For transactions with precious metals Bank opens a metal account. Metal account- this is a bank account, which has a certain amount of metal in grams with the definition of its purity. This account is opened in the depository and contains nothing but one number - the number of grams of chemically pure precious metal. Thus, the amount of physical metal is indicated on the metal account, and this metal equivalent is stored in the vault (depository) of the bank. The account is kept in grams, and the account of coins - by their number. When converting a troy ounce to grams, it is assumed that one troy ounce is 31.1034807 g. The result is determined to the nearest 1/1000 of a troy ounce and applying the rounding rule. There are two types of metal accounts:

• metal account of responsible storage;
• depersonalized metal account.

Metal account for safekeeping (allocated account)- this is a client account for accounting for precious metals transferred to the bank for safekeeping, while maintaining individual characteristics (name, number of valuables, sample, manufacturer, serial number, etc.).

Precious metals accepted from the client for storage are not borrowed funds of the bank and cannot be placed on their own behalf and at their own expense. The owner of the metal pays for the storage of the metal, i.e. bank client.

Impersonal metal account (non-allocated account)- this is an account opened by a bank to account for precious metals, without specifying individual characteristics and carrying out operations to attract and place them. This account can be personal, designed to account for only one type of precious metal: gold, silver, platinum and platinum group metals.

Legal entities - clients of the bank - must have licenses to conduct operations with precious metals.

The amount of a deposit to a metal account for legal entities or individuals is set by the bank. The minimum is usually 50g of gold. The bank does not charge interest on a metal account. The client's income depends on the rise in gold prices on the world market, and for a Russian bank depositor, on the dollar/ruble exchange rate.

Russian bank focuses on the London Stock Exchange (London Bullion Market Association).

Opening of a metal account in a specially authorized bank is carried out on the basis of a client's instruction to open a metal account.

When submitting an instruction to open a metal account, an economic entity submits to the bank a notarized card of the account holder indicating the full details of cash accounts, a copy of the Charter, the Memorandum of Association, Registration Certificate, orders and other instructions for officials entered in the card of the holder of a metal account, and balance at the last reporting date.

A citizen presents only a passport or other document confirming his identity.

Operations of banks with ingots and coins made of precious metals are quite in demand.

At present, despite the development of cashless payments and the emergence of electronic money, the role of coins made of precious metals still high. At the same time, they perform mainly the function of accumulation. The main participants in the market of coins made of precious metals are banks, numismatists and investors.

In order to carry out operations to attract deposits and place precious metals, banks open impersonal

personal accounts. Precious metals accounted for on unallocated metal accounts have a quantitative characteristic of the mass of the metal (for coins - the number in pieces) and a cost balance estimate.

The agreement on an impersonal metal account defines the operations carried out on this account. The conditions for crediting precious metals to and returning from the account, as well as the amount and procedure for paying remuneration associated with maintaining the account, are specifically stipulated. Changes in the individual characteristics of precious metals are recorded when they are credited and issued from an account in physical form and the deviation of the mass of metal listed on an unallocated metal account from the mass of metal to be returned from this account in physical form.

Banks open the following types of unallocated metal accounts: customer accounts (term and demand), including correspondent bank accounts, as well as accounts for loans in precious metals issued to customers.

Loans in precious metals are provided by delivering precious metals to the client in physical form or to unallocated metal accounts in exchange for the obligation to deliver precious metals after the expiration of the term established by the agreement.

Repayment of the loan amount in precious metals is carried out in the form of a physical delivery of precious metals or by transferring precious metals from depersonalized metal accounts of the borrower.

Interest accrued on unallocated metal accounts, commission fees and other remuneration associated with maintaining unallocated metal accounts are calculated and paid in foreign currency Russian Federation. However, interest on unallocated metal accounts can be paid in precious metals, which must be agreed upon in an agreement between the bank and the account holder.

In order to carry out operations related to the transfer of precious metals through unallocated metal accounts, banks have the right to establish correspondent relations.

Attraction and placement of precious metals to unallocated metal accounts can be carried out by transferring precious metals from other unallocated metal accounts, crediting precious metals to unallocated metal accounts upon their physical delivery, as well as crediting precious metals sold to a client or precious metals purchased by a bank.

The return of precious metals from depersonalized metal accounts of clients is possible by transferring precious metals to other depersonalized metal accounts, withdrawing precious metals from accounts in physical form, as well as by completing a transaction for the sale and purchase of precious metals on the account.

According to Art. 1 of Federal Law No. 41-FZ of March 26, 1998 “On Precious Metals and precious stones» Precious metals include:

• * metals: gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and octium);
• * natural stones: diamonds, emeralds, alexandrites, pearls, unique natural amber formations.

Types of operations and transactions with precious metals.

Banks have the right to carry out the following operations and transactions with precious metals:

• 1. Buy and sell precious metals both at your own expense and at the expense of clients (under commission and commission agreements).
• 2. Attract precious metals in deposits (on demand and for a certain period) from individuals and legal entities.
• 3. To place precious metals on its own behalf and at its own expense to deposit accounts opened with other banks and provide loans in precious metals.
• 4. To provide and receive loans in rubles and foreign currency secured by precious metals.
• 5. Provide services for the storage and transportation of precious metals in the presence of a certified storage.
• 6. Carry out transactions for the purchase and sale of precious metals with the delivery of precious metals in physical form or with reflection in accounts.
• 7. Carry out transactions of purchase and sale of precious metals in the following form: bank loan foreign currency account
• 7.1. Purchase and sale transactions for immediate delivery (cash transactions) when the value date (delivery date Money and precious metals) is set within two working days from the date of the transaction. Settlements for the supply of metal and cash can be carried out on different value dates, which must be specifically agreed between the parties at the time of the transaction.
• 7.2. Futures purchase and sale transactions, when the settlement time for the transaction is more than two business days from the date of the transaction.
• 8. Make other transactions with precious metals (options, swaps, futures, etc.) in accordance with the legislation of the Russian Federation and international banking practice.
• 9. All monetary claims and obligations arising from transactions with precious metals between residents of the Russian Federation must be expressed and paid in the currency of the Russian Federation.

