Author - Daniel Rosenauer
Vienna. December 5, 2022 / Kathrein Privatbank is now one of the first private banks in Austria to offer its customers sustainably produced gold for purchase. All bars are certified according to the LBMA (London Bullion Market Association) standard and marked with the corresponding embossing. With the Kathrein gold account, the gold bars are comprehensively insured by Kathrein and their value is shown on a daily basis. Kathrein customers can purchase the 1 kg bars for their gold account as well as in smaller sizes in case of physical acceptance and storage by the customer. The bars are available in sizes from two grams up to one kilogram. "We are pleased to now be able to offer our customers sustainably produced gold at no extra charge compared to previous offerings," said Stefan Neubauer, member of the Kathrein Privatbank board of directors.
LBMA standard guarantees compliance with the highest sustainability standards
Investment bars from LBMA-certified manufacturers meet the highest quality standards. If a company wants to be certified by the LBMA, it must ensure that the precious metal used does not come from mines located in crisis areas and where work is not carried out under inhumane conditions. Producers must also ensure that attention is paid to sustainability and environmental protection when mining the precious metals. To meet these standards, no bars produced before 2019 will be offered; likewise, a portion of LBMA-certified bars will be made from recycled gold. "To mine one kilogram of gold, an average of 1250 tons of rock has to be moved," Stefan Neubauer explains, "thereby several tons of CO² are released by operating the machines. The LBMA standard ensures that the CO² balance is improved through the use of state-of-the-art technology and, above all, through a proportion of recycled gold."
More information about the LBMA (London Bullion Market Association)
The London Bullion Market is located in London. Since 1897, the world market price for silver has been determined here, and since 1919, the world market price for gold has also been determined here. Since then, the London Bullion Market has developed into the world's most important over-the-counter trading center for gold and silver. Trading in gold and silver is coordinated there by the London Bullion Market Association. Members of the LBMA are major international banks, refiners, processors, producers and, of course, traders from all over the world. The LBMA has launched the "Responsible Sourcing Programme", whose objectives include: Human rights violations are to be avoided in mining or production. No conflict parties (civil wars, wars, etc.) may be supported with the precious metals trade. Trade in precious metals must comply with international anti-money laundering standards/laws.
Kathrein Privatbank AG, headquartered in Vienna, was founded in 1924 by Carl Kathrein and is one of the leading private banks in the German-speaking countries. Our core competence lies in the management of private, corporate and institutional assets as well as the assets of private foundations. As a subsidiary of Raiffeisen Bank International AG, the private bank offers the advantages of a flexible, independent as well as service-oriented institution and the security of a stable, international banking group.
Marketing & Communications
Mobile: +43 676 83191 375
Fund Information and Disclaimer:
This document is for information purposes only and does not constitute a recommendation to act or an offer to buy or sell gold bars or gold coins.
Even though gold is stable in value over the long term, the price of gold can be subject to significant fluctuations within a short period of time. The gold price is influenced by numerous factors, which can lead to an increase or decrease of the gold price.
With the Kathrein gold account, no financial instrument on gold is acquired, but physical gold, which is held in custody for the customers by Kathrein.
Kathrein Privatbank Aktiengesellschaft, Wipplingerstrasse 25, 1010 Vienna, Commercial Court Vienna, FN 144838y.