Russians buy gold due to falling stocks

Russians buy gold due to falling stocks

Following the news of the stock market collapse, residents in Russia are massively attacking banks: they are opening anonymised metal accounts (WHO) and buying precious metal coins. Sellers of banks note that on Monday, August 8, demand for gold, silver and platinum increased by more than 10%, while the speculative dynamics during the summer did not exceed 2-3%, writes Izvestia today.

If for professional investors the S&P agency’s decision to downgrade the U.S. credit rating was not unexpected, ordinary citizens did not take any action until the official announcement. But on Monday, when investors bought shares of gold mining companies, those simply trying to preserve and increase savings a bit rushed to invest in bullion and currencies, frightened by rumors about the start of a new economic crisis and forecasts of currency depreciation, the newspaper notes.

On Monday increased demand for coins and bars of precious metals, and in particular gold in the offices of the Bank of Moscow. Sales have grown exponentially. In addition, gold coins were the most in demand, – they say in the credit institution.

Soyuz Bank recorded a sharp increase in WHO opening and an increase in currency sales. “No one believes in the euro and the dollar: they are buying metal,” says Viktoria Kostenko, head of Soyuz’s precious metals operations department. “We can talk about growth of more than 10 percent.” In addition, said Kostenko, we are talking about both the activity of the old and a massive influx of new customers.

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