Thursday, January 27 2011 15:10

Ameriabank offers gold metal accounts


ArmInfo. Ameribank offers a service of gold metal accounts (999.9 standard fine gold) to private and corporate customers, Ameriabank press-service told ArmInfo.

The source reports that metal accounts make it possible for customers to save their funds on non-cash gold accounts. It is an alternative way to diversify savings and increase them thanks to the growing gold price in the world market. Gold metal accounts make it possible reducing the influence of instable market (fluctuations in the current market). The global economic crisis showed that gold is the leading financial instrument especially in case of instable financial market. Gold accounts are not subject to loss or damage and possible fraud with the gold standard. Non-cash gold ensures high level of liquidity i.e. a customer can sell it to the bank at any moment and receive cash calculated by the effective rate of exchange.

A metal account with the bank is opened commission-free. It requires a minimal account balance. The account size and term is not restricted. Only the standard and weight of gold is specified when making a deal. The spot price for gold (AM Gold Fix) in London on January 25 2011 fell by $21.5 or 1.6% to $1,326 versus the previous trading day. Gold futures on the CME Globex electronic trading platform range between $1325-1327.4 per ounce. The latest data of the State Treasury of Precious Metals and Stones, Ministry of Finance of Armenia (for Jan 24-30 2011) say the ex-factory price of gold (bullions) is 16062.29 drams, which is 0.3% lower than in the previous week, but 0.1% higher than in early 2011.

The majority shareholder of Ameriabank is TDA Holdings Limited affiliated with Russian Troika Dialog with 99.99%.
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