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Finance Minister of the Russian Federation Anton Siluanov
The head of the Russian Ministry of Finance, Anton Siluanov, noted that fluctuations in gold prices usually have a short-term character. In the long term, such investments show their profitability.
“The American currency is more volatile, subject to all sorts of risks. Because of this, it cannot compete with precious metals,” the minister’s press service reports.
The Ministry of Finance also supported the abolition of the tax on investment gold for individuals. According to the department, this will increase its attractiveness. Now, when buying an ingot in a bank, a value-added tax (VAT) of 20% of the goods is paid. The reverse operation - the sale of an ingot to a bank - does not imply a refund of the paid VAT. Later, Prime Minister Mikhail Mishustin spoke out in support of this initiative and called gold "a good alternative to buying currency."
Prime Minister Mikhail Mishustin
“Gold is traded on world markets in dollars. In a sense, the purchase of metal is an investment in foreign currency. That is, you protect your savings from the depreciation of the ruble. In the light of the 30% commission introduced on March 3 by the Central Bank for the purchase by individuals of the dollar, euro and British pound, this becomes relevant.In addition, gold also protects against the depreciation of the dollar against other currencies. This is important as the US Federal Reserve has so far been slow to tighten monetary policy despite high inflation. And it will only accelerate due to the strong rise in the price of oil and other commodities. This may cause a decline in the dollar on the world market, ”said Dmitry Babin, an expert on the stock market at BCS World of Investments.