Russian Gold Mining Production vs. Gold Reserves.
Russia added 208 tonnes of gold to its reserves in 2015.
Where is all that gold coming from?
Russia’s Gold Mining Output
Russia was the third largest producer of gold in the world in 2014. During the past few years, Russia has been adding an increasing percentage of its gold mining output to its reserves.
From 2006-2015, acording to the Russian Union of Gold Producers, Russia mined 2,189 tonnes of gold and according to the Central Bank of Russia added 1,028 tonnes of gold to its reserves during the same time period.
Over the last ten years Russia has retained approximately 47% of its gold mining production for reserves. In 2015, however, Russia retained 71% of its gold mining production as reserves. In 2015, Russia mined 298 tonnes (est) and added 208 tonnes of that to its reserves.
While China has greater foreign reserves and the largest gold mining output in the world, the Central Bank of Russia (at least officially) has been adding more gold to its reserves than the People’s Bank of China.
Russia’ gold acquistions have placed her in sixth place among gold holding nations.
Russia Swaps Roubles for Gold
Russia’s choice to exchange roubles for domestically mined gold has paid off as the rouble has crashed vs. other currencies.
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