A representative of Russian Gold Industrialists Union stated that according to a report 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 declared that the gold output ranked Russia as the world’s No 5 miner of the yellow metal. The total was 151.3 tons of glittering metal compared with the same period the previous year when the total was just 132.0 tons. The country plans to increase this share in order to overpass South Africa even if Russia is said to having produced almost 8% of the world’s gold last year.
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 yellow metal reserves. The Gulag region has been and still is a region where the glittering metal can be found very easily. The first people had to mine the region were the prisoners of the Gulags that were set up by Stalin. This was happening back in 1930s.
Chukotka is another region that has been revived in the last eight years. Roman Abramovich, the Russian soccer club owner, is the one that has invested around 2.5 billion dollars in the region. The project that has pushed Russia to be on the 5th place in the mining industry is Kupol. Building this mine took about 5 years to complete. The regional economy from Kupol is expected to double because the gold deposit is very large.
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.
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