One of the services of modern banks is the sale of precious metal bars to individuals. Particularly popular are gold and silver bars, the purchase of which allows bank clients to disperse their savings across several types, choosing the most appropriate option for each individual to preserve and increase their savings. To deal with bullion, every person needs some general knowledge about gold bullion, silver bullion, platinum bullion and palladium bullion. For example, what types of bars are there, what do they look like externally, what marks should be poured on them, how can you find out the standard of gold (silver, platinum, palladium) or the weight of the bar? Regulations of the Central Bank of the Russian Federation dated November 1, 1996 N 50 “On the performance of transactions with precious metals by credit institutions on the territory of the Russian Federation and the procedure for conducting banking transactions with precious metals” approved by Order of the Central Bank of the Russian Federation dated November 1, 1996 N 02-400 introduced concepts that and determine the work with ingots:
- Banks are credit organizations that, in accordance with the established procedure, have received a license (permission) from the Bank of Russia to carry out transactions with precious metals.
- Precious metals are bars of gold, silver, platinum and palladium, as well as coins made of precious metals (gold, silver, platinum and palladium), with the exception of coins that are the currency of the Russian Federation.
- Precious metal bars are standard or measured bars of Russian production, corresponding to state standards in force in the Russian Federation, and foreign production, corresponding to international quality standards adopted by the London Bullion Market Association (LBMA) and London Platinum and Palladium Market Participants (LPPM) .
To comply with the requirements of the London Bullion Market Association (LBMA) and the London Platinum Group Metals Association (LPMG), precious metal bars produced by Russian factories and meeting the requirements of national and international standards comply with the following parameters:
- composition with a certain admixture,
- a certain shape
- a certain mass.
All precious metal bars bear mandatory marks, which include:
- Serial number;
- Try;
- Letters of precious metals;
- Manufacturer's mark;
- Year of manufacture;
- Bar weight in grams or ounces.
Of the marks listed above, the sample is in a special place. Sample is a kind of quality sign. When applied to precious metals - gold, silver, platinum and palladium - hallmark has two meanings:
- this is a state mark, a guarantee of the usefulness of bars or coins in circulation;
- This is an indication of the weight content of the precious metal in a unit of the alloy.
In accordance with the metric system, the sample shows how many grams of precious metals are contained in 1000 grams of the product.
Pure metal corresponds to the 1000th sample. The Regulations of the Central Bank of the Russian Federation dated November 1, 1996 N 50 speaks of two types of Russian-made precious metal ingots:
- Standard Ingots
- Ingots
How the price of gold is formed in other Russian banks
Commercial banks and other certified dealers registered in the State Register are guided by the prices set by Sberbank.
Also, the cost depends on the seller’s own expenses for the delivery of metal, equipped premises for its storage, and security. Often the price changes depending on the region and the financial situation of the seller.
It is not necessary to purchase bullion in banks; often it is much more profitable to buy precious metals in small specialized stores.
But the price tables offered by financial institutions, refineries, and trading platforms are not very informative. Therefore, when planning long-term investments in gold, it is better to focus on the precious metals rates of the English stock exchange.
Acquisition and sale
It's good to know where you can buy gold bars. After all, this is a specific material; you cannot buy it in the nearest store. It is necessary to have at least a basic understanding of domestic and world standards. You need to understand how much gold there is in the bar.
The most reliable option is to come to a banking institution and purchase value. You can use the service of impersonal metal accounts. Another alternative is to purchase it secondhand or on the exchange through a brokerage company. We should not forget about jewelry stores, although they, as a rule, do not specialize in simple bullion trading.
As you can see, there are quite a lot of options. But you must be careful and have a clear head so as not to purchase a fake. Although this option is unlikely, stories about similar problems pop up here and there from time to time.
Now, how is bank gold sold? Places of sale are the same as when purchasing. Although the process has its own specifics. For example, in some cases it is possible to sell not the bullion itself, but securities that correspond to its equivalent. In this case, the gold itself will be in the safe deposit box. When selling ingots, an examination is usually requested. This negatively affects the amount of profit received. Those who want to make money in the short term using bank gold usually use impersonal metal accounts.
