Wednesday, February 21, 2024

Growth of gold purchases 10 times compared to 2021

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Russians are buying gold on a massive scale - this year they bought ten times more of the precious metal than last year. Purchases are so massive that next year gold may take the place of dollars in the savings of Russians. There are several reasons for this popularity:

— compactness of gold simplifies its storage;
- the abolition of VAT and personal income tax allow you to buy gold at almost the exchange price, minus the bank commission;
— gold is traded from one gram, so it can be bought with a minimum budget;
- gold can be easily transferred abroad.

After a year of unsuccessfully enforcing the CBDC, authorities are restricting citizens from withdrawing money

However, in terms of convenience and liquidity, gold is still much inferior to the dollar. If Russia's current currency restrictions are lifted, it will quickly lose ground.

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