In the ongoing tug of war between the gold trading centres of, on the one hand, the United Arab Emirates (UAE), and on the other, the axis of London-Switzerland, the UAE has now thrown down the gauntlet with the launch of a UAE Good Delivery Standard for gold, a system which will go into effect beginning in February. This UAE Good Delivery Standard will be pretty much like the LBMA Good Delivery Standard for gold, and will govern which gold bars from which refiners will be acceptable for settlement and trading in the UAE market. Readers of The Peet Journal blogs will be familiar with the fact that UAE-Dubai and London-Switzerland have not been on the best of terms for quite some time, and that the Dubai / UAE gold industry, in the form of such personalities as Ahmed Sultan Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC), have not been afraid to push back against LBMA – Swiss interference.
“In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centres” (24 November 2020), “In Ongoing Saga, Dubai Stands its Ground with the LBMA" (18 June 2021), and “Swiss pressure against UAE gold imports causes sharp rebuttal” from Dubai (27 October 2021). This latest launch of a UAE Good Delivery (UAEGD) Standard for gold must therefore be seen in the context of developments which have been ongoing for quite some time, a context which while frequently cloaked in front men such as NGOs and the OCED, and a complicit MSM spin about illicit gold mining / gold smuggling, is, at the end of the day all about UAE commercial and sovereign independence vs LBMA bullion bank cartel control. Note that the United Arab Emirates (UAE) consists of 7 Emirates, namely Abu Dhabi, Dubai, Sharjah, Ajman, Ras Al Khaimah, Fujairah and Umm Al Quwain. Abu Dhabi is the administrative capital, Dubai is the most populous emirate. The total population of the UAE is 10 million. The Dubai Precious Metals Conference (DPMC)While discussion of a UAE Good Delivery standard for gold (which is much like the LBMA Good Delivery standard for acceptable gold bars) first emerged at a meeting of the UAE’s Ministerial Development Council in Abu Dhabi on 6 December 2020, the actual launch of the UAEGD was announced on 18 November at the 2021 Dubai Precious Metals Conference (DPMC), after details were finalized at a meeting of the UAE Bullion Market in Abu Dhabi Committee on 9 October. UAE Good Delivery Standard launch Ten days later on 28 November in Abu Dhabi, the UAE Bullion Market Committee conducted the ‘official’ launch of the UAE Good Delivery standard, which they also call the “Emirates Standard for Good Delivery” for refiners and smelters. This launch was officiated by Thani Al Zeyoudi (which is also chairman of the UAE Bullion Market Committee), and UAE Minister of Economy, Abdullah bin Touq Al Marri. Standard, 28 November 2021, Abu Dhabi Based on coverage of this launch (from a statement by the UAE Ministry of Economy), what do we know about this new standard for gold? In summary:
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