The procedure for conducting banking operations with precious metals

Banks carry out operations with precious metals with the opening of metal accounts. Metal accounts are opened for individuals and legal entities, including banks.

To carry out operations to attract deposits and place precious metals, banks open unallocated metal accounts.

Precious metals accounted for on unallocated metal accounts have a quantitative characteristic of the mass of the metal (for coins - the number in pieces) and a cost balance estimate. The depersonalized metal account agreement defines the operations carried out on this account, the conditions for crediting to the account and returning from the account of precious metals, as well as the amount and procedure for paying remuneration associated with maintaining the account, changing the individual characteristics of precious metals when they are credited and issued from the account in physical form and the deviation of the mass of the metal listed on the depersonalized metal account from the mass of the metal to be returned from this account in the physical form.

Banks open the following types of unallocated metal accounts: customer accounts (term and demand), including correspondent bank accounts, as well as accounts for loans in precious metals issued to customers.

The return of precious metals from depersonalized metal accounts of clients is possible by transferring precious metals to other depersonalized metal accounts, withdrawing precious metals from accounts in physical form, as well as by making a transaction for the sale and purchase of precious metals on the account.

Loans in precious metals are provided by delivering precious metals to the client in physical form or to unallocated metal accounts in exchange for the obligation to deliver precious metals after the expiration of the term established by the agreement.

Repayment of the loan amount in precious metals is carried out in the form of a physical delivery of precious metals or by transferring precious metals from depersonalized metal accounts of the borrower.

Interest accrued on unallocated metal accounts, commission fees and other remuneration associated with the maintenance of unallocated metal accounts are calculated and paid in the currency of the Russian Federation. However, interest on unallocated metal accounts can be paid in precious metals, which must be agreed upon in an agreement between the bank and the account holder.

The Central Bank of the Russian Federation exercises the following control over transactions with precious metals:

• 1. When carrying out banking transactions with precious metals, banks are obliged to exercise control over the ratio of claims and liabilities in precious metals in ruble terms, i.e., to maintain an open position on transactions with precious metals. The procedure for regulating an open position is established by the Bank of Russia.
• 2. Banks carry out transactions with precious metals using unallocated metal accounts only if there is an open position limit on transactions with precious metals established by the Bank of Russia.
• 3. The Bank of Russia establishes uniform rules for keeping accounting records of operations with precious metals, the procedure for revaluation of accounts for precious metals, forms of reporting, the procedure and terms for its submission, as well as determines other standards for the activities of banks in operations with precious metals and exercises control over their observance.
• 4. The Bank of Russia establishes the procedure for receiving, storing and issuing precious metals to banks.
• 5. In case of violation by the bank of the requirements of the Central Bank of the Russian Federation, the measures provided for in Art. 75 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". Failure to comply with the requirements of the Central Bank of the Russian Federation may serve as a basis for revoking a license (permit) for transactions with precious metals.

To carry out transactions with precious metals, a bank must obtain a license from the Central Bank of the Russian Federation. A commercial bank specially authorized by the Central Bank of the Russian Federation in agreement with the Ministry of Finance of the Russian Federation to carry out transactions with precious metals in accordance with the established procedure receives the status of a specially authorized bank.

Such a bank can:

• * transactions for the sale and purchase of gold and silver bars both at their own expense and at the expense of clients (under commission or commission agreements) with specially authorized banks, the Central Bank of the Russian Federation, industrial consumers, investors;
• *operations with gold and silver bars on special accounts opened by him in accordance with international banking practice;
• *pledge operations with gold and silver bullions, subject to the sale of the pledged item through special authorized banks.

Metal account

A metal account is opened by a bank to carry out operations with precious metals. A metal account is a bank account (JIOPO) that holds a certain amount of metal in grams with a determination of its purity. This account is opened in the depository and contains nothing but one number - the number of grams of chemically pure precious metal. Thus, the amount of physical metal is indicated on the metal account, and this metal equivalent is stored in the vault (depository) of the bank. Accounting is carried out in grams, and accounting for coins - by their number. There are two types of metal accounts:

• * metal account of responsible storage;
• *metal account in impersonal metal.

A metal account for safekeeping (allocated account - allocatedaccount) is a client's account for accounting for precious metals transferred for safekeeping to the bank, while maintaining individual characteristics (name, number of valuables, sample, manufacturer, serial number, etc.).

Precious metals accepted from the client for storage are not borrowed funds of the bank and cannot be placed on their own behalf and at their own expense. The owner of the metal, i.e. the client of the bank, pays for the storage of the metal.

A metal account in an unallocated metal, or an unallocated metal account (unallocated account - unallocatedaccount), is an account opened by a bank to account for precious metals, without specifying individual characteristics and carrying out operations to attract and place them. This account can be personal, designed to account for only one type of precious metal: gold, silver, platinum and platinum group metals.

The amount of a deposit to a metal account for legal entities or individuals is set by the bank. The minimum is usually 50g of gold. The bank does not charge interest on a metal account. The client's income depends on the rise in gold prices on the world market, and for a Russian bank depositor, on the dollar/ruble exchange rate.

