The gold industry in Dubai has come into focus – columns

The London Bullion Market Association (LBMA) sets standards and has now looked at the gold market in Dubai.

LBMA takes care of questions such as money laundering and where the gold is obtained or whether a gold industry has to be blacklisted. It has now threatened to blacklist the United Arab Emirates and others. It is about the import of gold bars from the United Arab countries to other countries and about illegal or unethical production or trade.

Global standards are important in the global gold market. The initiatives of the LBMA are important because it has a certain dominant position. The large international banks usually only trade in precious metals that the LBMA approves of. The Emirates are among the largest gold centers in the world. They export billions of dollars worth of gold bars to refineries annually.

After large amounts of gold were smuggled from Africa to Dubai last year, the LBMA has become prick up. Because with the amount of gold, the risk of money laundering is great. The Gulf state itself has already tightened financial regulations. And there are refineries that purchase gold bars from the Emirates and others that do not take any material from the Gulf state.

It’s good to know where gold comes from. Solid gold companies include Trillium Gold Mines or Tarachi Gold, for example.

Trillium Gold Mines – – Explores and develops gold projects in Ontario, in the Red Lake Mining District. Trillium Gold Mines has now increased its stake in the project to 100 percent on the major Newman Todd project (198 hectares).

Set in the Sierra Madre gold belt Tarachi gold – – Diamond burs to take a closer look at the 2,560 acre property. The gold values ‚Äč‚Äčidentified so far include around 34.5 grams of gold per ton of rock over a length of five meters.

Current company information and press releases from Trillium Gold Mines (- -).

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