By Clement Bigot, investor and consultant in international relations – October 1, 2021
Gold production in Russia in January-July 2021 amounted to 173.99 tons. This was announced by the Ministry of Finance with reference to data on the supply of raw materials to Russian metal refineries.
This is 1.3% less than the indicator for the same period last year (176.3 tons).
Silver production in Russia in January-July 2021 increased by 2% to 524.28 tons.
Since 2014 Russia has more than doubled the amount of gold in reserves. Also, the Bank of Russia was the largest consumer of gold in the country. It purchased about 45% of the gold production from Russian mining sites in 2019. According to the Russian Union of Gold Producers, at the end of 2019, compared to the previous year, gold production in Russia increased by 12% to 367,952 kg.
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The Russian Central Bank increases its gold reserves in order to support the ruble amid economic slowdown worldwide and geopolitical rivalry with the United States. As of January 1, 2021, gold reserves of the Russian Federation amounted to 2,298.59 tons. This is the 5th place in the world.
As inflation is rising because of massive quantitative easing of central banks in Europe and in the United States, private investors are also looking at gold as a safe heaven. Demand for gold in the world has only been growing since September 2018.
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© Copyright 2021 – Clement Bigot, investor and consultant in international relations.