Emirates Takes on LBMA with Launch of UAE Good Delivery Standard for Gold

• Emirates Takes on LBMA with Launch of UAE Good Delivery Standard for Gold
  by Ronan Manly, https://www.bullionstar.com/
  In the ongoing tug of war between the gold trading centres of, on the one hand, the United Arab Emirates (UAE), and on the other, the axis of London-Switzerland, the UAE has now thrown down the gauntlet with the launch of a UAE Good Delivery Standard for gold, a system which will go into effect beginning in February.
  –
  This UAE Good Delivery Standard will be pretty much like the LBMA Good Delivery Standard for gold, and will govern which gold bars from which refiners will be acceptable for settlement and trading in the UAE market. 
  –
  Readers of BullionStar blogs will be familiar with the fact that UAE-Dubai and London-Switzerland have not been on the best of terms for quite some time, and that the Dubai / UAE gold industry, in the form of such personalities as Ahmed Sultan Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC), have not been afraid to push back against LBMA – Swiss interference.
  –
  Recall the BullionStar articles “In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centres” (24 November 2020), “In Ongoing Saga, Dubai Stands its Ground with the LBMA” (18 June 2021), and “Swiss pressure against UAE gold imports causes sharp rebuttal” from Dubai (27 October 2021).
  –
  This latest launch of a UAE Good Delivery (UAEGD) Standard for gold must therefore be seen in the context of developments which have been ongoing for quite some time, a context which while frequently cloaked in front men such as NGOs and the OCED, and a complicit MSM spin about illicit gold mining / gold smuggling, is, at the end of the day all about UAE commercial and sovereign independence vs LBMA bullion bank cartel control.
  –
  read more.

end