Gold monetization in Kazakhstan
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Published 3 years ago
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Write to Dmitriy: [email protected]
Greetings, my dear viewers and this is the first part in a series of videos about gold monetization efforts in the former USSR. We begin with Kazakhstan, which is the biggest commodity producer and exporter in the former Soviet Union along with Russia and Ukraine. https://yandex.ru/images/search?from=tabbar&;text=kazakhstan%20map&pos=0&img_url=https%3A%2F%2Fsun9-5.userapi.com%2Fc845522%2Fv845522685%2F1d1ae2%2FzhbyliAKFVw.jpg&rpt=simage
There used to be 15 republics in the Soviet Union and Kazakhstan with Russia and three Baltic republics constitute the richest third of the former USSR in terms of GDP per capita. Kazakhstan produces more than 40% of the world’s uranium (https://en.wikipedia.org/wiki/List_of_countries_by_uranium_production) and has second largest reserves of this metal after Australia (https://schneider-group.com/wp-content/uploads/2019/10/191021_Mining-Report_en.pdf).
As of 2019 Kazakhstan produced about 77 tons of gold, number 13 in the rankings of the world’s gold producers (https://www.gold.org/goldhub/data/historical-mine-production). Kazakhstan’s gold reserves are 14th largest in the world (386 tonnes) as of January, 1st, 2021 (https://goldenfront.ru/articles/view/skolko-zolota-nakopil-kazahstan-infografika/).
That’s why it made much sense to try and interest their population in using gold as savings. They launched the program in May 2017. It was initiated by the then president Nursultan Nazarbaev, who was the first ceremonial buyer of all 4 sizes of gold bars on offer. Bars issued by the National Bank of Kazakhstan and come in 10, 20, 50 and 100 g sizes and sold by banks. That is what they look like: http://today.kz/news/kazahstan/2017-05-31/743395-o-kuplennyih-nazarbaevyim-zolotyih-slitkah-rasskazal-akishev/
The stated purpose of the program was to provide the population with a reliable savings vehicle.
The program turned out to be a great success and is still ongoing. As of January 2021 they sold 1.68 metric tons of gold bars. I calculated a monthly rate of gold buying for one of my Russian videos since the beginning of the program.
From May 2017 to January 2019 Kazakhstan’s residents were buying on average 11 kilos of gold bars a month, in 2019 – 39 kilos a month and in 2020 – 74 kilos a month. In January 2021 they bought over 111 kilos.
Another measure of the program’s success is that only 3.4 kilograms were sold back.
Greetings, my dear viewers and this is the first part in a series of videos about gold monetization efforts in the former USSR. We begin with Kazakhstan, which is the biggest commodity producer and exporter in the former Soviet Union along with Russia and Ukraine. https://yandex.ru/images/search?from=tabbar&;text=kazakhstan%20map&pos=0&img_url=https%3A%2F%2Fsun9-5.userapi.com%2Fc845522%2Fv845522685%2F1d1ae2%2FzhbyliAKFVw.jpg&rpt=simage
There used to be 15 republics in the Soviet Union and Kazakhstan with Russia and three Baltic republics constitute the richest third of the former USSR in terms of GDP per capita. Kazakhstan produces more than 40% of the world’s uranium (https://en.wikipedia.org/wiki/List_of_countries_by_uranium_production) and has second largest reserves of this metal after Australia (https://schneider-group.com/wp-content/uploads/2019/10/191021_Mining-Report_en.pdf).
As of 2019 Kazakhstan produced about 77 tons of gold, number 13 in the rankings of the world’s gold producers (https://www.gold.org/goldhub/data/historical-mine-production). Kazakhstan’s gold reserves are 14th largest in the world (386 tonnes) as of January, 1st, 2021 (https://goldenfront.ru/articles/view/skolko-zolota-nakopil-kazahstan-infografika/).
That’s why it made much sense to try and interest their population in using gold as savings. They launched the program in May 2017. It was initiated by the then president Nursultan Nazarbaev, who was the first ceremonial buyer of all 4 sizes of gold bars on offer. Bars issued by the National Bank of Kazakhstan and come in 10, 20, 50 and 100 g sizes and sold by banks. That is what they look like: http://today.kz/news/kazahstan/2017-05-31/743395-o-kuplennyih-nazarbaevyim-zolotyih-slitkah-rasskazal-akishev/
The stated purpose of the program was to provide the population with a reliable savings vehicle.
The program turned out to be a great success and is still ongoing. As of January 2021 they sold 1.68 metric tons of gold bars. I calculated a monthly rate of gold buying for one of my Russian videos since the beginning of the program.
From May 2017 to January 2019 Kazakhstan’s residents were buying on average 11 kilos of gold bars a month, in 2019 – 39 kilos a month and in 2020 – 74 kilos a month. In January 2021 they bought over 111 kilos.
Another measure of the program’s success is that only 3.4 kilograms were sold back.
Keywords
golduraniumcommoditiesgold pricegold bullionkazakhstangold barsgold bullprice of goldgold bugsgold marketgold bull marketgold forecasts
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