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News Release from the London Bullion Market Association (LBMA):
London Gold and Silver Vault Data at end of May 2022
JUNE 10, 2022
As at end May 2022, the amount of gold held in London vaults was 9,616 tonnes (-0.58% on previous month), valued at $568.4 billion, which equates to approximately 769,250 gold bars.

There were also 31,758 tonnes of silver (-5.6% on previous month), valued at $22.2 billion, which equates to approximately 1,058,598 silver bars.

These figures provide an important insight into London’s ability to underpin the physical OTC market. Additional time was required to recheck this month’s data prior to publication.

The publication on the fifth business day of each month of the amount of gold the London vaults were holding at the end of the previous month follows the recent move to publish the equivalent data for silver. It represents a continued move towards greater transparency and timeliness.” https://web.archive.org/web/20220626023406/https://www.lbma.org.uk/articles/london-gold-and-silver-vault-data-at-end-of-may-2022

Did the 3 tons of Russian origin gold sent to Switzerland come from these vaults? Are there other vaults in the UK? Yes, there are other vaults, but “LBM is the platform for trading gold and silver in the United Kingdom. This is a wholesale over-the-counter market that trades gold and silver and the members of the London Bullion Market Association conduct the trading, being loosely overseen by the Bank of England. The members of LBMA are all major international bullion dealers and refiners as well as international banks.” https://web.archive.org/web/20220626024626/https://bullionexchanges.com/find-dealers/united-kingdom

Three Tons of Russian Origin Gold Exported from UK to Switzerland in May; Apparent Sanctions Loopholes

Swiss Association of Manufacturers & Traders of Precious Metals (AFCMP): Members Not Responsible for Import of Russian Gold; “Dubious Gold has No Place in Switzerland”

https://en.wikipedia.org/wiki/Gold_laundering
https://en.wikipedia.org/wiki/Gold_fingerprinting

Will Russia origin gold be seized or frozen? What about non-Russian origin gold owned by Russians? Will the G-7 leave loopholes? Gold does have a “fingerprint” which helps to indicate its origins.

G-7 to Expand Sanctions on Moscow With Ban on Russian Gold
U.S. official says the ban aims to punish Russia for invasion of Ukraine

By Alex Leary and Hardika Singh Updated June 25, 2022 4:41 pm ET “The U.S. will join other leading countries in banning Russian gold imports, broadening a sanctions regime against Moscow as an international summit is set to begin Sunday, according to a U.S. official”. https://www.wsj.com/articles/g-7-to-expand-sanctions-on-moscow-with-ban-on-russian-gold-11656188725

The London Bullion Market Association (now known simply as LBMA), established in 1987, is the international trade association representing the global Over The Counter (OTC) bullion market, and defines itself as “the global authority on precious metals”.[1] It has a membership of approximately 150 firms globally, including traders, refiners, producers, miners, fabricators, as well as those providing storage and secure carrier services…

The Brazilian gold rush in the 17th century, and the subsequent gold rushes of California, Australia and South Africa resulted in an influx of gold into the UK. The Bank of England established a bullion vault in London as a result. In 1750 the Bank of England sought to standardise the quality of the gold bars being stored, and so established the London Good Delivery List, originally named the List of Acceptable Melters and Assayers. The List formally recognised those refineries who produced gold bars to a certain standard and could therefore be allowed to enter the London market.

By 1850, five companies – N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins had been established. The term London Gold Market refers to these five companies who formed to oversee the operation of the gold market in London. In 1919, it set up the first Gold Price fix at Rothschild’s offices. The London Gold Market was also responsible for Good Delivery accreditations and the maintenance of
the Good Delivery List.

LBMA was established in 1987 in recognition by the Bank of England of the need for an independent body to oversee the custody, maintenance and regulation of the Good Delivery List, separate from the London Gold Market’s increasing number of participants. Its founding CEO was Chris Elston, formerly of the BoE and its founding Chairman was Robert Guy.
LBMA has maintained the gold and also the silver Good Delivery Lists since 1987. Since then LBMA has expanded its focus, services and expertise to focus on the entire global wholesale precious metals market. LBMA has close ties to all stakeholders within the market, including the London Platinum and Palladium Market, London Precious Metals Clearing Ltd, central banks and regulatory bodies…
https://en.wikipedia.org/wiki/London_Bullion_Market_Association

The Moscow Gold (Spanish: Oro de Moscú), or alternatively Gold of the Republic (Spanish: Oro de la República), was 510 tonnes of gold, corresponding to 72.6% of the total gold reserves of the Bank of Spain, that were transferred from their original location in Madrid to the Soviet Union a few months after the outbreak of the Spanish Civil War. This transfer was made by order of the government of the Second Spanish Republic, presided over by Francisco Largo Caballero, through the initiative of his Minister of Finance, Juan Negrín. The term also encompasses the subsequent issues relating with the gold’s sale to the USSR and the use of the funds obtained. The remaining quarter of the Bank’s gold reserves, 193 tonnes, was transported and exchanged into currency in France, an operation which is also known by analogy as the “Paris Gold”. Since the world now was aware of the existence of a large mass of gold in Moscow, the term “Moscow Gold” would eventually be popularized for any Russian funding worldwide…https://en.wikipedia.org/wiki/Moscow_gold_(Spain)