Recommended prices for gold, silver, platinum and palladium at the London fixing
There are currently 5 exchanges in the world dealing in precious metals, the main one being the London exchange – LME.
Twice a day, prices for gold and silver are fixed on this site (since 1987), which are the main reference point for other exchanges and dealers of precious metals.
Platinum and palladium futures are also traded on the LME.
Certificate and packaging
1 gram gold bar with certificate in PVC packaging
Each ingot is accompanied by a certificate from the manufacturer, which indicates the precious metal of the ingot, the weight of the ingot, the fineness of the precious metal, the number of the ingot, and the manufacturer.
The bank can sell bullion both in packaging and without it. Each individual ingot can be enclosed in a plastic capsule or sealed in transparent PVC plastic, which allows you to keep the metal surface in perfect condition. Often, light weight bars are packaged in transparent plastic along with a certificate, which is undoubtedly convenient for storing and preserving not only the bar, but also the certificate. There are also wooden boxes designed to store one or several ingots.
The most favorable rates for purchasing bullion in Russia
Sber updates precious metals quotes on its website on weekdays. It looks like this:
Bank Alfa does the same:
As you can see, it is better to purchase metal in Alfa and sell in Sberbank.
But the indicated prices do not mean that the gold bar in the bank will be sold at the price determined in the table; VAT and commission will also be added to these figures.
For example, quotes for precious metals at Gazprombank:
The cost of bars at Gazprombank on the same date:
Bullions of precious metals
1. What designations must be present on the ingot.
In accordance with current standards for precious metals, manufacturing plants typically apply the following markings to bars:
- "RUSSIA"
- nominal weight of the ingot, g
- name of metal
- metal grade (for standard ingots)
- mass fraction of precious metal contained in the ingot in samples
- manufacturer's trademark
- number (code) of the ingot.
It is also allowed to include the details of the bullion in English. The ingot may bear the trademark of the customer (credit organization, etc.) or other symbols agreed upon with the manufacturer.
2. Which bank departments carry out transactions with precious metal bars in Moscow?
A list of bank offices selling and purchasing bullion in Moscow is available on the map of branches and ATMs
3. Where can I find out the prices for buying and selling precious metal bars in Moscow?
On the bank's website in the quotes archive
4. Is it possible to purchase gold bars weighing more than 1000g?
Yes. You can purchase standard ingots weighing from 11000 g to 13300 g. Check the availability of ingots by calling sales offices.
5. I have a stamped gold bar weighing 20 grams, but due to “careless” handling, scratches have appeared on it. Can the bank buy it and at what price?
Sberbank purchases precious metal bars from individuals in both excellent and satisfactory condition at current bank prices presented on the website and in the bank’s branches (see answer to question 3). The assignment of an ingot to one or another condition category is carried out by bank specialists after its inspection.
6. How to determine the manufacturer of the ingot?
The manufacturer is usually indicated in the certificate. It can also be identified by the trademark both on the certificate and on the bar itself. In addition, each manufacturer uses its own ingot numbering system. Those. You can also determine the manufacturer by the ingot number. For example, the letters NV in the ingot number indicate that this ingot was produced at the Novosibirsk Refinery, Kr - at the Krasnoyarsk Non-Ferrous Metals Plant, etc.
7. I purchased a 20 gram gold bar from one of the Moscow commercial banks. Can I sell it to Sberbank now?
Sberbank of Russia purchases precious metal bars in both excellent and satisfactory condition at the corresponding quotes on the date of the transaction. At the same time, ingots in excellent condition are considered to be ingots that do not have external damage if they have intact certificates (passports) from the manufacturer. And ingots of satisfactory condition are ingots that have surface damage (scratches, abrasions, etc.), logos of other credit institutions and/or that have damage to the manufacturer’s certificate (passport) (tears or part of it is torn off, there are inscriptions, stains, etc. .p., affecting the viewing of the text), logos of other credit institutions on the certificate.
