Eurasian Alliance Plans a Moscow World Standard to Destroy LBMA’s Monopoly in Precious Metals Pricing

• Eurasian Alliance Plans a Moscow World Standard to Destroy LBMA’s Monopoly in Precious Metals Pricing
  by Ronan Manly, https://www.bullionstar.com/
  Towards the end of July, news emerged in the Russian media that Moscow and a number of its Eurasian allies are now reviewing a proposal to create an entirely new trading and pricing infrastructure for the international precious metals in order to both destroy London and New York’s monopoly over global precious metals pricing, and to stabilise the Russian gold market. This infrastructure would take the form of:
  –
  – a Moscow World Standard (MWS) for precious metals trading, akin to the London Good Delivery List of the London Bullion Market Association (LBMA)
  – a new international precious metals exchange (trading venue) headquartered in Moscow based on the MWS, and known as the Moscow International Precious Metals Exchange
  – a Price Fixing Committee, with price discovery and new precious metals price fixings based on the MWS, and reference prices derived in the national currencies of participant countries or in new international settlement units
  –
  This article will review these developments, explain who has proposed them, explore the potentially wide range of countries that could participate in such a system, and look at the originators’ thinking on what gold and other precious metals pricing should be based on.
  –
  The reported sources discussing this new precious metals ‘proposal’ information primarily come from 3 Russian news sites, namely Prime (part of media group RIA Novosti), RBC business daily (part of RBC media group), and URA news (a Yekaterinburg based news site). All of the sources have been translated from Russian into English.
  –
  read more.

end