Russia, China, India Unveil New Gold Trading Network
December 2, 2017
Submitted by Ronan Manly, BullionStar.com
One of the most notable events in Russia’s precious metals market calendar is the annual “Russian Bullion Market” conference. Formerly known as the Russian Bullion Awards, this conference, now in its 10th year, took place this year on Friday 24 November in Moscow. Among the speakers lined up, the most notable inclusion was probably Sergey Shvetsov, First Deputy Chairman of Russia’s central bank, the Bank of Russia.
In his speech, Shvetsov provided an update on an important development involving the Russian central bank in the worldwide gold market, and gave further insight into the continued importance of physical gold to the long term economic and strategic interests of the Russian Federation.
Firstly, in his speech Shvetsov confirmed that the BRICS group of countries are now in discussions to establish their own gold trading system. As a reminder, the 5 BRICS countries comprise the Russian Federation, China, India, South Africa and Brazil.
Four of these nations are among the world’s major gold producers, namely, China, Russia, South Africa and Brazil. Furthermore, two of these nations are the world’s two largest importers and consumers of physical gold, namely, China and Russia. So what these economies have in common is that they all major players in the global physical gold market.
Shvetsov envisages the new gold trading system evolving via bilateral connections between the BRICS member countries, and as a first step Shvetsov reaffirmed that the Bank of Russia has now signed a Memorandum of Understanding with China (see below) on developing a joint trading system for gold, and that the first implementation steps in this project will begin in 2018.
Interestingly, the Bank of Russia first deputy chairman also discounted the traditional dominance of London and Switzerland in the gold market, saying that London and the Swiss trading operations are becoming less relevant in today’s world. He also alluded to new gold pricing benchmarks arising out of this BRICS gold trading cooperation.
BRICS cooperation in the gold market, especially between Russia and China, is not exactly a surprise, because it was first announced in April 2016 by Shvetsov himself when he was on a visit to China.
Jim Sinclair’s Commentary
Borders, what are they for?
After Steinle Verdict, Rep Unveils Bill To Imprison Officials Who Shelter Illegal Immigrants
December 3, 2017
EXCLUSIVE – A Republican congressman plans to introduce a bill Monday that would threaten huge fines and prison time for elected officials accused of sheltering illegal immigrant criminals from deportation, in the wake of the not-guilty verdict in the Kate Steinle murder trial.
Indiana Rep. Todd Rokita’s bill is one of the most aggressive pieces of legislation to date aimed at sanctuary city policies, going beyond the Justice Department’s threat to cut off grants to those jurisdictions.
“Politicians don’t get to pick and choose what laws to comply with,” Rokita told Fox News. “Americans are dying because politicians sworn to uphold the law refuse to do so.”
His “Stopping Lawless Actions of Politicians (SLAP) Act” would hold state and local lawmakers criminally responsible for refusing to comply with federal immigration enforcement efforts. The Republican’s bill would subject violators to a $1 million fine and up to five years in prison if they are convicted.
“It’s time the federal government gets serious about enforcing immigration laws and holding politicians accountable who conspire to break them,” said Rokita.
Rokita also supported “Kate’s Law” – legislation that would boost penalties for illegal immigrants who were previously deported and that was named after Steinle.
On Thursday, Jose Ines Garcia Zarate, an illegal immigrant who already had been deported back to Mexico five times, was acquitted in the 2015 murder of Steinle on a San Francisco pier.
Zarate’s attorneys argued Zarate had found a gun that accidentally discharged, and the bullet ricocheted off the ground before hitting Steinle. Prosecutors argued Zarate intentionally shot 32-year-old Steinle.
The killing revived a national debate over sanctuary city policies, as some lawmakers as well as Steinle’s family faulted San Francisco for releasing the suspect from a local jail without notifying federal immigration officials.
Bill Holter’s Commentary
A very important writing from Steve St. Angelo. I spoke to David Morgan this afternoon regarding his Kitco interview and he said they did not give him enough time to talk about investment demand. I know David very well and believe him to be a straight shooter, he said “Bill, I am in no way bearish on silver, they only gave me time to tell half of the story”. Jeff Christian on the other hand has only told the truth once as far as I know …when he told the CFTC that “physical” markets are levered 100-1 with paper!
The Disinformation War: The Attempt To Disregard Silver Investor Demand In The Market
December 4, 2017
There is a Disinformation War taking place in the silver market as certain industry analysis is confusing individuals by purposely disregarding the tremendous impact of rising investment demand. Not only do I find this troubling, but I am also quite surprised how much the silver industry pays attention to this faulty analysis. So, it’s time once again to set the record straight.
Setting the record straight has now become a new mission for me at the SRSrocco Report because the amount of disinformation and faulty analysis being published in the mainstream and alternative media is quite disturbing. I decided it was time to say enough was enough, so I started by destroying the myth about the 1 million tons of gold hidden in the Grand Canyon in my recent article, THE BLIND CONSPIRACY: The Gold Market Is Heading Towards A Big Fundamental Change.
If you haven’t read that article and are still confused on whether or not there are billions of ounces of gold hidden in the Grand Canyon, I highly recommend that you do. Now, if you read the article and still believe the U.S. Government decided to make the Grand Canyon a national park to protect all that gold, then you have my sympathies. However, the reason certain individuals in the U.S. Government decided to make the Grand Canyon a national park because it was probably a GOOD IDEA to keep a beautiful part of the country off-limits from those who had no problem with destroying the banks of the Colorado by trying to extract gold at a pathetically low uneconomical yield.
If you have seen some of the episodes of the Discovery Channel’s Gold Rush show, the result of gold dredging operations isn’t pretty. Here is a picture of the beautiful landscape outside of Dawson City in the Yukon that shows the effects of placer mining and gold dredging. Now, how many families in the U.S. and abroad would have taken their kids on vacation to the Grand Canyon if it looked like this? I am quite amazed at the lack of dignity and respect by individuals who only seek at the almighty Dollar.
Poll Shocker! Nancy Pelosi FURIOUS Over This News…
December 4, 2017
Since losing the 2016 election to republicans, house minority leader nancy pelosi has fought viciously to maintain her longtime hold on the democratic party.
That may not last much longer.
A new poll, released by abc news/washington post over the weekend, as confirmed to democrats what millions of americans already know… and it has likely left pelosi furious.
The democratic party isn’t really interested in america’s future, say the majority of voters. Democrats are exclusively about being anti-trump.
It’s a stunningly bad sign for a party that has struggled to win elections in recent years — and it’s not even close.
Only 37 percent of americans reportedly believe democrats have any principles.
In contrast, a staggering 52 percent of voters say the democrats don’t actually stand for anything.
After losing over 1,000-seats to republicans in her tenure as party leader, the truth — that americans still don’t like the democrats — is a sharp blow to pelosi’s ability to hold onto power.
Another election disaster in 2018 would finally cost pelosi her position as house minority leader… something that president donald trump has said would be a shame.
After all, who could do a better job turning american voters against democrats?