SCO & BRICS latest news and insights
In my last video on Russian Gold I focused on an overview of how the industry has developed from the 1990s to the end of 2021.and on the role of the state, the consolidation of the industry under Polyus and a group of second-tier producers.
Today I want to look in detail at the role...
By Rhod Mackenzie
In 2023 there was a lot of talk in the run up to the BRICS summit in Johannesburg about whether the BRICS would announce a gold backed currency,I was skeptical and I was correct as I did not think it was something the BRICS were ready to do.However that said its not that I don't...
March marked the 17th consecutive month that the People's Bank of China (PBOC) has been purchasing gold. The PBOC has been instrumental in setting new records for the precious metal. In the first month of spring, China's gold reserves, stored in the basements of the RVOS, increased by 0.2% to reach...
As of April 1, the National Welfare Fund's accounts contained 334.863 tons of gold in anonymized form. This is a decrease from the 358.015 tons of precious metal held as of March 1. The Ministry of Finance reported that 23.15 tons of gold were sold in March as part of liquidity management. The same...
By Rhod Mackenzie
According to a report by TASS, , Alexey Vostokov the head of Polyus expects to receive the initial batch of gold from the Sukhoi Log project in the Irkutsk region in 2024. The ore processing for the project will take place at the Verninskaya mill, also located in the Irkutsk reg...
By Rhod Mackenzie
The Russian gold mining industry, whose major players are all subject to US sanctions, is reorganising its exports by introducing intermediaries into the supply chain. According to a representative from Yuzhuralzoloto, the decrease in margins is insignificant. This is because, te...
