BullionBob

Big thanks to @SVcollector again for these cheap one ouncers  

There is an interesting recent video on Youtube called "Trouble in Paradise as LBMA and COMEX Challengers Emerge" from a channel called GoldSilver Pros. https://www.youtube.com/watch?v=1x4ysOBdsmM
It is about half an hour long. If you don't have time to watch, here is my own brief summary.
According to a Reuters report (https://www.reuters.com/article/gold-lbma-exclusive-idUSKBN27S0NK), the LBMA has sent a letter to a number of countries that are involved in bullion dealing, expressing concern that they are not doing enough to prevent gold being used for money laundering and/or that they are not being sufficiently concerned about whether their gold is being sourced unethically. Reuters report that they believe the letter is specifically targeted at UAE, because Dubai has become a major trading hub for gold and has many refiners that are not LBMA registered. The unspoken threat is that the UAE might be blacklisted by the LBMA if they fail to comply with their standards.
However, the LBMA is just a trade body and has no authority as a national or international institution. Ahmed Bin Sulayem of the Dubai Multi Commodities Centre responded with a post on LinkIn (https://www.linkedin.com/pulse/raising-bar-ahmed-bin-sulayem/) accusing the LBMA of monopolistic practices and double standards, and suggesting that the gold industry would be better served by a new international regulatory body.
The Comex, which during 2020 was supported by the LBMA when it was struggling to source physical gold, has joined in by delisting the UAE based Al Etihad Gold Refinery and withdrawing eligibility of its bars. (https://www.cmegroup.com/notices/marget-regulation/2020/07/MKR07-31-20C.html)
The presenter believes that the reason behind this spat is that the forthcoming implementation of the new Basel banking rules, including the Required Stable Funding provisions, will put pressure on the LBMA, because it lacks liquidity. Evidence for this is that in 2013, the European Banking Authority failed to rank gold as a High-Quality Liquid Asset (HQLA) because the LBMA was unable to provide sufficient data to demonstrate the liquidity of the London gold market.
The LBMA itself published a note (http://www.lbma.org.uk/_blog/lbma_media_centre/post/net-stable-funding-ratio-update/) criticising the new funding provisions and claiming that they will result in increased settlement costs and reduced market liquidity. This is because the required Net Stable Funding Ratio (NSFR) does not account for *unallocated* balances of precious metals, which is the predominant form in which the LBMA holds gold.
The presenter's opinion is that the LBMA and the Comex may lose their grip on the international gold trade, and that international trade is likely to move towards the Asian and Middle Eastern countries.

Went searching for a 2003 Proof Brit and ended up with these - 6 x 1/2oz satin proofs all dated 2007.  
Closeups, satin finishes and noob photography skills do make them look super toned but they're all as clean as whistles - most pleased!
All down to a near 25% contribution courtesy of @BullionBob and the Xmas raffle 🤩
Thanks Bob for this and @trp for taking over the raffling business from the aforementioned BB!
 

🎉Today’s prize tickets (Draw #1):
@mr1030 with ticket number 88 gives their prize to @ilovesilverireallydo with ticket number 10
@Chrispringle85 with ticket number 19 gives their prize to @Airgead with ticket number 91
@AgD with ticket number 28 gives their prize to @BullionBob with ticket number 80
@adamthetaller with ticket number 56 gives their prize to @mr1030 with ticket number 88
Please get in touch with each other to share your details! 

This beauty turned up. Was planning on selling but now tempted to keep it lol 😂 

I would like to participate - £35 via BT OR PP. 

I would like to participate - £35 via BT OR PP. 

I would like to participate - £35 via BT OR PP. 

I would like to participate - £35 via BT OR PP. 

I would like to participate - £35 via BT OR PP. 

I would like to participate - £35 via BT OR PP. 

Today I received my 1 kilo silver competition win courtesy of Rosland Gold to whom I am grateful. 
Many thanks, the coins look amazing. 
Kind Regards
GrandadLion

Well done.

Well done to the winner.............that's a lovely coin you have won!

Well done to the winner.............that's a lovely coin you have won!