Over the past 15 years, the world map of gold mining has changed significantly; Canada increased production (98%) and the US decreased production by 32%. The trend towards increasing production will continue. Gold is the largest seller on the market based on the results of 9 months of 2025:
Only four countries turned out to be net sellers of gold in 2025. Uzbekistan took first place here, Singapore came in second. Third on the list is Russia, which sold about 8 tons of precious metal in January-August. True, in September the Bank of Russia again returned to purchases for the first time in a year and a half, acquiring a little more than 3 tons. Nevertheless, the balance for nine months was negative.
Russia was very active in replenishing its gold reserves in previous years. If at the beginning of the 2010s the Russian Federation was not even in the top ten largest owners of gold, then in 2025 it was in fifth place. At the same time, the value of precious metal reserves grew even faster. Since the fall of 2023, it has doubled from 140 billion to 282 billion. Mainly due to revaluation, because, as noted above, physical volumes practically did not increase during this period.
