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Russia redirects gold exports to China with 30% discount
Russian Gold Rerouted to China Amid Western Ban
From The Moscow Times
Amsterdam, Netherlands
Friday, August 26, 2022
https://www.themoscowtimes.com/2022/08/26/russian-gold-rerouted-to-china-amid-western-ban-a78660
Russia has significantly ramped up gold exports to China as Western governments closed their markets to the precious metal over the war in Ukraine, media outlet RBC reported today, citing Chinese customs data.
China imported $108.8 million worth of Russian gold in July -- a 750% increase from June and a 4,800% increase from the same month last year.
Market experts interviewed by RBC said they believed that Russia, the second-largest gold producer at more than 300 tons per year, is selling its gold to China with a discount of up to 30%.
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Other experts speculated that China, one of the top bullion buyers, may be just one of several important new destinations for Russian gold in Asia and the Middle East.
The United Arab Emirates, which has not released data on Russian gold imports in 2022, was named by those interviewed by RBC as a hub for disguising the precious metal's country of origin.
The U.S., United Kingdom, Canada, and Japan banned Russian gold exports in June. The European Union and Switzerland, a major gold hub with a traditionally neutral stance, followed suit last month.
RBC said Chinese customs data was the first set of figures to reveal how Russian gold exports are being rerouted east.
Russia classified its customs data after Western sanctions over its invasion of Ukraine caused significant economic problems.
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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