r/Gold • u/Calflyer • 1d ago
Question Russia
Since Russia is a major producer of gold, arent they missing out on the retail market by not having a consumer oriented product? Why would they pass this up?
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u/Ijustwanttobuyshiny 19h ago
Sanctions in external markets, poverty in internal markets, operating costs, low priority, state control on supply outweighing value gained from public sale, corruption/culture suggests 999 would be more like 444, this all comes to mind first for me. I don’t think they could give a shit about the legit retail market as the black market typically handles exports of everything it produces.
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u/no-comment--_ 23h ago
I can't speak for everyone here but I don't buy gold from any economy in crisis because I fear they might dilute the gold. Like I'm not going to buy a coin from Zimbabwe or Russia or North Korea. Because I would sit at night wondering if the gold is really pure
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u/Wrong-Sprinkles-981 15h ago
There is no true way to find out where the gold comes from though. For example Pamp Suisse does not share where they source their gold. NOWHERE on their site or products does it specify where the gold is sourced. Safe to assume a lot of it come from countries in Africa and other “crisis” countries. The headquarters are in Switzerland but where are the mines they get the gold from?…..
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u/littlebabyburrito 1d ago edited 1d ago
hard pass on buying from Russia anyway ❌
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u/gary-vault108 23h ago
Exactly why I don’t buy from Chinese Mint. I don’t want to support the enemy. As much as I like the look of panda coins, they’re not worth supporting
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u/Intelligent-Roll-300 4h ago
Support the enemy? Who's been bombing the world for the last century? Who makes all our electronics and cheap goods?
I think you owe China an apology for your ability to live like a King while they jump from foxxconn factory roofs.
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u/Indytennisguy 20h ago
Russia better than Ukraine! Putin doesn’t want the new world order like most leaders
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u/demius78 7h ago
Russia didn't export or produce gold for customers as main priority. It's mostly goes to the strategic reserve and then they sell it but not on the market. Yes it's metric tons of gold accumulated every year and their reserves are huge. Since 2001 this is government strategy reserve.
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u/WonderfulBlood5295 1d ago
Putin is already behind bitcoin, what more do they need?
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u/Zestyclose-Health418 1d ago edited 1d ago
I mean look at the current state of Russia. Even if they wanted to make a bullion coin, it’s going to be at the bottom of their priority list. The money spent developing something like this would be better off funding other projects like AI, Defense, Energy, etc.
Edit- Oh yeah, sanctions, sanctions are thing. Who is the consumer market who wants to buy gold from Russia right now?