Opening of a metal account in a specially authorized bank is carried out on the basis of a client's instruction to open a metal account. When submitting an order to open a metal account, an economic entity submits to the bank a notarized card of the account holder indicating the full details of cash accounts, a copy of the Charter, the Memorandum of Association, the Registration Certificate, orders and other instructions for officials entered in the card of the owner of the metal account, and balance at the last reporting date. A citizen presents only a passport or other document confirming his identity. A metal account is opened on the basis of an agreement concluded between the client and the depositary of the bank on opening and servicing a metal account and the submitted instruction for opening an account. When opening a metal account, the client is issued a certificate of opening such an account. All operations on the client's metal account are carried out by the bank's depository on the basis of instructions of the established form accepted from the client for execution, or on the basis of instructions of persons to whom the client has entrusted the right to manage his account.

Orders are accepted:

• a) from clients-legal entities - if there are signatures of the head and accountant of the economic entity, certified by a seal;
• b) from a client-citizen - if there is a signature and presentation of a passport or other document confirming the identity.
• c) from persons to whom the client has entrusted the right to manage his account - if there is a power of attorney to perform the operation provided for by this instruction.

Signatures on the order or power of attorney must correspond to the signatures declared on the card of the owner of the metal account. All instructions are transferred to the bank's depository in the form of forms filled in by the client or his authorized representative in the established form. The client is given a copy of the accepted order, certified by the depositary of the bank. The depositary of the bank guarantees the secrecy of the metal account.

Closing of a metal account is carried out in accordance with the client's order, or by decision of the client's legal successor, or by a court decision in accordance with the legislation of the Russian Federation. If there is precious metal on the metal account, it cannot be closed. Before closing, the precious metal on it must be transferred to another metal account of the client, to the account of his successor or to a special account of the bank depositary in accordance with the basis for closing the metal account. When a metal account is closed, a certificate of account closure is issued to the client, its legal successor or judicial authority.

Operations with natural precious stones

Tariffs for services rendered by specially authorized banks and other subjects of transactions with natural precious stones are determined by agreement of the parties when concluding contracts for such transactions.

Transactions with raw unsorted natural gemstones are not allowed.

In order to exercise state control over the use and circulation of precious stones, the Ministry of Finance of Russia keeps records of transactions made with rough precious stones between mining entities and Russian processing organizations, as well as between Russian processing organizations. The Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation annually place their orders for the purchase of precious stones and, by January 1 of the current year, report to the Government of the Russian Federation the volumes of purchases for the next year of natural precious stones to replenish state reserves, indicating the mining organizations from which they will be purchased, as well as limits (quota) sales of precious stones from State Fund precious metals and precious stones of the Russian Federation.

An integral part of this fund is the Diamond Fund of the Russian Federation, which is a collection of unique nuggets of precious metals and unique gems of historical and artistic significance, as well as a collection of unique jewelry and other items made of precious metals and precious stones (Article 7 of the Law of the Russian Federation of March 26, 1998 No. 41-FZ "On Precious Metals and Precious Stones").

The Central Bank of Russia and specially authorized banks have the right to conclude transactions for the sale and purchase of natural precious stones at their own expense or at the expense of their clients (under commission or commission agreements), carry out pledge transactions and make other types of transactions provided for by applicable law.

The Central Bank of the Russian Federation determines the list and nature of transactions with natural precious stones that can be carried out by specially authorized banks within the limits of the rights granted to them by the Regulation on transactions with natural precious stones in the territory of the Russian Federation, including purchase and sale transactions at their own expense and at the expense of clients on contracts of commission or commission.

It is not allowed to use natural precious stones as a means of payment, as well as in settlements for loans provided by commercial banks to legal entities and individual entrepreneurs using precious stones in the production of their products.

The procedure for conducting banking operations with precious metals

Banks carry out operations with precious metals with the opening of metal accounts. Metal accounts are opened for individuals and legal entities, including banks.

To store precious metals, banks open metal accounts for safekeeping.

Precious metals accepted from the client for storage are not borrowed funds of the bank and cannot be placed on their own behalf and at their own expense.

To carry out operations to attract deposits and place precious metals, banks open unallocated metal accounts.

Precious metals accounted for on unallocated metal accounts have a quantitative characteristic of the mass of the metal (for coins - the number in pieces) and a cost balance estimate.

The depersonalized metal account agreement defines the operations carried out on this account, the conditions for crediting to the account and returning from the account of precious metals, as well as the amount and procedure for paying remuneration associated with maintaining the account, changing the individual characteristics of precious metals when they are credited and issued from the account in physical form and the deviation of the mass of the metal listed on the depersonalized metal account from the mass of the metal to be returned from this account in the physical form.

Banks open the following types of unallocated metal accounts: customer accounts (term and demand), including correspondent bank accounts, as well as accounts for loans in precious metals issued to customers.

In order to carry out operations related to the transfer of precious metals through unallocated metal accounts, banks have the right to establish correspondent relations.

Attraction and placement of precious metals to unallocated metal accounts can be carried out by transferring precious metals from other unallocated metal accounts, crediting precious metals to unallocated metal accounts upon their physical delivery, as well as crediting precious metals sold to a client or precious metals purchased by a bank.

The return of precious metals from depersonalized metal accounts of clients is possible by transferring precious metals to other depersonalized metal accounts, withdrawing precious metals from accounts in physical form, as well as by making a transaction for the sale and purchase of precious metals on the account.

Loans in precious metals are provided by delivering precious metals to the client in physical form or to unallocated metal accounts in exchange for the obligation to deliver precious metals after the expiration of the term established by the agreement.

Repayment of the loan amount in precious metals is carried out in the form of a physical delivery of precious metals or by transferring precious metals from depersonalized metal accounts of the borrower.

Interest accrued on unallocated metal accounts, commission fees and other remuneration associated with the maintenance of unallocated metal accounts are calculated and paid in the currency of the Russian Federation. However, interest on unallocated metal accounts can be paid in precious metals, which must be agreed upon in an agreement between the bank and the account holder.

Accounting records of operations with precious metals in the bank are maintained in accordance with the Instruction on the procedure for maintaining accounting operations with precious metals in credit institutions, approved by the Central Bank of the Russian Federation on December 6, 1996 No. 52.

Circulation of precious metals may be carried out in the form of government securities (bonds) denominated in the mass of precious metals or backed by precious metals1 and issued in accordance with the procedure established by the Government of the Russian Federation. The obligations under these securities (bonds) must be guaranteed by the amount of precious metals equivalent to the total bond obligations of the issuer and placed in safekeeping in the manner determined by the Government of the Russian Federation.

In accordance with Decree of the Government of the Russian Federation of November 5, 1995 No. 1091 “On the issue of government securities providing for the right of their owner to receive gold bars”, the Ministry of Finance of Russia on November 27, 1995 began issuing federal gold loan bonds (OZFZ). The maturity of these bonds is 3 years. The nominal value of the bond is expressed in rubles and is determined based on the cost of 100 g of gold in the London bullion market (second fixing)^ US dollars, converted at the official rate of the Central Bank of the Russian Federation on the date of the bond issue.

OZFP can be purchased by both business entities and citizens. OZFZ holders are paid interest income, the amount of which is equal to the US dollar LIBOR rate effective on the previous business day before the date of its announcement, plus 1% of the nominal value. Interest income is paid once a year in rubles at the official exchange rate of the Central Bank of the Russian Federation on the date of its payment.

The repayment of OZFZ, owned by economic entities, can be made at the choice of the owner in rubles or in kind in the form of gold bars of 99.99% purity.

Repayment of OZFZ, owned by citizens, is made only in rubles.

The Government of the Russian Federation, by its Decree of June 27, 1998 No. 861, approved the General Conditions for the Issue and Circulation of Government Bonds Redeemable in Gold.

These conditions determine the procedure for issuing and circulating RF debt obligations in the form of registered interest-free bonds redeemable in gold (i.e., gold certificates).

Gold certificates are government securities that give their holder the right to receive, at the maturity date, determined by the terms of issue, gold bullion (GOST 28058-89, OST 117-30-96) in an amount equivalent to 1 kg of chemically pure gold for each redeemable certificate .

The issuer of gold certificates on behalf of the Russian Federation is the Ministry of Finance of the Russian Federation.

Gold certificates are issued in separate issues. Issue parameters (including issue date, nominal value, issue volume, number of certificates, maturity date) are determined by the Ministry of Finance of the Russian Federation. Gold certificates of one issue are equal to each other in terms of the rights granted to the owner. The document certifying the rights secured by gold certificates of each issue is a global certificate issued for this issue by the Ministry of Finance of the Russian Federation in accordance with the legislation of the Russian Federation.

Gold certificates are issued in documentary form with mandatory centralized storage.

The nominal value of one gold certificate is equal to the current purchase price by the Central Bank of the Russian Federation of 1 kg of chemically pure gold on the date of issue of the gold certificate.

Gold certificates are transferred to precious metal mining entities on the basis of concluded agreements in exchange for an equivalent amount of precious metals directed to replenish state stocks and reserves.

The procedure for accounting, placement and redemption of gold certificates is determined by the Ministry of Finance of the Russian Federation.

The owners of gold certificates in accordance with the legislation of the Russian Federation may be legal entities and individuals.

The use and circulation of gold bars received upon redemption of gold certificates are carried out in accordance with the legislation of the Russian Federation.

Control over transactions with precious metals The Central Bank of the Russian Federation exercises the following control over transactions with precious metals:

1. When carrying out banking transactions with precious metals, banks are obliged to exercise control over the ratio of claims and liabilities in precious metals in ruble terms, i.e., to maintain an open position on transactions with precious metals. The procedure for regulating an open position is established by the Bank of Russia.

2. Banks carry out transactions with precious metals using unallocated metal accounts only if there is an open position limit on transactions with precious metals established by the Bank of Russia.

3. The Bank of Russia establishes uniform rules for keeping accounting records of operations with precious metals, the procedure for revaluation of accounts for precious metals, forms of reporting, the procedure and terms for its submission, as well as determines other standards for the activities of banks in operations with precious metals and exercises control over their observance.

4. The Bank of Russia establishes the procedure for receiving, storing and issuing precious metals to banks.

5. In case of violation by the bank of the requirements of the Central Bank of the Russian Federation, the measures provided for in Art. 75 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". Failure to comply with the requirements of the Central Bank of the Russian Federation may serve as a basis for revoking a license (permit) for transactions with precious metals.

To carry out transactions with precious metals, a bank must obtain a license from the Central Bank of the Russian Federation. A commercial bank specially authorized by the Central Bank of the Russian Federation in agreement with the Ministry of Finance of the Russian Federation to carry out transactions with precious metals in accordance with the established procedure receives the status of a specially authorized bank.

Such a bank can:

♦ transactions for the sale and purchase of gold and silver bars both at own expense and at the expense of clients (under commission or commission agreements) with specially authorized banks, the Central Bank of the Russian Federation, industrial consumers, investors;

♦ operations with gold and silver bars on special accounts opened by him in accordance with international banking practice;

♦ pledged operations with gold and silver bars, subject to the sale of the subject of pledge through special authorized banks.

