By Swann Collins, investor and consultant in global affairs – October 12, 2021
Russia exported 182.3 tons of gold worth $ 10.5 billion in the first eight months of 2021, according to preliminary estimates of the Federal Customs Service. In physical terms, this is 10% more than in the corresponding period last year.
Russian gold exports reached 32.4 tons for $ 1.8 billion last August. In physical terms, this is 57% more than in August 2020, 10% more than in July 2021. This is the maximum monthly indicator this year.
The main country-recipient of Russian gold in August remained the United Kingdom – 27.6 tons for $ 1.6 billion. But it cannot be concluded from statistics whether gold remains there or is sent to other countries, since London is an important world hub for the turnover and storage of precious metals (gold and silver).
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In addition, approximately 1.6 tons, as follows from the data of the Russian Federal Customs, were exported to India in August, 1.1 tons to Germany, 1 ton to Kazakhstan, 0.5 tons to Turkey, 0.4 tons to Hong Kong, and less significant volumes – to Armenia, Switzerland and Belarus.
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).
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, to protect their wealth. Demand for gold in the world has only been growing since September 2018.
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© Copyright 2021 – Swann Collins, investor and consultant in global affairs.