Moscow Mint Facilitates Online Gold Ingot Purchases to Diversify Russian Savings
Date
5/22/2023 8:53:23 AM
(MENAFN) The Goznak Joint Stock Company, which operates the Moscow Mint, recently announced that Gold ingots weighing up to 20 grams can now be purchased through their website. This development is part of a broader initiative aimed at encouraging Russians to move away from US dollar savings and explore alternative investment options.
According to Goznak's statement, individuals in Russia now have the opportunity to buy, sell, or store gold bars and coins directly. The company also revealed its plans to introduce 50-gram gold ingots for purchase on its website. These services will be accessible not only through the trading salon of the Moscow Mint but also through the Goznak.Investments app.
One notable feature of this offering is that the storage period for gold ingots at the Moscow Mint is unlimited. Additionally, Goznak guarantees the buyback of all bullion held in the mint's secure vaults. Furthermore, the company will accept ingots that have been in circulation, provided there is no visible damage to the ingots or their packaging.
Since April 1, Russian precious metals refineries, along with Goznak and the country's banks, have been granted permission to sell gold bars to individuals without applying value-added tax (VAT). This move by the Russian government is part of a broader strategy to incentivize citizens to invest in physical gold, aiming to divert them from relying solely on US dollar holdings, which has been a common method for Russians to safeguard their savings in the past.
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