ИСТИНА

Gold has been a key part of the global economy for thousands of years, representing a universal commodity, the demand and recognition of which did not depend on the region. However, in the last century, the position of gold has been somewhat weakened. First, with the transition to the Bretton Woods system, there was a departure from the gold standard. Then, with the abandonment of the Bretton Woods system and the transition to the Jamaican currency system, the position of gold as a universal measure of weights received another blow. Despite all this, central banks of the world continue to use gold as a basis of the country's financial system stability. In recent years, there has been a conditional balance of supply and demand in the global gold turnover, but only within the global market. The local Russian gold market differs significantly from the global one. Thus, there is no significant systemic domestic demand for gold in Russia, since the consumption of it by jewelry and other industries accounts for only a small fraction of Russian production. During the period when Russia was integrated into the global gold turnover market, this fact was not alarming, since any excess gold that left after consumption in the domestic market could be exported. Now, in conditions of significant sanctions pressure on the gold mining industry, when many of the Western sanctions are aimed specifically at preventing the turnover of Russian gold on the world market, the question of whether the current volumes of gold production in Russia are still reasonable has been raised a lot of times, but propriety of this question requires a complex assessment.