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Russia's discounts on energy purchased with gold are draining exchanges, Maguire says
11:33p ET Saturday, May 7, 2022
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, in his weekly interview with Shane Morand for Kinesis Money, says gold and silver prices on the London and New York exchanges no longer represent the markets for the bulk of trading of those metals, which now is happening outside the exchanges and involves large premiums.
By offering large discounts on prices for energy and other commodities purchased with gold, Maguire says, Russia is absorbing so much physical gold that the official London market is effectively restricting daily sales of real metal to just a few tonnes.
Maguire's interview is 33 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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