Russia will mine the most gold in the world

The Russian central bank has stopped buying gold, but at the same time Russia continues to develop its mining potential. According to Fitch Solutions forecasts, by 2029 [...] https://www.pinterest.com/pin/1085437947660215829/

The Russian central bank has stopped buying gold, but at the same time Russia continues to develop its mining potential. According to Fitch Solutions forecasts, it is expected to mine the most bullion in the world by 2029. Russia and gold According to the Fitch Solutions report, Russia's gold production is expected to jump to as much as 15.5 million troy ounces (482.1 tons) by 2029. In turn, this year it is expected to reach the level of 11.3 million ounces (351 tons). In practice, this would mean that the superpower would account for 11.6 percent of global production of the "yellow metal". Today it is for 10.6 percent. Fitch experts note that Russia's new policy was provoked, as it were, by US sanctions. They explain that "the risk of cutting off Russian banks from dollar-denominated assets and difficult relations with the US prompt the central bank to increase gold reserves, which will translate into strong domestic demand." However, it's not just a rivalry with the US, and a race with China. The Middle Kingdom currently mines 453 tonnes of gold. "According to current analysis in the Middle Kingdom, "gold production capacity" will grow by only 0.2 percent per year - much slower than in the previous decade (3 percent). Rivalry with China is to be established also by Australia, where extraction is forecast to increase from 363 to 441 tons". - adds bankier.pl. We no longer buy gold! Recently the Central Bank of Russia (CBR) decided to change its gold buying strategy. In April, it did not buy a single ounce. Thus, it stopped increasing its reserves for the first time since December 2016. According to the World Gold Council, in April, Russian reserves even fell by 400 kg and now stand at 2298.7 tons. - As of April 1, 2020. The Central Bank of Russia suspends gold purchases on the domestic market. Future decisions on gold purchases will depend on the situation in the financial markets, the bank announced in its message, which was published on the institution's website. This is interesting because, after all, in recent years it was the CBR that was one of the largest buyers on the gold market. The central bank started massive purchases after the 2008-2009 crisis. The process took a decade. The result was an increase in Russia's gold reserves from 500 to nearly 2,300 tons. Tags Russia gold russia gold mining