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​Russia surpasses US gold production for first time in 25 years

Published time: July 10, 2014 16:02
Edited time: July 11, 2014 12:13
RIA Novosti / Pavel Lisitsyn

RIA Novosti / Pavel Lisitsyn

Russia has produced more gold than the United States for the first time in 25 years. It’s now the world’s third biggest producer after China and Australia, Minister of Natural Resources and Environment of Russia Sergey Donskoy said.

In the last five years 270 mineral deposits were found in Russia, despite it not being a leading country for mineral exploration investment.

"This, in our opinion, has negative consequences, including a negative impact on the social and economic development of the regions," Vestifinance.ru quotes Donskoy as saying.

In 2013 Russia increased gold production by 12.6 percent achieving 254,241 tons according to the Russian gold producers union. China, the world’s major gold producer, increased its gold production by 6.2 percent to 428.16 tons a year.

However in 2013 gold prices tumbled by 28 percent and have only slightly recovered this year from $1,217 to $1,328 per troy ounce.

Unlike other countries where the taxation of oil and gas production is based on revenue, Russian legislation also includes the expense of geological exploration.

A deduction of exploration expenses from the production tax will contribute to the development of Russian gold production, says the minister, explaining that the US already has similar legislation for its coal industry.

Comments (24)

 

JerryBear 12.07.2014 13:22

@ Frank

This is pretty much what I've been hearing as well.

Effec tively it is the gold certificates (which don't reflect what's in the vaults such as within the LBM) which are being fraudulently manipulated.

This is why Gordon Brown as chancellor in late 90s sold off 60% of Britain's gold reserves at 10% below market. To protect the integrity of the LBM from the likes of Goldman-Sachs who'd been selling same physical gold multiple times over using certificates. Another unspoken bail out.

It isn't sustainable though of course.

 

Frank 12.07.2014 12:24

Gold prices tumbled 28% in 2013 because the Fed and the Wall Street banks manipulated the prices by massive shorting when the markets were mostly inactive. These shorts are on paper gold that does not even exist. They do this to keep investors from fleeing their worthless dollar that they have to keep propped up with tactics that hurt the average precious metal investor.

 

Emmett 12.07.2014 09:26

US has no gold and federal reserve bank won't allow an audit. The federal reserve release a statement saying how much gold US has and what it's worth . . . that's their idea of an annual audit.
Congress claims it would be a waste of taxpayers' money to move, count and test gold. They have better ways to waste taxpayer's money such as to train terrorists; bribe foreign puppet leaders; send Israel a hefty welfare check annually; etc.

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