Metal account

A metal account is opened by a bank to carry out operations with precious metals. A metal account is a bank account (JIOPO) that holds a certain amount of metal in grams and determines its purity. This account is opened in the depository and contains nothing but one number - the number of grams of chemically pure precious metal. Thus, the amount of physical metal is indicated on the metal account, and this metal equivalent is stored in the vault (depository) of the bank. Accounting is carried out in grams, and accounting for coins - by their number. When converting a troy ounce to grams, it is assumed that one troy ounce is 31.1034807 g. The result is determined to the nearest 1/1000 of a troy ounce and applying the rounding rule. There are two types of metal accounts:

♦ metal account for safekeeping;

♦ metal account in impersonal metal.

Metal account for safekeeping (allocated account - allocated account) is a client account for accounting for precious metals transferred to the bank for safekeeping, while maintaining individual characteristics (name, number of valuables, sample, manufacturer, serial number, etc.).

Precious metals accepted from the client for storage are not borrowed funds of the bank and cannot be placed on their own behalf and at their own expense. The owner of the metal, i.e. the client of the bank, pays for the storage of the metal.

A metal account in an unallocated metal, or an unallocated metal account (an unallocated account) is an account opened by a bank to account for precious metals, without specifying individual characteristics and carrying out operations to attract and place them. This account can be personal, designed to account for only one type of precious metal: gold, silver, platinum and platinum group metals.

Legal entities - clients of the bank must have licenses to conduct operations with precious metals.

The amount of a deposit to a metal account for legal entities or individuals is set by the bank. The minimum is usually 50g of gold. The bank does not charge interest on a metal account. The client's income depends on the rise in gold prices on the world market, and for a Russian bank depositor, it also depends on the dollar/ruble exchange rate.

Opening of a metal account in a specially authorized bank is carried out on the basis of a client's instruction to open a metal account.

When submitting an order to open a metal account, an economic entity submits to the bank a notarized card of the account holder indicating the full details of cash accounts, a copy of the Charter, the Memorandum of Association, the Registration Certificate, orders and other instructions for officials entered in the card of the owner of the metal account, and balance at the last reporting date.

A citizen presents only a passport or other document confirming his identity.

A metal account is opened on the basis of an agreement concluded between the client and the depositary of the bank on opening and servicing a metal account and the submitted instruction for opening an account.

When opening a metal account, the client is issued a certificate of opening such an account.

All operations on the client's metal account are carried out by the bank's depository on the basis of instructions of the established form accepted from the client for execution, or on the basis of instructions of persons to whom the client has entrusted the right to manage his account.

Orders are accepted:

a) from clients-legal entities - if there are signatures of the head and accountant of the economic entity, certified by a seal;

b) from a client-citizen - if there is a signature and presentation of a passport or other document confirming the identity.

c) from persons to whom the client has entrusted the right to manage his account - if there is a power of attorney to perform the operation provided for by this instruction.

Signatures on the order or power of attorney must correspond to the signatures declared on the card of the owner of the metal account.

All instructions are transferred to the bank's depository in the form of forms filled in by the client or his authorized representative in the established form. The client is given a copy of the accepted order, certified by the depositary of the bank. The depositary of the bank guarantees the secrecy of the metal account.

Closing of a metal account is carried out in accordance with the client's order, or by decision of the client's legal successor, or by a court decision in accordance with the legislation of the Russian Federation. If there is precious metal on the metal account, it cannot be closed. Before closing, the precious metal on it must be transferred to another metal account of the client, to the account of his successor or to a special account of the bank depositary in accordance with the basis for closing the metal account. When a metal account is closed, a certificate of account closure is issued to the client, its legal successor or judicial authority.

The main operations of commercial banks with precious metals and precious stones include:

• * transactions for the purchase and sale of precious metals;
• * Operations to attract deposits and placement of precious metals;
• * operations for the storage and transportation of precious metals;
• * Operations to provide loans in precious metals and secured by precious metals;
• * export operations.

Operations for the purchase and sale of precious metals

One of the ways to profit from precious metals is to buy and sell them. It can be carried out by conducting arbitrage transactions, concluding swap transactions and buying and selling securities backed by precious metals.

Arbitration transactions

Arbitrage transactions (arbitrage) with precious metals represent the purchase and sale of precious metals in order to profit from the difference in prices for them. At the same time, the cheaper the bank purchases precious metals and the more expensive it sells them, the greater will be its profit from this operation. Distinguish between temporal and spatial arbitration.

Temporary arbitrage is a transaction carried out in order to profit from the difference in prices of precious metals over time. It can be carried out in two ways:

• 1. The bank buys precious metals at today's price, keeps them in storage or on an unallocated account, and then, after waiting for their prices to rise, sells them. This scheme is applied in the event that there is an increase in prices for precious metals on the market, and the operation carried out in this case is an investment one for the bank.
• 2. The bank sells precious metals at today's price, waits for it to fall and buys them at a lower price. At the same time, the bank again has the same amount of metal that it had at the beginning of the operation, and makes a profit either in the form of a difference in the sale and purchase prices, or in the form of an additional amount of metal purchased at a lower price. This scheme is used when the market prices for metals fall. It is beneficial for banks to use it not only when conducting transactions with their own precious metals, but also when placing precious metals attracted as deposits.

When buying or selling precious metals during temporary arbitrage, banks can use derivative financial instruments (futures and options), for which these metals are basic. Thanks to this, banks are able to reduce the risk of losses from an adverse change in the market price of precious metals that occurs when they are bought or sold.

However, due to the fact that fluctuations in prices for precious metals over time are insignificant, and their significant changes occur, as a rule, over a long time interval and it is very difficult to predict them, time arbitrage is not widely used. Spatial arbitration is mainly practiced.

