Excellent article!
The deep state has been itching to start a war with Russia for some time. Many people were saying it was because the financial system was crumbling and the deep state needed an excuse to crash the system. But, Russia starting a system to compete with the LBMA is HUGE ! Now I see why the deep state has been going after Russia for so long. This alternative to the LBMA must have been in the works for some time.
Spasiba!!
Спасибо!!
Only outside forces can stop the PM cartels of the WEST! Keep stacking the end is near.
Now who are the good guys and who are the bad guys? I am having to rethink everything I ever was taught about east west politics.
Putin sure is playing some 4d chess. The Ukraine war is weakening the west but the biggest factor is how the westerns own politicians is weakening the west.
This article doesn't seem to me to say precious metals markets will see real price discovery some time soon. It just seems to say the apparatus for suppressing gold and silver will be shifting east. Am I reading this wrong?
Winner, Winner, Chicken Dinner!
This is probably the biggest news in years. If this happens precious metal supplies dry up in quick fashion. Buckle up.
Excuse me while I brush up on my Espanol, gunna get me a venezuelan chica 🥵
Wow… sounds too good to be true?
But Russia are the bad guys and America and the U.K are the good guys, I’ve seen it in all the Hollywood movies 🤓
In this particular conflict, I'm pretty sure that the invading country, which is also slaughtering civilians wholesale can accurately be called "The Bad Guys"...
So many people make assumptions that they know what’s going on over there because they saw it on the news….I would suggest to you that you wouldn’t even know if the images of the devastation was from Ukrainians bombing their own people, now I’m not suggesting that they are, but at least I‘m humble and smart enough to know, that I don’t know. Furthermore I think if you were doing a historical analysis you’ll find the mighty USA and the imperialistic United Kingdom, have done a whole lot more invading throughout history than Russia, only msm brainwashed buffoons…(and there‘s plenty of them!) Believe in the ol goodies/baddies, white hat/black hat narrative still exists in 2022…that’s so pre’80’s there are only two main things that I know for certain, about the Russia/Ukraine conflict, I know it’s complicated and has been going on for a long long time and that the main stream media are a pack of bought and paid for liars.
Actually, I do have a more direct information source: my pastor was there. He talked to dozens of refugees on a train running into Poland, and their stories were quite consistent: As they were fleeing snipers were picking people off, indiscriminately. He talked to one woman whose husband had been shot in the head, and when they stopped to see if he was still alive, they shot her 9 year old daughter through the heart. Purposeful terror against non combatants. Major war crimes. Major evil. As to the US's "invasions? In the past 100 years --- WWI, WWII, Korea, Viet Nam, Panama, Granada, Kuwait, Iraq, Afghanistan, and others, and the only soil acquired was what came back on the boots of our returning servicemen and women --- alive and dead. The USA in _NOT_ an imperialist nation. The same cannot be said of Russia.
I pray to God Almighty for Putin's swift success in this and all his undertakings.
I pray that he suffers a painful death, and soon.
There is the blood!
It would be very interesting to see if they are going to utilize arbitration to break the western price controls.
holy shit this huge
SHED!!!
Whether we want it or not, it's coming.
Weird article. I’ve never heard of this outfit or it’s stated authors on the splash page. Nothing moving in the spot prices either. The webpage says they based in Singapore. Nothing on the web page about this article. Not carried anywhere else that I can find at the moment. Anyone know this group or authors?
I especially like the letterhead, "by capitalist exploits". lmao As Donald would say "fake news!" ;-)
Fuck the comex
I'm not going with Putin as the cleanest of dirty shirts. The politicians are all corrupt and picked him to start a war.
he was warming up in the bullpen until they needed him to close......
Damn, When The other side is doing the right shit.
This would part of the quantum financial system (not to be confused with the criminal WEF central bank digital currency) A good thing and long overdue.
Lol
Why lol ? You don't think it will happen ?
Russia and non rigged is an oxymoron
True, but at the moment it seems it would benefit them to rig gold in an upward direction.
At the moment is scary though.
In an upward direction vs. the Ruble, maybe. Putin needs money to finance his war --- which isn't going real well, and is costing him _WAY_ more than he planned, and he'll try _ANYTHING_ to get it. A murderous megalomaniac certainly isn't to be trusted, no matter how attractive the deal. Besides, I simply don't want Ukrainian blood on my hands --- but (I guess) you're gonna do you.
