Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Even though, it is rarely reported, from various sources it is obvious that Iran reported exports are always higher than imports by 10s of billion dollars. For instance (last figures reported by wikipedia):
https://en.wikipedia.org/wiki/Economy_of_Iran
Exports (2018): $107 billion
Imports (2018): $ 54 billion
Overall exports chart during last 10 years (shows, Iran has plenty of excess foreign exchange to import gold):
https://www.statista.com/statistics/294339/iran-export-of-goods/
[Due to Media blackout, we in west do not know much about Iran true exports/imports ... but according to some news, Iran is getting paid in Gold, Silver and other unknown ways for Iranian exports].
https://nourlaw.com/iran-extends-unrestricted-import-of-foreign-banknotes-gold-silver-and-platinum/
Iran Extends Unrestricted Import of foreign Banknotes, Gold, Silver and Platinum
Nouraei & M. Mostafavi Law Offices – 23 June 2021-Tehran- The High Council of Economic Coordination, a legislative body composed of the President, Speaker of the Parliament, and the Head of Judiciary, has extended the time of validity for a specific decree until the end of the current Iranian year of 1400 (21 March 2021-20 March 2022). The ruling ratified three years ago stipulates that import of unlimited amounts of foreign currency in the form of banknotes is free and bringing in any quantity of raw gold, silver and platinum is allowed without payment of any custom duties and value-added tax (VAT).
It seems, Sanction on Gold purchases by USA, EU and UK is just like McDonald & Burger King Sanction on purchase of Prawn, Lobster, Squids, Salman, etc
I think, if USA & Allies put sanction on Polymetal or Russian Gold export, people who would suffer are only those who hold Poly + other Russian Gold producing shares and live in USA & Allies countries. As for Poly metal activities, it would have insignificant effect in its production or sale
Reason: Here are list of top Gold purchasing countries:
https://www.nasdaq.com/articles/which-nations-have-been-buying-gold
Most Gold is bought by top 5 countries (according to some report, Iran is also accumulating gold, though, mostly unreported).
Ranking list of top 10 Gold importing/purchasing countries (Iran not included)
1. Russia
Russia has been among the top buyers of gold in the last ten years pushing its gold reserves from 882.96 tons at the end of 2011 to 2,301.64 tons at the end of 2021. In the past five years, Russia has added 683.31 tons of gold
2. Turkey
Turkey’s central bank has added around 278.55 tons of gold reserves since 2017. During 2017, 2018 and 2019, Turkey was the second largest purchaser of gold
3. India
During 2021, India imported 1,067 tons of gold, higher than 836.38 tons of imports in 2019
4. Poland
Poland purchased 125.7 tons of gold with 100.01 tons bought in 2019.
5. China
China imported an estimated 818 tons of gold in 2021, almost back to pre-COVID levels.
Rest of next 5:
Kazakhstan: During 2017-2021, added a total of 127.43 tons of gold
Hungary: added a total of 91.41 tons in the last five years
Thailand: added 90.2 tons of gold to its reserves in 2021
Japan: 2021 witnessed an addition of 80.76 tons.
Brazil: added 62.29 tons of gold in 2021