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After the abolition of VAT on precious metals in bars in March 2022 and the temporary abolition of income tax on their sale (for 2022-2023), investments in physical gold have become more attractive. An analysis of prices on July 15, 2022, shows that bars can be significantly more profitable than coins.
| Bar Weight | Purchase Price at Sberbank | Buy-back Price |
| 1 gram | 3,893 rubles | 2,854 rubles |
| 5 grams | 17,228 rubles | - |
| 10 grams | 34,052 rubles | - |
After the abolition of VAT on precious metals in bars in March 2022 and the temporary abolition of income tax on their sale (for 2022-2023), investments in physical gold have become more attractive. An analysis of prices on July 15, 2022, shows that bars can be significantly more profitable than coins.
At Sberbank, the spread between the buying and selling prices of gold bars can be substantial, especially for smaller weights. For example, for a one-gram bar, it reaches 27%, while for a ten-gram bar, it's about 15%. The heavier the bar, the better the price per gram. The price per gram in a 10-gram bar is approximately 10% lower than in a one-gram bar.
When comparing the cost of gold in bars and in "George the Victorious" investment coins, the difference becomes even more apparent. The equivalent weight of a coin (7.78 grams), purchased in the form of 10-gram bars, would cost approximately 26,500 rubles. At the same time, the market price of the coin itself from dealers is about 38,000 rubles, which is almost a third more expensive.
Besides Sberbank, other financial institutions also offer gold bars, but the conditions can vary significantly. For example, VTB sets a high entry threshold, making purchases available only to clients with the "Privilege" package and offering bars weighing from 1 kilogram, without offering a buy-back option.
Other banks, such as Rosselkhozbank, Sovcombank, and Gazprombank, also deal with precious metals. Their prices are generally comparable to Sberbank's. At the time of the analysis, Transstroybank was only offering twenty-gram bars for 67,900 rubles.
Lanta-Bank positions itself as a specialized institution for trading precious metals. One of its advantages is its willingness to buy back bars, including those purchased elsewhere. However, there are important nuances: the bank only buys back bars of Russian origin.
When contacting the bank to sell a 100-gram bar from the "Krastsvetmet" plant, manufactured in 2008, a buy-back price of 2,900 rubles per gram was quoted. The mandatory conditions were also stated: the presence of a certificate and the integrity of the original factory packaging.
It is important to note that to verify authenticity, the bank opens the bar's packaging. Special equipment is used for this purpose. After such a check and buy-back, the bar is not resold but is sent for smelting. This explains the requirement for the packaging to be intact at the time of sale, even though it will be opened.
Despite their price attractiveness, investing in gold bars in Russia has several significant disadvantages that should be considered before purchasing.
In 2022, Russian "George the Victorious" investment coins became significantly more expensive than bars of similar weight. Previously, their price exceeded the spot price of gold by about 10%, but now the gap has widened. There are several explanations for this.
Firstly, during the period of high demand in March 2022, banks purchased large quantities of these coins at peak prices, reaching 40,000 rubles and higher. Now, they are unwilling to sell them at a loss, thus maintaining high prices. Secondly, the Central Bank, which is the primary source of these coins, has not been supplying them to commercial banks for about a month, creating a shortage in the market.
These factors have caused the cost of the coins to become "detached" from the actual price of the metal they contain. In the current unstable situation, purchasing bars appears to be a more rational investment decision, as they offer gold at a more reasonable price.
When buying, it is important to distinguish between standard bank bars and so-called jewelry or souvenir bars. Only the former are a proper investment instrument. A standard bar produced in Russia must comply with GOST (state standard).
There are also jewelry bars, for example, those produced by the Amur Jewelry Plant. Externally, they may resemble bank bars, but they do not comply with GOST and are considered jewelry items. Banks do not buy back such bars, and they can only be sold to a pawnshop at scrap value, which makes them unprofitable for investment.
