NIC Bank launched new silver bar weighing one kilograms for retail investors

Nepal’s leading bullion importer NIC Bank has launched new silver bar weighing one kilograms for retail investors.

According to NIC silver will be priced based on the international silver price at 10 o’clock in the morning Nepal Standard Time and pricing of silver at international commodities market of New York Comex and London Bullion Market will serve as the basis for pricing.

NIC added that it will allow the public an option to buy certified silver as an investment instead of keeping it cooped up in the savings account. Though the bank will provide the certification of the silver bar being 99.9 per cent pure, it does not provide any buy back guarantee.

Two years ago, the bank had introduced silver granules targeting at silver craftsmen and jewellers. The 99.9 per cent pure silver granules were available from the bank in easy to carry packs of 10 kilos.

Likewise, NIC Bank has also launched NIC Pure Gold with 99.9 per cent gold nuggets. NIC Bank is one of the leading bullion suppliers among the 16 commercial banks that can import precious metals in the Himalayan country.

Last year the government had opened the import of gold through commercial banks only although silver import was allowed through Open General License (OGL).

The banks also can import only 15 kg of gold per day according to regulation. NMB Bank, DCBL Bank, Laxmi Bank, Bank of Kathmandu, Nabil Bank, Machchhapuchhre Bank and Siddhartha Bank are actively involved in gold import and sales to the jewellers. – BullionStreet

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Posted by Silver Guru on Dec 2 2011. Filed under Silver Analysis, Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry