Russian producers of gold record speed. In 2009, investors can double its buying

While global gold production in 2008 fell by 4% in Russia production for the first time in several years has increased by about 12% to 5.88 million ounces. Some producers are even more impressive, says RBC daily.

On Wednesday, "Polimetall announced production results for the year 2008: in the past year, the company produced 285 thousand ounces of gold (up 15% compared to 2007) and 17.2 million ounces of silver (up 8%), exceeding its projections of the same made in October 2008. Sales of the company rose to 281 thousand ounces of gold (+20%) and 17.7 million ounces of silver (+9%). Revenues reached a record in history "Polimetalla" 500 million dollars, rising in 2008 to 62%. In 2009, the company expects to boost gold production to 280-300 thousand ounces of silver production to have 17-18 million ounces.

Companies helped that the crisis of precious metals are hedge instruments, which ensures a steady demand for them, said Stanislav Fomenko of IC "Veles Capital". "At the end of the year has an additional demand from investors looking for safe investment," - he said.

Thus, if the November quotes silver dropped below 9 dollars per ounce, now reach 11.25 dollars. Restored and the value of gold: the price per ounce in November dropped below 720 dollars, and now has about 850. This did not prevent either the continued reduction in the cost of most commodities, nor the sharp strengthening of the dollar.

HSBC metals analyst Jim Steel connects buy gold with the continuing fall in major stock indexes that compels investors look for less risky assets. Gold bought as an asset of refuge "- quoting his words" Prime-TASS news agency. " As an investor advocates and the Bank of Russia. The proportion of gold in its gold reserves in 2008 rose from 2,52 to 3,4% in volume totaled 16.7 million ounces (an increase of 15,7%), while only in December 2008 increased by 300 thousand ounces .

Production gains "Polimetalla" is not unique, and yet at the beginning of last year, predicted that gold production in Russia will grow for the first time in several years. According to the Union Russia in January-November domestic refineries produced more than 5.43 million ounces of gold, which is 11.1% more than in the corresponding period of 2007. However, the Union expects that production on the basis of the entire year will grow by 12% to 5.88 million ounces.

But in Russia's gold and the situation is not entirely straightforward. "At the end of 2009, gold production in Russia could be on the same level or even slightly , if not " ", - said the source of RBC daily in the industry. - The fact is that the extraction of gold ore to be profitable, while" "rather have a social function of employment."

On the world market situation is still much black. According to analysis of Gold Field Mineral Services (GFMS), the global gold production in 2008 declined by 4%, to about 2112 tons. The most significant decline occurred in South Africa (minus 14%), as well as in Australia and Indonesia. In addition to Russia among the largest producers of gold, the increase could also boast of China (+3%).

In doing so, experts GFMS noted in 2008, significantly (by 11% to 2380 tons) dropped a demand for the metal from the jewelry industry, but this decline was partially offset by growth in investment in gold. In 2009, buying gold for investment purposes, according to forecasts GFMS, can grow almost doubled, to 400 tons.