Gold: Abandoned Mines in Siberia Get New Lease on Life

Siberia and Russia's Far East hold 11% of global gold reserves. But after the fall of Soviet Union many mines were abandoned. This to be changed soon as new technology that allows to extract gold from stones emerged. RT's Thabang Motsei reports.

Austria Witnesses New Gold Rush
Image courtesy of the BBC
BBC: There's a new gold rush.

The financial crisis is prompting people to look for safer forms of investment than stocks and shares.

The interest in gold coins is so great that many of the world's major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic - one of the best-selling bullion coins worldwide.

Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.

Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive.

"We are running at present something like three shifts on all of the machines, on the presses, producing both gold and the silver bullion coins.

"We've actually got delays in delivering orders in silver. With gold, we are just about keeping pace, but it is a bit of a struggle."

In September alone, the mint sold 100,000 ounces in gold coins - in normal times it would take three to four months to sell that much.

Mr Tattersall says people are looking for security. Austria Witnesses New Gold Rush >>> By Bethany Bell, BBC News, Vienna | October 12, 2008

Watch BBC video: How gold coins are made >>>

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