The 1,000 ounces of silver in this bar come from some of the oldest mountains in the world, the Urals, which Russians refer to as a “treasure box” of mineral resources and valuable ores including gold, platinum and silver, as well as an enormous wealth of precious and semi-precious stones such as emerald, amethyst, aquamarine, sapphire, and diamonds. This is probably the richest mountain range in the world, today producing coal, iron, copper, aluminum, zinc, potash and many others. Gold and silver have been mined here for five hundred years.
In the 1990s, the Russian Federation undertook wide-ranging privatization and trade liberalization, making it a leading exporter of minerals. In 1998, Uralelectromed was authorized by the government to refine precious metals and, in 2004, it was added to the Good Delivery List for silver by the London Bullion Market Association after passing the LBMA’s exhaustive testing procedures for assaying capability. In September 2016, the company announced its intention to increase precious metals (gold and silver bars) extraction by means of new technology.
This 1,000 oz. silver bar is unadorned except for the refinery name and the word “Russia” in an oblong circle. It will, of course, have its unique serial number. An individual assay certificate is not included but Uralelectromed’s LBMA accreditation verifies the quality and .999 purity of the silver bar, a smart investment for the savvy trader of precious metal.
Uralelectromed is the head company of Ural Mining Metallurgical Company, tracing its history back to 1934 when it was known as Pyshminskiy Copper Electrolytic Plant. With the redrawing of the nation’s economic policies and political borders as the Russian Federation, it began refining precious metals in 1998, including silver and gold ingots. Uralelectromed takes its name from the Ural Mountains which form part of the conventional boundary between the continents of Europe and Asia, all the way from the Arctic Ocean to the northwestern border of Kazakhstan.
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