UBRD Offers Precious Metals Deposits

13 July 2012 (11:46)

The Ural Bank for Reconstruction and Development now makes precious metals deposits more readily available for private individuals. This service only used to be available in just a few branches in Yekaterinburg, but now one can open such a deposit in any part of the country where the bank’s offices exist, the bank’s press service reports.

In fact, such alternative savings instruments are becoming increasingly popular as of late. Banks’ customers are looking for the most profitable way to retain and increase their savings and are now interested not only in the classical deposits but also in metal deposits and precious metals deposits. To make things even more convenient for the customers, the UBRD increased the number of branches where gold or silver deposits are available.

Investing in precious metals allows one to escape inflation risks. While any currency undergoes depreciation with time, gold and silver only gain in value. The long-term profitability of this investment is much greater than that of the classical savings instruments. What is more, when you invest in term gold or silver deposits, you also benefit from the interest rate payments (up to 5% a year depending on the deposit period).

‘The demand for such deposits always goes up when precious metals prices rise. These have been going down for the last few months, but experienced investors know that it’s best to buy metals when they are cheaper, this will result in the greatest profit. The price of gold might decrease at some points, but in the long run, precious metals become more expensive. For one, the price of a gram of gold rose by nearly 2.5 times in the last four years; that of silver more than doubled. Now gold comes at $1,600 per ounce, and most analysts predict the figure will reach $1,800 to $1,900 by the end of the year,’ says head of the UBRD Precious Metals Director Evgeny Afanasiev.

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