Top gold miner Uzbekistan extends halt on exports amid record prices

By Yuliya Fedorinova Bloomberg News Monday, March 2, 2026 Uzbekistan, one of the world's largest gold producers, has taken to hoarding its output of the yellow metal as prices hit records amid global geopolitical turmoil. The country, which mines about 130 tons per year, exported no non-monetary gold in January, extending a halt in sales that began late last year, according to data from the National Statistics Committee published today. ... Dispatch continues below ... ... ADVERTISEMENT ... First Majestic Mines Silver and Gold,  Mints Its Own Silver Bars, Ingots, Coins, and Medallions, and Sells Them Online at Low Premiums First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A. In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce. For more information about the company, visit: https://www.firstmajestic.com In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums. To review First Mint’s full product range, visit: https://www.firstmint.com Uzbekistan effectively stopped exporting gold after September. No exports were recorded from November through January, while shipments in October were minimal. For the whole of 2025, however, the country exported a record $9.9 billion worth of gold, according to official statistics. ... Decisions on gold operations are based on "a comprehensive assessment of global market conditions, trends in precious metal prices, and the current macroeconomic situation," an Uzbek central bank representative said in an email last month when asked about the possible resumption of exports. It's not possible to determine in advance when gold exports might resume, he said. Uzbekistan's policy may indicate that authorities believe the price may increase further. ... ... For the remainder of the report: https://www.bloomberg.com/news/articles/2026-03-02/top-gold-miner-uzbekistan-extends-export-halt-amid-record-prices * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png