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International Internet Magazine. Baltic States news & analytics Wednesday, 21.05.2025, 17:35

Snoras: Lithuanian investors buy gold for LTL 6.4 m in 2011

Danuta Pavilenene, BC, Vilnius, 19.09.2011.Print version
As the price of gold rises, investors show more active interest towards this precious metal, the Snoras bank said. The bank clients' investments in gold comprised more than LTL 6.4 million (EUR 1.85 million) during this year alone, making a double increase over a year.

The Snoras bank, which started trade with gold two years ago, during this year alone has sold half of the entire gold purchased by the clients, and the income obtained from this activity increased accordingly, said Remigijus Bartaska, director of the Snoras Investment Business Division.

 

Within two years, the Snoras bank clients acquired more than 100 kilogrammes of gold, while investments in the precious metal exceeded LTL 12 million (EUR 3.47 million). Among Snoras clients, gold is most often purchased by natural persons who are residents of Lithuania. Most frequently, the bank customers, including residents and companies, buy the investment gold bars the weight of which is from 50 up to 100 grams, informs LETA/ELTA.

 

According to Bartaska, investors are advised to allocate to precious metals up to 5-8% of their entire investment portfolio.





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