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Gold could be used to break sanctions

Jonathan Guthrie reports

Experts have joked that some Russian-mined gold in British vaults is “so old it has a double-headed imperial eagle stamped on it”. Ownership passed to non-Russians decades ago, they said. But investors worry that Russian gold could be used to break sanctions. Therefore, the London Bullion Market Association is registering all Russian gold.

Investors’ anxiety is justified. Gold is the currency of fear and mistrust. The financial systems of the democratic West and the authoritarian East are…

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