https://sputnikglobe.com/20211211/gold-rush-russians-reportedly-buy-record-amount-of-precious-metal-since-2014-1091436896.html
Gold Rush: Russians Reportedly Buy Record Amount of Precious Metal Since 2014
Gold Rush: Russians Reportedly Buy Record Amount of Precious Metal Since 2014
Sputnik International
Russians have bought a record number of gold bullions and coins since 2014 - four tonnes in the past nine months, which is 8% more on the year, Russian media reported.
2021-12-11T11:51+0000
2021-12-11T11:51+0000
2021-12-11T18:05+0000
russia
gold
gold bullion
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Russians have bought a record amount of gold since 2014, the Russian media has reported. They bought four tonnes of gold bullion and coins in the past nine months, which is 8% more when compared to the previous year, the reports specified. Gold investments have become very popular in other countries as well, with Americans having purchased 91.3 tonnes of the yellow metal in the past nine months (+79%), while in China and India gold buying has surged by 54% and 24% respectively. The large difference between the amount of purchased gold can be put down to a 20% value-added tax (VAT) rate on gold bullion in Russia, which is the highest in the world. The Russian authorities have been considering a bill to cancel VAT on gold investments recently as part of a broader programme to support domestic gold demand. According to the latest reports, they will go ahead with this plan starting 2022. Yet, some experts and officials have been voicing concern regarding potential budget losses for Russia once this bill is approved, and about the risks of the country running out of gold.
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Sputnik International
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Sputnik International
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gold, russia, gold reserves, gold bullion
gold, russia, gold reserves, gold bullion
Gold Rush: Russians Reportedly Buy Record Amount of Precious Metal Since 2014
11:51 GMT 11.12.2021 (Updated: 18:05 GMT 11.12.2021) Experts say the reason for gold being in such great demand now is that during the coronavirus pandemic, when currencies have become very volatile, it has turned out to be a less risky investment.
Russians have bought a record amount of gold since 2014, the Russian media has reported. They bought four tonnes of gold bullion and coins in the past nine months, which is 8% more when compared to the previous year, the reports specified.
Gold investments have become very popular in other countries as well, with Americans having purchased 91.3 tonnes of the yellow metal in the past nine months (+79%), while in China and India gold buying has surged by 54% and 24% respectively.
The large difference between the amount of purchased gold can be put down to a 20% value-added tax (VAT) rate on gold bullion in Russia, which is the highest in the world. The Russian authorities have been considering a bill to cancel VAT on gold investments recently as part of a broader programme to support domestic gold demand. According to the latest reports, they will go ahead with this plan starting 2022.
Yet, some experts and officials have been voicing concern regarding potential budget losses for Russia once this bill is approved, and about the risks of the country running out of gold.
