Russia Proposes New Standard for precious metals market
Gesara.news » News » Russia Proposes New Standard for precious metals marketNews Date: August 17, 2022
Russia Proposes New Standard To break the London Bullion Market Association (LBMA) monopoly on gold.
It is proposed to 'place a specialized international precious metals exchange headquartered in Moscow' using the 'new international standard MWS' as the 'basis of the structure.'
It is also proposed to establish a Price Fixing Committee.
Subject to the application of the MWS standard, it will include the central banks and the largest banks of the Eurasian Economic Union countries represented in the precious metals market.
According to the Russian department, it is necessary to 'bet on fixing prices in the national currencies of the key member countries, or on new units of international settlements, such as the new unit of settlements proposed by the president of Russia within the member countries of the BRICS organization.'
Russia, Brazil, India, China, and South Africa may soon consider creating their own currency within the framework of the BRICS, FM Lavrov hints possibility during a visit to Angola.
Net imports stood at 48.773 tons in July, compared with 40.563 tons in June.
Total gold imports via Hong Kong were up nearly 23.7 percent to 53.91 tons.
Last week the World Gold Council noted that central banks bought 59 tonnes of gold in June.
For the first half of this year, central banks purchased 270 tonnes of gold.
The WGC noted that central banks bought 180 tonnes of gold in the second quarter.
That means it Can Settle Derivatives And Oil Contracts.
Cross-border payments network Ripple (XRP) also announced in May that it has become part of the ISO 20022 Standards Body, becoming its first member focused on distributed ledger technology (DLT).
The gold standard of the nineteenth century and is easily explained: within a confined money total such as that of monetary gold, an increase in the quantity of goods and services taking place can only be accommodated by a decline in the general level of prices. Put another way, the purchasing power of sound money, a money whose quantity is not inflated, always rises over time.