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The abolition of VAT on investment gold in Russia due to the explosive growth in demand may cause a shortage of bars in banks. This is reported by RIA Novosti, referring to the comments of experts.
“The bars have not yet been minted by banks, so it will be difficult to purchase them for at least a couple of months,” warns Oksana Lukicheva, commodity market analyst at Otkritie Investments. The best strategy, she says, is to buy a little bit of gold from each income. “So, of course, it should have been done earlier. But even now it’s not too late, moreover, the demand for coins is already very high, they are really in short supply, ”said Lukicheva.
The market turned out to be unprepared for a large demand for bullion, said Sergei Kashuba, chairman of the Union of Gold Producers. “This is retail, it is necessary to stamp a sufficient number of measured ingots of various denominations – from one gram and further. All ingots must be protected in a certain way, it is necessary to prepare bank vaults, cells. In addition, it is necessary to develop a methodology for evaluating these ingots for repurchase,” he explained.
Kashuba expects that the demand for bullion, taking into account the abolition of VAT, will reach 25-30 tons of gold only in the first half of this year against an average annual volume of 4-8 tons earlier, and in the future, the annual retail consumption of gold in Russia will be around 50 tons.
Source: Rosbalt
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