PanARMENIAN.Net - HSBC Bank Armenia announces the launch of its unallocated gold account services, based on the market demand. The new service is available and beneficial for both individual and corporate customer. It allows customers to purchase and accumulate unallocated gold, as well as effect other transactions, send and receive transfers. Unallocated gold, or funds available on metal account, is “paper” gold which is backed by the general stock of physical gold maintained in London. 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. Gold price increase during the last five years (22.5%) increased the interest of investing in gold,” Irina Seylanyan, Deputy Chief Executive Officer HSBC Bank Armenia cjsc said. 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 and 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).

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