April 07, 2022

Hot Topics - Russian Gold, NSFR and the US Yield Curve's Recession Warning

Adrian Ash, Director of Research, BullionVault; Neil Harby, Chief Technical Officer, LBMA; Rhona O'Connell, Head of Market Analysis, EMEA and Asia Regions, StoneX Financial Ltd; David Gornall, Senior Advisor, LBMA.

In today's webinar, Adrian Ash (Director of Research, BullionVault) moderated Neil Harby (Chief Technical Officer, LBMA), Rhona O'Connell (Head of Market Analysis, EMEA and Asia Regions, StoneX Financial Ltd) and David Gornall (Senior Advisor, LBMA) in a panel to discuss Russian gold, the Net Stable Funding Ratio (NSFR), and the US yield curve recession warning.

Discussions inevitably began with the conflict in Ukraine and its impact on Russian gold, following the suspension of six Russian refineries from LBMA’s Good Delivery List on Monday, 7 March 2022. Neil stressed how bars produced by these refiners before the date of suspension remain Good Delivery, and the panel discussed the argument for refabricating older bars into new gold bars, into which various features such as date stamps may be incorporated.

David talked through the Net Stable Funding Ratio (NSFR), the Liquidity Coverage Ratio (LCR), how they were developed to reduce risks in stressed-market scenarios, and Rhona examined the supporting LBMA trade data activity so far this year.

Rhona, David and Adrian discussed the U.S. Treasury yield curve inversion and any potential recessing warning stemming from this. Rhona observed that while there’s a stable price, there had been a lot of action in the market, noting that “there’s a very big difference between a boring price and a boring market.”

Watch the full webinar to find out more about Russian gold, the Fed balance sheet, and how MoneySavingExpert Martin Lewis sparked discussion about recession indicators.

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