Sunday, March 04, 2007

PMRs Sberbank offers Solid Gold Bars

The PMR Sberbank is offering it's citizens sold gold bars from 1 gram to 500 grams (100 gram ingot shown). These are legal to hold as well as to import and export.

Sberbank (a contraction of the Russian words for "Savings Bank") is one of the largest banks in the Pridnestrovskaia Moldavskaia Respublica, or PMR for short.

Pridnestrovie declared independence in 1990 during the Soviet Union break up.. It has its own Central Bank and produces its own currency, the PMR Ruble. Several times a year, the PMR Sberbank issues gold and silver commemorative coins for numismatic purposes.

TransnistriaIn Pridnestrovie gold ownership has been fully legalized. The first local bank to offer gold is Pridnestrovie's Sberbank. The move is part of a series of sweeping reforms being enjoyed in the new and emerging country.

Sberbank's chairman Yuri Tverdokhlib stated that, " this is the first time a bank in Pridnestrovie is offering gold and silver, with the bank allowing customers to purchase precious metals on installment plans."

Initially, Sberbank will be offering gold ingots ranging from 1 gram to 500 grams. Later in the year, if there is a demand, gold bars of 1 kg will also be on sale.

"We advice citizens to diversify, and put some of their assets in precious metals," Yuri Tverdokhlib said. He also noted that gold, as well as silver, is currently in an upwards trend, with prices already having risen more than 30% in the past year.

Gold is sold by Sberbank at the international spot price, and comes with assay certification. Commission depends on amount of the transaction, but would be less than 1%, the bank reports.

The lifting of gold ownership restrictions is part of a series of reforms bringing Western-style economic freedom to this small and unrecognized country located in what was formerly a part of the Soviet Union. Because of gold's use as a reserve store of value, the possession of gold is sometimes restricted or banned. This is usually a feature of Communist countries, countries that are in war, or countries with low levels of individual economic freedom. Within the United States, the private possession of gold except as jewelry and coin collecting was banned between 1933 and 1975.

Now with the PMR Sberbank offering it's citizens sold gold bars the door is open just that bit wider for gold to be traded in the eastern Countries.

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