Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Australia could face stiff competition for the position of world’s second-biggest producer of gold this year, as Russian miners ramp up output of the precious metal.

Recent statistics from the International Monetary Fund (IMF) have already shown Russia’s central bank reserves are on the rise, and now production levels look to be following suit.

The country mined approximately 248.5 tonnes of gold last year, compared with Australia’s 265.3 tonnes, according to Mine Web.

However, The Moscow Times reports Russia is thought to have increased output by 26.6 per cent in the first half of 2014. As such, the country could edge ahead of Australia if the last six months of the year produce similar results.

Russia’s Gold Industrialists’ Union, a gold producers lobby group, recently claimed output jumped 17.4 per cent year on year.

Lobby head Sergei Kashuba stated: “[Companies] are increasing production to compensate for a gold price decline.”

Estimated final productions levels in Russia will be approximately 275 tonnes, although this may be conservative. Particularly as previous forecasts had predicted a 5 per cent decline.

Mr Kashuba, speaking to PRIME, said gold production is likely to increase if prices continue to climb.

“Methods for resolving the global downturn have not been found, despite flooding the economy with money, but it is inflation. As for gold, it is an ant-inflation instrument, and it will be in demand,” he explained.

IMF data cited by the Wall Street Journal suggests central banks across the world are steadily filling up their gold storage facilities, as confidence in the US dollar begins to slip.

Russia increased its holdings by a further 10 tonnes in July, having already added more than 16 tonnes in June. The country now has approximately 1,104 tonnes of central bank gold.

Kazakhstan, another heavy purchaser of physical gold in recent years, increased its reserves by 1.4 tonnes, bringing its total to 158.6 tonnes.

Is Russia set to become the world’s second biggest gold producer?

Australia could face stiff competition for the position of world’s second-biggest producer of gold this year, as Russian miners ramp up output of the precious metal.

Recent statistics from the International Monetary Fund (IMF) have already shown Russia’s central bank reserves are on the rise, and now production levels look to be following suit.

The country mined approximately 248.5 tonnes of gold last year, compared with Australia’s 265.3 tonnes, according to Mine Web.

However, The Moscow Times reports Russia is thought to have increased output by 26.6 per cent in the first half of 2014. As such, the country could edge ahead of Australia if the last six months of the year produce similar results.

Russia’s Gold Industrialists’ Union, a gold producers lobby group, recently claimed output jumped 17.4 per cent year on year.

Lobby head Sergei Kashuba stated: “[Companies] are increasing production to compensate for a gold price decline.”

Estimated final productions levels in Russia will be approximately 275 tonnes, although this may be conservative. Particularly as previous forecasts had predicted a 5 per cent decline.

Mr Kashuba, speaking to PRIME, said gold production is likely to increase if prices continue to climb.

“Methods for resolving the global downturn have not been found, despite flooding the economy with money, but it is inflation. As for gold, it is an ant-inflation instrument, and it will be in demand,” he explained.

IMF data cited by the Wall Street Journal suggests central banks across the world are steadily filling up their gold storage facilities, as confidence in the US dollar begins to slip.

Russia increased its holdings by a further 10 tonnes in July, having already added more than 16 tonnes in June. The country now has approximately 1,104 tonnes of central bank gold.

Kazakhstan, another heavy purchaser of physical gold in recent years, increased its reserves by 1.4 tonnes, bringing its total to 158.6 tonnes.

Disclaimers: Guardian Vaults Holdings Pty Ltd, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Vaults, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Vaults, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Vaults, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.