Russia Who Has 2nd Biggest Gold Reserves Volume in the World is Only 5th in Producing

Russia Who Has 2nd Biggest Gold Reserves Volume in the World is Only 5th in Producing

Golden market of Russia is not big and is undergoing a recovery period. Russia who possesses the 2nd biggest gold reserves is only 5th in producing. Last year 120 t of gold were produced 140 t (including gold from reserves) were sold, with 100 t - for exporting, Vedomosti inform.

Western companies who are co-owners of several gold-producing enterprises do not take part in their financing. Only commercial banks that have licence to export gold play the market. They advance to gold-producing and then buy the metal produced. According to Head of Precious metals and Gemstones Department of "MENATEP-Spb" Bank Valery Fadeev during last year banks invested 300 mln in gold-producing and bough up 60-70 t of gold. Analysts think this year level of gold-producing will increase. Fadeev estimates this growth at 5-10 t.

According to the conclusion of 24th World Conference of Gold Miners (Rome) Russian gold-producers do not demand Western investments. All they need is a stable price which still is hard to be guaranteed due to central banks of different countries that try to get rid of as much gold as possible.