You can conduct transactions with bullion of precious metals by sending it to:
How to open compulsory medical insurance at Gazprombank
At the moment, this banking service is suspended due to the preparation of updates. We look forward to what additional opportunities Gazprombank is preparing for its clients.
The procedure is simple, but first you need to decide on its type and currency, in this case, the metal you want to work with, after which you can go to a Gazprombank branch.
Manufacturing technology
According to production technology, ingots are:
- stamped;
- cast;
- powder.
The mass of stamped bars is up to 500 grams. They are marked SSHZ. These are the most expensive types of bullion.
Cast gold bars are cheaper than stamped ones and are designated SLZ. Powder bars are made from powder by electrolytic deposition and are the cheapest to produce. Therefore, powder ingots will be cheaper.
Buying decoration
When buying a ring, a pair of earrings or a chain, many try to save money, but it’s still not worth going to a dubious place to buy it. Where can you buy gold in the form of jewelry cheaper than in a regular jewelry store? Please note the following options.
You can buy a gold item at the lowest price at a pawnshop. Many pawn and do not buy back really good jewelry. Buying from a pawn shop has a couple more advantages. Here you can find antique jewelry at an affordable price; pawn shops often hold auctions, selling off their stockpiles. For those who want to make themselves an exclusive new piece of jewelry, you can buy scrap gold suitable for secondary casting at a pawn shop.
In jewelry stores, gold and other precious metals are relatively expensive due to the organization’s trade markup. If you want to purchase jewelry at a lower price, visit stores at jewelry factories or factories. In such establishments, the cost of the ring will be much lower than its price tag in the salon, since the manufacturer does not make any mark-ups.
You can also buy gold cheaper than usual in jewelry chains - wait until the sales season. Many large stores sell old collections at very reasonable prices. If your first priority is the quality of the alloy from which the jewelry is made, and not whether it belongs to fashion collections, then such a purchase will be the most optimal decision for you.
Another option where you can buy fairly cheap gold is Turkey, Egypt and Tunisia. But here you need to be very careful. Sellers often offer tourists fake or low-grade gold. At one time, Turkish jewelry was very popular; everyone visiting Turkey sought to bring several items for themselves and for relatives. In fact, it turned out that the material of the rings and bracelets had nothing in common with gold or the precious metal corresponded to the Russian 375 standard.
The situation is further complicated by the fact that a different test system is used abroad - a numerical value in carats is placed on products. Counterfeits can be found even in large jewelry stores, so tourists need to ask for certificates, carefully study the labeling and, if the authenticity of the jewelry is in doubt, refuse to purchase.
Account opening methods
To use the service, you will have to visit a Gazprombank branch with an identification document and a certificate with a taxpayer number.
Poste restante
A perpetual impersonal metal account is opened for the client, provided that he already has a service agreement with Gazprombank and a current account in national currency.
Urgent compulsory medical insurance
When opening a fixed-term impersonal account, you do not need to fulfill additional conditions and enter into an agreement for comprehensive services with Gazprombank.
Souvenirs
Another budget gift that allows you to play up the theme of gold will be all sorts of cool souvenirs. These can be lighters, ashtrays, keychains, flashlights, flash drives, smartphone cases and a lot of other interesting things.
Such small, cool souvenirs can be given to colleagues at corporate events, as well as to friends who have received a promotion.
Whichever of these options you choose, it will be a good solution for an original surprise. Don’t be afraid to experiment with interesting gifts - after all, any good thing will come back like a boomerang!
Comments: 2
Your comment (question) If you have questions about this article, you can tell us. Our team consists of only experienced experts and specialists with specialized education. We will try to help you in this topic:
Author of the article Irina Rusanova
Consultant, author Popovich Anna
Financial author Olga Pikhotskaya
- Natalia
10/17/2020 at 09:04 Is there a commission charged for purchasing gold or silver by a bank? And will there be a tax on the sale of gold or silver?
Reply ↓ Anna Popovich
10/17/2020 at 21:15Dear Natalya, starting from 2021, no VAT will be charged on purchases, but when selling bars, if you have owned them for less than three years, you are required to pay 13% tax on the income received. Metals are purchased at the bank price without additional deductions.
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