The gold industry in Dubai has come into focus
The London Bullion Market Association (LBMA) sets standards and has now taken a look at the gold market in Dubai
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The LBMA takes care of issues such as money laundering, where the gold is sourced or whether a gold industry needs to be blacklisted. Now it has threatened to blacklist the United Arab Emirates and others. This concerns the import of gold bars from the United Arab countries to other countries and illegal or unethical production or trade.
Global standards are important in the worldwide gold market. The initiatives of the LBMA are important because it has a certain power. For example, the major international banks usually trade only 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 every year.
The LBMA has become very aware of the large quantities of gold smuggled from Africa to Dubai last year. Because with the amount of gold, the danger of money laundering is great. The Gulf State itself has already tightened financial regulations. And there are refineries that obtain gold bars from the Emirates and others that do not take any material from the Gulf State.
It's good if you know where gold comes from. Solid gold companies include Trillium Gold Mines and Tarachi Gold.
Trillium Gold Mines - https://www.youtube.com/watch?v=R0qYc6BTWlE&t=5s - explores and develops gold projects in Ontario, in the Red Lake mining district. Trillium Gold Mines has now increased its interest in the significant Newman Todd Project (198 hectares) to 100 percent.
In the Sierra Madre Gold Belt, Tarachi Gold - https://www.youtube.com/watch?v=Cnrijnd6b1o&t=10s - is using diamond drills to further test the 2,560-hectare property. Gold values identified to date include approximately 34.5 grams of gold per tonne of rock over a five-metre length.
Current company information and press releases from Trillium Gold Mines (
www.resource-capital.ch/en/companies/trillium-gold-mines-inc/).
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