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.

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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.

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