Why do I need an anonymous metal account?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

An impersonal metal account allows an individual, legal entity, bank or small business to buy a certain amount of gold, palladium, platinum or silver as an account entry in a credit institution. The positive point is that when buying, there is no problem where to store the received jewelry and how to insure them. In addition, an account of this type can be opened for a person who has not reached the age of majority. This is a good investment in the future of the child. It is also interesting that an unallocated metal account, when operating with it, does not imply the collection of VAT both on the purchase and sale of assets.

In order to buy a precious metal, it is necessary to conclude an agreement for each specific type of metal. The features of an agreement of such a plan are the absence of interest on the account balance, the possibility of withdrawing and depositing gold, silver, etc. from the account in physical form on special terms or selling it back to the bank at the rate,set for a specific date.

An impersonal metal account is offered to be opened in credit institutions, but not in all. In order to carry out such operations, the bank must have the appropriate documents. Therefore, when deciding on this kind of investment, be sure to ask about the availability of a license to conduct transactions with precious metals.

When concluding a regular agreement, an unallocated metal account is opened for one year with automatic prolongation for the same period. The amount of initial investment is usually limited to one gram for silver and one tenth of a gram for palladium, platinum and gold. The account is opened free of charge, but commissions are charged for operations when physical issuance or crediting of metals to the account. It is better to find out specific rates and conditions in the credit institution where you are going to make purchases.

There are some recommendations for those who decide to open depersonalized metal accounts. Quotations for them are formed by each credit institution, sometimes several times a day. But in order for the investment to be profitable, it is necessary to monitor the trends of world markets. In particular, it makes sense to browse the websites of news agencies, which display indices for various assets, including metals.

It is also necessary to remember that the taxation of such transactions is carried out by the holder of precious metals independently. So if you boughtthe asset is cheaper, and then sold at a profit, then you will have to pay 13% income tax on the difference. If the metal is owned for more than three years, then you can get a tax deduction in the amount of 0.25 million rubles.

Many seek to open depersonalized metal accounts. Gold, at the time of this writing, is worth less than its all-time highs due to the global economic crisis. And this means that in the future there are prospects for the growth of the price of this asset and, therefore, profit for those who bought this or another precious metal in a timely manner.