Spatial arbitrage with precious metals is a transaction that banks carry out in order to profit from the difference in prices of the same precious metal in different markets. To carry it out, the bank monitors the dynamics of the prices of any metal (for example, gold) in various markets (Chicago, London, Tokyo, New York, etc., or on the exchange and over-the-counter markets) and, if there is a difference in prices for them, buys the metal on in the market where it is cheaper, and at the same time sells it where it is more expensive. At the same time, the bank must take into account the costs associated with the purchase and sale of the precious metal and its delivery, as well as the currency risk arising from the purchase of metal for one currency and sale for another.

The delivery of purchased and/or sold metal can be carried out either in physical form or by transfers to metal bank accounts.

In order to conduct spatial arbitrage most effectively, a bank needs to have a wide network of branches or establish correspondent relationships with banks operating in different territories.

Swap transactions

A swap (from the English swap, swop - exchange, change) with precious metals is a transaction for the simultaneous purchase and sale of a certain amount of metal, subject to settlements on them on different dates and at different prices, as a rule, at a spot and at a forward price . Spot price (spot) is the price of a cash (cash) transaction with a precious metal, at which the exchange of metal - money is made immediately (within two business days). The forward price is the price fixed in a fixed-term contract at the time of its conclusion, at which its parties undertake to exchange metal - money at a certain point in the future.

Swap transactions between various investors (banks, enterprises and organizations, specially authorized banks, etc.) can only be concluded on the over-the-counter market. In practice, the conclusion of a swap transaction means the signing of two separate agreements for the exchange of precious metals for money, which have the opposite direction and different value dates (settlements), that is, the dates of delivery of cash and metals.

In international practice, the volume of transactions in transactions with precious metals (including arbitrage transactions and swap transactions) is set in troy ounces (one troy ounce is 31.1034807 grams), and the price of the metal in the transaction is in US dollars per troy ounce. The main price indicators for international market precious metals are the so-called London "fixings". Fixing is the establishment of the official spot price of a precious metal against the US dollar on the London Precious Metals Market. Prices for gold, platinum and palladium are fixed every working day twice, in the morning and in the evening (they are respectively called morning (AM), or first and evening (PM), or second, fixing), and for silver - once a day. The main metal used in transactions on the international market is gold. In Russia, the volume of transactions is set in grams, and the price of metal - in rubles per gram.

Other sales transactions

Since the Russian market of precious metals is currently underdeveloped and is only in its infancy, arbitrage and swap transactions are almost non-existent. However, the current regulations provide that banks can make the following transactions with precious metals related to their purchase and sale:

• -- cash transactions, that is, purchase and sale transactions with immediate delivery, when the value date is set within two business days from the date of the transaction. At the same time, the parties may stipulate in the contract that the deliveries of metals and cash will be carried out on different dates within the specified period;
• -- term purchase and sale transactions, in which the terms of settlements for the supply of metals and money exceed two business days from the date of conclusion of these transactions;
• -- other transactions with precious metals (options, swaps, futures, etc.) in accordance with the legislation of the Russian Federation and international banking practice.

When making the above transactions, all monetary claims and obligations under them must be expressed and paid in rubles, and the delivery of precious metals under these transactions can be carried out in physical form or by reflecting on metal accounts.

Banks can make transactions for the purchase and sale of precious metals not only at their own expense, but also at the expense of their customers. At the same time, the bank can act on the market both on its own behalf (acting as a commission agent under a commission agreement) and on behalf of a client (acting as an attorney under an agency agreement). By executing the client's order in this way, the bank is not responsible for the risk associated with changes in the market price of precious metals. The bank's profit from such operations consists of a commission paid by the client in accordance with the terms of the concluded agreement.

Operations with securities backed by precious metals

Let us now consider operations with securities backed by precious metals. Banks can carry out the same operations with these securities as with any others: buy, sell, accept for storage, accept as collateral to ensure the repayment of loans, etc. However, securities backed by precious metals have their own specific features.

One of the main types of these securities used abroad are gold certificates, which are evidence of the deposit of gold in a bank. They can be freely exchanged for the amount of gold indicated in them or for its cash equivalent at the market price. Gold certificates are very convenient for their owners, as they allow them to avoid additional costs and difficulties associated with checking the quality of gold (sample), its storage and insurance. With the help of gold certificates, their holders can buy and/or sell gold without having to worry about moving it in physical form.

Gold certificates are usually issued in the form of registered securities with the right to transfer them to another person by endorsement. A variety of gold certificates are savings books issued to the owners of gold deposited in a bank and allowing them to carry out various operations with it. Foreign banks also issue gold certificates against gold (in the form of bars and/or coins) that is deposited and stored in other countries, which actually serves as a guarantee that it will not be blocked in accounts and nationalized.

Operations for the storage and transportation of precious metals

To store precious metals belonging to customers, banks open metal accounts for safekeeping (accounts with the preservation of individual characteristics of metals, such as type, quantity, sample, manufacturer, serial number of ingots, etc.).

The metal account of safekeeping is called "allocated account". The precious metals on these accounts are not borrowed funds of a credit institution and cannot be placed by it on its own behalf and at its own expense.

The implementation of this type of operations requires the credit institution to have a certified vault. A certified vault must have an appropriate document certifying that the vault fully complies with all requirements for the storage of precious metals and precious stones. Storage facilities must be equipped with weighing instruments with the characteristics established by the Instruction of the Central Bank of the Russian Federation dated May 14, 1996. No. 40 and weights. The weighing facilities must be checked and certified by the state metrological service in a timely manner. Often, a certified repository acts as a certified depository, i.e. allows you to carry out transactions with precious metals without their physical movement, using computer systems and certificates. A metal account opened with a depository contains one number - the number of grams of chemically pure precious metal. Metal is accounted for in troy ounces, grams or in the number of coins.

