Gold production has become very popular in the past few years. Of course everyone has always tried to find gold for oneself, but a few countries are really hitting the jack pot with gold production. I found it interesting that Russia is the fourth-largest gold producer in the world, after China, Australia and the US. Russia produced 254 tons of gold in 2012, including a heart shaped nugget weighing 2.4 pounds! Russian production has also increased year-on-year gold production by 8.3% and has higher numbers for 2013.
When other countries see how well Russia is at producing gold it makes for good competition, because it proves that there is still so much gold to be found. Russia is not only good at production but they stockpile gold as a hedge against international financial instability. In 2007 the Russian government held 443 tons of gold in its strategic reserves; by fall the number increased to 1,028. The more gold found between the countries, the more we can use gold to fix not only our American economy but the worldwide economy as well.
One thing to be mindful of is the loss of value by mining more gold. Financially upsetting other countries not able to mine as much and possibly ruining anyone who has their money stored in gold. But the couple hundred tons shouldn't have to much of an impact on the world economy. I do find it very interesting that it was Russia that is mining all of this gold because I had recently read about a huge diamond deposit that was found in Siberia. (they were industrial diamonds not gemstones)
ReplyDeletehttp://www.forbes.com/sites/timworstall/2012/09/18/is-the-diamond-market-about-to-collapse-over-huge-russian-find/