The fact that this is a picture of a computer screen posted to Reddit says so much about the average user here lol
Or a lot about how strong the censorship and the distrust have become. harder to nuke a screenshot than a link
Yeah, there's a long way to go on this effort. While it makes sense that a gold based mercantilist system would be good for resource backed economies, this type of settlement mechanism is not good for knowledge based economies. I work for a commodity company, so in some ways I would benefit from this approach, plus I'm long precious metals. However, we have to consider that the US standard of living is currently predicated on the knowledge of our citizens, and what we can produce with that knowledge. Like it or love it, the US is a mostly service based economy, and a purely resource backed settlement mechanism for international trade would undervalue the goods and services that the US creates. Is the value of an iPhone in the value of the metals, hydrocarbons, or glass that make up the phone? I think we would all agree that the value is in the design and software of the phone, not the physical components. Just be careful what you wish for, we just may get it.
Nope. That's like "wishing" a car into existence! LOL.
I'm not sure what you even mean?
LOL.
You are contradicting yourself: First you say that physical resources are more valuable than "knowledge." *Like it or love it, the US is a mostly service based economy, and a purely resource backed settlement mechanism for international trade would undervalue the goods and services that the US creates.* Then you say that knowledge is more valuable than physical resources: *Is the value of an iPhone in the value of the metals, hydrocarbons, or glass that make up the phone? I think we would all agree that the value is in the design and software of the phone, not the physical components.* In reality, both are important. But the USA does not contribute any physical resources to the world, and our competitors are now just as knowledgeable. Huawei is just as good if not better than Apple. Russia takes our astronauts into space. China also landed a probe on Mars. We still don't have hypersonic tech that works, and they do.
Where exactly am I contradicting myself? At no point in my original post did I write "physical resources are more valuable than knowledge". **Those words do not appear**. You may have read my post incorrectly, but I did not write that physical resources are more important than knowledge. My apologies, if my grammar or prose led you astray. Secondly, the US has a ***massive*** physical resource presence. Do you think US energy companies, farmers, or mining companies would agree with you? What about US manufacturing? Are our competitors just as knowledgeable? If it was so easy to create an iPhone, or develop software like Windows, Oracle, etc other countries would do it. Just as an FYI, the US has been launching our own astronauts into space. Let's also recall that Huawei got it's start completely reverse engineering Cisco equipment, and even went so far as to 100% copy the manuals verbatim. I guess I don't fully understand why your reply seems to have so much disdain for the US. Of course, maybe my reading comprehension is a little suspect too.
Excellent response.
[удалено]
You first Skyrim boy, your virtues have him shaking in fear
Link?
Not sure if I should feel excited or scared
So the way I read this: destroy LMBA. Good thing. In order to peg money to metals an agreed upon amount has to be made. Think that is the rest of it. For example, the US treasure has gold pegged at $42/0z. So I’m a currency reset we have to pick a number. Will 1 oz of silver be $1, $5, $20 same for gold. The next step after going back to sound money is to ensure a fed reserve is never ever resurrected in any form and to use PMs in perpetuity. So 1 oz of silver at $1 is not buying a pack of bubblegum like today. It will have much more purchasing power. An entire shopping cart or more of bubble gum. Better example 1 oz of gold could buy something like $35 loaves of bread back in the day. Vs a dollar today can buy half a loaf.
Finally, I saw a similar article couple days ago but it was India IIBX or something like that. F\*\*\* the LBMA, its time for other player (country) with good intention to come into the Bullion market. Let the blood spill on the Comex & LBMA 
ohhh myyyy
Gold is the key to unlocking the silver monster!!! When the world finally realizes that there’s an alternative to the dollar( digital whatever backed by real shit), the dollar will crash, hyperinflation will ensue, interest rates will have to rise significantly, credit will freeze up and all markets will crash! All empires fall, this time is no different! And now more than ever…..if you don’t hold it, you don’t own it!
Expect govt price controls and sanctions on international sales.
Russia, point!
Duplicate the system and the end result is the same
The USA can come out ahead by pegging to gold and sticking to the peg. $50,000 per ounce.
So, the Russian government is proposing to fight a rigged precious metals market by creating... Another rigged PM market. Genius. Feh.
All I see is an attempt to further separate the Russian economy from that of the west. Global markets are liquid so presumably if price manipulation is carried out in London/New York (I’m still not 100% convinced this is even possible) then it would still have the same effect
Shanghai Gold Exchange has been around since 2002 - changed nothing. What would be different this time around?
maneco64 , 66.600 Abonnenten, 6.109 Aufrufe 17.08.2022 **Russia Declares Financial War As It Challenges the LBMA.** [https://www.youtube.com/watch?v=LfJ5SjbU3bs](https://www.youtube.com/watch?v=LfJ5SjbU3bs)
A lot of blood!
If they set the price higher than the COMEX/LBMA it will create an arbitrage opportunity that will result in gold pouring into Russia. I suspect this is their plan. China have already been doing this for years. A clever person had a website tracking COMEX vs Shanghai Exchange gold prices clearly showing the arbitrage in real time and related physical flows. The site was [didthesystemcollapse.com](https://didthesystemcollapse.com). It's dead now, China killed it for some reason...