Banks can also provide services for the transportation of precious metals and precious stones on behalf of clients, using their own services for accompanying valuables (collection). In essence, these services are not much different from the transportation and escort of any other valuables.

Securing a loan with precious metals

Banks can use precious metals, accepting them as collateral for loans issued in order to reduce the credit risk on them. The process of obtaining a loan secured by precious metals is the same as that secured by any other inventory or financial assets. The borrower submits an application to the bank for a loan, attaching all the documents required by the lender, and if the bank decides to issue a loan, signs two agreements with it: a loan and a pledge.

Pledge of precious metals can be carried out in two forms:

• 1) pledge with leaving the pledged precious metals with the pledgor;
• 2) a pledge with the transfer of the pledged precious metals to the pledgee (mortgage). The form of pledge of precious metals is established in the pledge agreement.

In the first form of pledge, the pledged precious metals are either blocked on the metal account of the pledgor, or, when the metal is pledged in physical form, they are placed in a specially authorized bank that has a certified vault, which stores them in the interests of the pledgee.

When pledging, the pledged precious metals are transferred from the depersonalized metal accounts of the borrower to the depersonalized metal accounts of the creditor bank, or are transferred to it in physical form. AT last case the creditor bank must itself have a certified vault.

If the borrower fails to fulfill the terms of the loan agreement, the requirements of the creditor bank (also known as the pledgee) can be satisfied only at the expense of funds received from the sale of pledged precious metals through a specially authorized bank.

Securities backed by precious metals may also serve as collateral. In this case, the pledged securities are transferred to the creditor bank (that is, the pledge is made in the form of a pledge), or transferred to a specialized depository for storage.

Export operations

In order to carry out export operations with precious metals, a credit institution must have, in addition to a license from the Central Bank of the Russian Federation for operations with precious metals, also a license for the export of precious metals from the Ministry of Foreign Economic Relations and Trade of the Russian Federation.

Commercial banks have the right to carry out export operations only with refined gold and silver in the form of standard and measured ingots of Russian and foreign origin. Currently, several specially authorized banks have export licenses, including Vneshtorgbank, Lanta-Bank, BIN-Bank, and others. These credit organizations can export:

• * ingots acquired by them in the property;
• * bullion sold by credit institutions in accordance with commission agreements.

The export of ingots is carried out through specialized customs posts in compliance with the rules of customs clearance and control. Control over compliance with the customs legislation is entrusted to the State Customs Committee of the Russian Federation and the Bank of Russia. The latter exercises control over the export operations of credit institutions with ingots on the basis of monthly balance sheets and transcripts of balance sheets submitted by credit institutions in specially established forms.

Thesaurus

The concept of "hoarding" is used, as a rule, in relation to gold. Thesaurus of gold is the accumulation of gold in the form of bars, coins, or protozoa. jewelry(rings, bracelets, plates) by individuals, including banks, in the form of treasures. The main purpose of gold hoarding is to insure capital (savings) against inflation, as well as against the possibility of losing it during political and economic crises or social upheavals.

The procedure for making transactions with precious metal ingots (gold and silver) and with a coin containing precious metals is established in the Regulations “On transactions with precious metals in the territory of the Russian Federation”, approved by Decree of the Government of the Russian Federation No. 756 of 06/30/94.

In accordance with this Regulation, specially authorized banks and the Central Bank of the Russian Federation have the right to purchase gold and silver bars at their own expense, or at the expense of their clients (under commission or commission agreements) from subsoil users (see below “Relations between banks and other participants in the precious metal market metals"). In the future, banks can sell these ingots to hoarders. Gold and silver bars are subject to mandatory storage in certified vaults of specially authorized banks or other specialized organizations with the necessary technical capabilities. In this regard, it makes sense for hoarders to acquire gold certificates to achieve their goals. This practice has become widespread in foreign countries.

The hoarding of gold, in our opinion, is best done by acquiring coins containing precious metals. To do this, you can purchase both coins issued in Russia (in particular, issued by the Central Bank of the Russian Federation) and coins issued abroad. Currently, the Bank of Russia regularly issues commemorative coins containing gold, silver, platinum or palladium. They have a convenient chemically pure metal weight content (one, half, or a quarter of a troy ounce) and their primary sale is carried out at prices close to the price of metal in bullion. These coins are distributed through specially authorized banks.

The savings of banks obtained by hoarding represent money capital in its pure form without the prospect of its transformation into loan capital. Thus, the hoarding of gold is not a profitable operation for the bank, since its money must work and make a profit. Bank operations in the field of gold hoarding are limited to serving other persons who are hoarders, for which the bank receives a commission. For example, Sberbank of Russia is currently actively selling and buying from the public gold bullion bars of 0.9999 fineness weighing 5.10, 20, 50.100 and 1000 g.

Introduction3

Chapter 1. Theoretical foundations of bank operations with precious metals and stones 5

1.1. Precious metals as an object of banking transactions 5

1.2. Operations with depersonalized metal accounts 12

1.3. The role of precious metals in the activities of commercial banks 15

Chapter 2. Analysis of the activity of CJSC VTB 24 in the precious metals market 18

2.1. Study of the development dynamics of CJSC VTB24 operations with precious metals18

2.2. Evaluation of the economic efficiency of commercial banks' operations with gold 22

3.1 Problems of development of the precious metals market in Russia 28

Conclusion 36

Referencess 39

Apps 40

Introduction

Despite the fact that during the course of demonetization, gold lost its main monetary functions and left money circulation in the framework of international settlements, it has become often used by business entities and the public as a highly liquid financial asset traditionally used for savings and capital accumulation, especially during periods of economic volatility. political situation both in the world and within the state.

