Lithuania

Paysera Switches up to Trade in Physical Gold

by Fintechnews Baltic September 28, 2020

Lithuanian payment processor Paysera announced that the company has started trading in physical gold, actual bars and coins rather than units of this precious metal sold on the exchanges.

Buyers will be able to store their gold, purchased via the app, at the company’s storage facilities, pick it up at the company HQ, or order a home delivery.

Vytenis Morkūnas

“Precious metals maintain their value and popularity even during an economic downturn. No wonder central banks hold gold in their reserves. Since the price of gold, by taking into account inflation, remains more or less the same in the long run, gold, in general, is considered a safe haven in turbulent times and a safeguard against monetary depreciation. Thus, the bars and coins sold by us are first of all intended for people who want to preserve their purchasing power in the long run,”

says Vytenis Morkūnas, CEO of Paysera LT.

The buyers will have two choices; to either store the purchased gold at the company’s storage facilities, or to pick it up and store it themselves. The precious metal purchased is displayed in the app in two units; in grams and by price, in a currency familiar to the client. The buyer may sell the gold back to the company.

Via its mobile app, Paysera sells gold bars of the Swiss manufacturer Valcambi Suisse and also 1 troy ounce (31.1 g) gold coins of different prominent manufacturers: American Buffalo, Canadian Maple Leaf, Austrian Philharmonic, Britannia, etc.

Gold purchased via the app may also be sent as a gift to another user of the app. According to Morkūnas, now that everything moves online, giving gold as a present may appeal to both private and business clients looking for a gift.

At the beginning of August, the price of gold on the exchanges reached its peak – USD 2070 per troy ounce. On Friday, 25 September, the price of gold was USD 1854 per troy ounce. In a year, the price of gold on the exchanges increased by a quarter.

Paysera does not consult clients on buying precious metals as an investment, instead they should refer to an independent financial adviser for advise.