Russian Gold Production On The Rise PDF Print E-mail
Written by Kathryn Smith   
Saturday, 22 May 2010 11:44
A representative of Russian Gold Industrialists Union stated that according to a report the Russian gold production rose with about 14.6% between January and September 2009. This is because of some projects that have been launched in the Far East.
by KathrynSmith


A representative of Russian Gold Industrialists Union stated that according to a report the Russian gold production rose with about 14.6% between January and September 2009. This is because of some projects that have been launched in the Far East.

The Union also declared that the gold output ranked Russia as the world's No 5 miner of the yellow metal. The total was 151.3 tons of glittering metal compared with the same period the previous year when the total was just 132.0 tons. The country plans to increase this share in order to overpass South Africa even if Russia is said to having produced almost 8% of the world's gold last year.

Russia has also been investing the precious metal for about 20 years and it plans to increase its gold reserves so that they become bigger than the United States precious metal reserves. Gulag is a region where the yellow metal can be found very easily. The first ones that had to mine the region were the prisoners of the Gulags that were set up by Stalin. This was happening back in 1930s.

Yet another region that has been revived in the last eight years is Chukotka. The person who has invested around 2.5 billion dollars in the region is the Russian soccer club owner, Roman Abramovich. The project with the help of which Russia has reached the 5th place in the mining industry is Kupol. This mine was completed in 5 years. The gold deposit at Kupol is so large that the local economy is expected to double in the near future.

The yellow metal is the best inflation hedge on the market and also it is a very good asset to own. The precious metal has proved with the passing of time that its value cannot be lost even if the value of the paper currencies falls and the stocks plummet. This is why economists advise us to invest in the glittering metal.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

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