HSBC Armenia launches unallocated gold account service

PanARMENIAN.Net - Following the market demand, HSBC Bank Armenia announced the launch of its unallocated gold account services.

The new service is available and beneficial for both individual and corporate customers as an alternative investment tool. It allows customers to purchase and accumulate unallocated gold, meanwhile giving an opportunity to effect various transactions on the account, including exchange and remittances at any point of time, the Bank said in a press release.

Unallocated gold, or funds available on metal account, is a “paper” gold which is backed by the general stock of physical gold maintained in London by a member of the London Bullion Market Association. The gold is reflected in troy ounces and is of 999.5 purity.

“Apart from being a precious metal for jewelry, gold is an investment and wealth management tool. Increase in gold price during the last several years boosted the interest and demand for investing in gold,” said Irina Seylanyan, Deputy Chief Executive Officer HSBC Bank Armenia cjsc.

HSBC has over 140 years of proven expertise in the precious metals market, and is one of the world's leading metals trading houses. HSBC Bank USA is the key metals risk management arm of the HSBC Group. All HSBC offices worldwide, including HBAM have access to the metals market through HSBC Bank USA. As a full member of the London Platinum and Palladium Market (LPPM) and a member of the London gold and silver fixes, HSBC Bank USA is the only firm that is a member of all the London daily precious metals fixings. HSBC is also a founder member of the London Bullion Market Association (LBMA).