by Dave Kranzler, Investment Research Dynamics:
Bingo! I’ve been wondering for over 20 years when this would happen. It’s not like Russia and China don’t understand the degree to which western Central Banks, led by the Fed, manipulated the prices of gold and silver using the banks on the Comex and LBMA as their agents.
MOSCOW, Oct 24 (Reuters) – Russia is in talks with other BRICS members about creating an international precious metals exchange to ensure fair pricing and trade growth, the country’s Finance Minister Anton Siluanov said in a statement on Thursday…”The mechanism will include the creation of price indicators for metals, standards for the production and trade of bullion, and instruments for accrediting market participants, clearing, and auditing within BRICS,” Siluanov said.
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The BRICS precious metals exchange would rival Western trading platforms, such as the London Metal Exchange, and would protect trade from sanctions imposed by the West on BRICS members Russia and Iran.
Earlier, BRICS leaders expressed support for efforts to increase trade in precious metals among the group’s countries in a joint communique issued on Oct. 23.
Here’s the link for the entire article: REUTERS
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