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LBMA hopes European Banking Authority will exempt bullion banks from Basel 3 as UK just did

Section: Daily Dispatches

8:28p ET Thursday, July 15, 2021

Dear Friend of GATA and Gold:

Having just gotten from the Bank of England an exemption from the "Basel 3" protocol that threatened to make the "paper gold" business prohibitively expensive for bullion banks, the London Bullion Market Association announced yesterday that the European Banking Authority has agreed to consider reducing the burden that Basel 3's "net stable funding ratio" imposes on bullion banks in the European Union.

The LBMA statement added that the organization is "exploring further lobbying efforts" with other jurisdictions about the Basel 3 burden.

... Dispatch continues below ...

Asante Gold Acquires Key Exploration Land
on Ashanti and Asankrangwa Gold Belts in Ghana

Company Announcement
via Globe Newswire, Omaha, Nebraska
Friday, May 28, 2021

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / Frankfurt: 1A9 / U.S. OTC: ASGOF) reports that it has received notice from the Minerals Commission of Ghana that eight highly prospective concessions covering approximately 314 square kilometers have been recommended for transfer to Asante.

These licenses are comprised of the Diaso (104.1 km2), Juabo (59.2 km2), Manhia (18.69 km2), Dunkwa Gyimigya (32.72 km2), Gyimigya (5.52 km2), Agyaka Manso (40.0 km2), Amuabaka (28.86 km2), and Nkronua-Atifi (24.97 km2) prospecting licenses. All licenses are being acquired as issued by the Minerals Commission from Goknet Mining Co. Ltd. pursuant to the terms of agreement with Goknet dated December 28, 2016.

The concessions were variously explored by Canadian exploration juniors Nevsun Resources, Tri-Star Gold, and Golden Rule Resources in the late 1990s and most recently by PMI Gold Corp. (now Galiano Gold) from 2002 through August 2014, when rights to the land were acquired by Goknet. ...

... For the remainder of the announcement:

The LBMA report, headlined "Net Stable Funding Ratio: Update," said:

"European Union: Following a request by LBMA to the European Commission, an assessment is being carried out by the European Banking Authority (EBA). The EBA shall assess whether it would be justified to reduce the net stable funding ratio for assets used for providing clearing and settlement services of precious metals or assets used for providing financing transactions of precious metals of a term of 180 days or less. The assessment will be published in November 2021.

"Other Jurisdictions Through the support of LBMA members, LBMA is exploring further lobbying efforts with other jurisdictions given that the data LBMA holds is new, and was not available when the policy decisions were made."

The report is posted at the LBMA's internet site here:

Whoever it was in the Bank for International Settlements who managed to insert into the Basel 3 protocols the provisions so threatening to "paper gold" does not seem to be on top today.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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