``  Last year Russia mined just under 8 million ounces of gold -- around 248.5 tonnes -- as opposed to Australia's 8.53 million ounces -- 265.3 tonnes.  But Russian gold output is reported as rising 26.6% in the first half of the year and if this level increase continues in H2 Russian full year output could total 10.1 million ounces -- or 314.6 tonnes'' -- And of course, the US is in decline, down 9% year-over-year. Yet more leverage Russia has over the US.

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