For Russian banks, gold is a relatively new and, given the underdevelopment of the domestic market of precious metals, a promising financial instrument that ensures the attraction of relatively cheap resources, the development of fundamentally new patterns of interaction with customers and income generation. To a large extent, this is due to the fact that for Russia, as a leading gold producer, the issue of organization and efficiency of banking operations and transactions with gold is of fundamental importance (national interest) based on the need to maintain the profitability of gold mining and the effectiveness of the use of the state's natural resources. In addition, investments in gold by the population and business entities could significantly contribute to the de-dollarization of the Russian economy.

Operations with precious metals, including gold, in recent years provide a higher level of profitability than other financial instruments, which is of significant interest to the banking sector, which confirms the relevance of the chosen topic of work.

The aim of the work is to study the problems of functioning of the market of banking operations with precious metals and stones in Russia and to develop proposals for improving its development.

To achieve the goal of the study, the following tasks were set and solved:

To study the types of banking operations with precious metals,

To characterize the legal regulation and features of depersonalized metal accounts in banks,

To carry out an analysis of the development of gold markets, to identify the main problems and features of the organization of gold circulation on the territory of the Russian Federation,

Explore the experience of conducting banking operations with precious metals on the example of VTB24 Bank,

Determine the priority directions for the development of the national market of banking operations with precious metals.

The object of the study is the operations of commercial banks in the precious metals market.

The subject of the study is the economic and legal problems of the development of operations of commercial banks with precious metals in Russia.

Chapter 1. Theoretical foundations of bank operations with

precious metals and stones

1.1. Precious metals as an object of banking transactions

The possibility of using precious metals as a means of savings and investments, a means of payment and emergency world money (reserve assets) provides them with a wide application in banking today.

Precious metals are able to perform the function of a store of value and means of investment due to their ability to store value and generate investment income due to the long-term upward trend in prices for precious metals. As a generally recognized reserve asset, precious metals provide states with financial protection in crisis situations, allow effective diversification of foreign exchange reserves, guarantee economic and political independence to their owners, since, unlike assets in foreign currency, they are not a debt obligation of any issuer. The ability of precious metals to perform the function of emergency world money (reserve asset) during periods of crises, political and economic turmoil is confirmed by the amount of state gold reserves - more than 25 thousand tons of metal or over 500 billion dollars in monetary terms.

Currently, the main function of precious metals is the function of a hedging (diversifying) asset. It consists in the fact that precious metals can significantly improve the performance of the investment portfolio, even during periods when their prices do not grow. The negative correlation of precious metals with many financial assets helps to reduce income volatility, which in turn leads to an increase in accumulated income. Reducing income volatility allows you to add more profitable and risky assets to the portfolio, which increase overall income. At the same time, precious metals continue to provide such “intangible” investment advantages as protection from economic and political uncertainty.

Precious metals are traditionally an attractive financial market instrument for both credit institutions and their clients. Investments in precious metals are considered reliable protection against inflation, they are subject to increased investment demand in the event of destabilization of the economy and the emergence of geopolitical risks. Precious metals are viewed by many investors as a reliable asset for "conservation of value".

According to Art. 1 of the Federal Law of March 26, 1998 No. 41-FZ “On Precious Metals and Precious Stones”, precious metals include:

Metals: gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and octium);

Natural stones: diamonds, emeralds, alexandrites, pearls, unique natural amber formations.

Law of the Russian Federation "On currency regulation and currency control" classifies precious metals in nuggets as currency values and affiliated (refined) in the form of ingots, rolled products, powder, scrap, with the exception of jewelry and household products made of these metals, as well as parts of industrial and laboratory apparatus and units made of these metals. The composition of currency values ​​also includes natural precious stones in raw and processed form (including recovered , those. recovered from a used or defective industrial tool or jewelry), with the exception of jewelry and household products, as well as industrial tools made of precious stones or using them.

Operations with gold are carried out in quantitative units of the net mass of the metal, operations with silver, platinum and other precious metals - in units of ligature mass metal. Under ligature (ligature mass) is understood as the weight of a metal object (ingot, rolled metal, powder, etc.) taking into account the chemical impurities present in the metal of the object. Chemical, the purity of the metal is determined by its breakdown , those. the number of shares of chemically pure metal in the ligature mass, for example, the "four nines" sample - 0.9999% of impurities in 100% of the ligature.

Banks have the right:

buy and sell precious metals;

attract precious metals in deposits;

place precious metals on its own behalf and at its own expense to deposit accounts opened with other banks and provide loans in precious metals;

provide and receive loans secured by precious metals (since loans are provided only in monetary terms);

provide services for the storage and transportation of precious metals.

Transactions of purchase and sale of precious metals are carried out with the delivery of precious metals in physical form or reflected in the accounts. Transactions of purchase and sale of precious metals can be carried out on the following conditions:

purchase and sale transactions with immediate delivery (cash transactions), when the value date (date of delivery of cash and precious metals) is set within two business days from the date of the transaction;

term transactions of purchase and sale, when the terms of settlement under the transaction are more than two business days from the date of the conclusion of the transaction.

Banks may make other transactions with precious metals (options, swaps, futures, etc.) in accordance with the legislation of the Russian Federation and international banking practice. All monetary claims and obligations arising from transactions with precious metals between residents of the Russian Federation must be expressed and paid in the currency of the Russian Federation.

The main factors affecting the volume and structure of banking operations with precious metals at the macro level are legislative (freedom of transactions), cultural and historical (traditions), socio-economic (income level, taxes, dynamics of world prices for metals), institutional (level development of financial markets), political (attitude of the state), at the micro level - economic (profitability of operations) and organizational and technical (their diversity).

Table 1. Typology of banking operations with precious metals