Gold News

Gold Bullion Offered as Bank Account

RUSSIAN BANKS have introduced a way to bank using Gold Bullion in accounts instead of money.

The accounts function in the same way as traditional accounts, but the value is stored in Bullion.

Banks including the Russian commercial bank UralSib have formulated a plan that would profit from a second financial crisis and the investors looking for a stable way to save. At the end of May, UralSib Bank launched new accounts for individuals where cash is automatically converted into precious metals, including silver and Gold Bullion.

"A time deposit in precious metals is interesting to depositors who prefer to diversify their savings," said Ilya Filatov, deputy chairman of the board, in a recent interview with the Telegraph. "We made sure of this when we launched the product in Moscow, Ufa and St Petersburg.

"Gold is a counter cyclical commodity, so when things are most uncertain the future of gold producers is the most secure," says Peter Hambro, chairman of Petropavlovsk, a large Russian Gold Mining corporation.

Investing in Gold Bullion? For the cheapest, fastest & most secure route to solid Gold Investment simply register for a free, no-obligation account at BullionVault now...

Roy Peel is working as a research assistant at BullionVault, the world's No.1 gold and silver ownership service for private investors.

See the full archive of Roy Peel articles.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals