Анализ российского рынка золота и тенденций его развития

Экономический анализ: теория и практика. 2019. Т. 18. № 3 (486). С. 413–426.

Kosov M.

Subject Russia belongs to the most important players influencing the development of the world gold market. Moreover, it is one of the leaders in the world's untouched gold reserves. At the same time, gold mining enterprises face conditions that hinder the industry growth.

Objectives The study aims to analyze the Russian gold market and define its development trends.

Methods I employ methods of analysis and synthesis, comparison, formalization and specification.

Results The paper unveils tendencies, problems and barriers in the gold market development in the Russian Federation. The findings may be used to create favorable conditions for developing the gold mining industry and related industries in Russia.

Conclusions The Russian gold mining industry has a potential for growth owing to significant deposits, production capacities, and competitive ability of Russian gold miners. However, there are many constraining factors, including gaps in regulatory framework, undeveloped segments in the secondary gold market, low liquidity ratios of financial instruments, lack of financial instruments that are based on gold, limited use of impersonal metal accounts, value added tax on ingots and commemorative coins. The domestic market needs sources of investment in gold-mining and gold-processing industries and in social sphere development of gold mining regions.

Keywords: золотовалютные резервы, центральный банк, золото, Central Bank, gold, gold mining, gold and foreign currency reserves, золотодобыча