The Gold In Russia
A representative of Russian Gold Industrialists Union recently declared that 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 stated that the gold output ranked Russia as the world’s No 5 miner of the yellow metal. The total was 151.3 tons of gold compared with the same period the previous year when the total was just 132.0 tons. Even if it has produced almost 8% of the world’s gold last year, the country intends to increase this share in order to overpass South Africa.
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 gold reserves. Gulag has been and still is a region where gold can be found very easily. The first that have mined the region were the prisoners of the Gulags that were set up by Stalin. This was happening back in 1930s.
Another gold region that has been revived in the last eight years is Chukotka. The Russian soccer club owner, Roman Abramovich invested around 2.5 billion dollars in the region. The project that has pushed Russia on the 5th place is Kupol. This mine took about 5 years to build. The gold deposit at Kupol is so large that the regional economy is expected to double.
Gold is known to be a good investment for our future and it is also the best inflation hedge on the market. The precious metal has proved with the passing of time that its value cannot be lost even if the prices of paper currencies falls and the stocks plummet. Almost all economists advise us to invest in the glittering metal.
Learn from professionals how to buy gold bullion in times of recession.
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