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Core Insights - Russia's gold production for 2024 is projected at 330 tons, a 5.3% increase from the previous year, maintaining its position as the world's second-largest gold producer. In contrast, China's gold production is expected to reach 377.242 tons, surpassing Russia by 47 tons, marking over a decade of being the top producer globally [3] - China's total gold supply, including imported raw materials processed into 156.864 tons, amounts to 534 tons, indicating that for every 5 tons of gold produced globally, 1 ton has been processed by China [3] - Russia has significant gold reserves, with 40,000 tons located in the Siberian permafrost, but harsh mining conditions limit its production capacity. In comparison, China has discovered a world-class gold mine in Shandong with an additional reserve of 209 tons, sufficient for 40 years of mining [3] - Technological advancements in gold processing differ significantly between the two countries. Russia primarily uses outdated cyanide methods, while China has developed a biological oxidation technique that utilizes microorganisms, resulting in higher purity gold [5] - Consumer behavior towards gold varies, with Russians showing low interest in gold consumption, averaging only 0.3 grams per person in 2023, compared to China's 373 tons of gold bars and coins sold last year, reflecting a strong cultural affinity for gold [5] - Strategic approaches to gold differ, with Russia attempting to establish a "gold-ruble" payment system due to Western sanctions, while China is enhancing its financial influence through the Shanghai Gold Exchange, which saw a transaction volume of 34.65 trillion yuan last year [7] - The competition between China and Russia in gold production is not merely about mining output but reflects broader differences in resource management and national strategies, with China integrating the entire gold supply chain from exploration to trading and reserves [7]