Economic Analysis: Theory and Practice
 

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Analysis of the gold market in Russia and its development trends

Vol. 18, Iss. 3, MARCH 2019

Received: 10 December 2018

Received in revised form: 10 January 2019

Accepted: 24 January 2019

Available online: 29 March 2019

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: L70, O1

Pages: 413–426

https://doi.org/10.24891/ea.18.3.413

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation
kosovme@mail.ru

ORCID id: not available

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: gold, gold and foreign currency reserves, central bank, gold mining

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