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VAT free Silver by Conclude

First opportunity on the Hungarian investment market: VAT-Free Silver to buy and sell.

23 January 2012

Gergely Juhász - CEO, Conclude Zrt.

Interview with Gergely Juhász - CEO, Conclude Zrt


What are the strengths of Conclude and Where is Conclude positioned on the growing mulit-player domestic bullion market?

Recently, we have been experienced with significant growth- and indeed the market is mult-player - but we focus on the private banking customers in this segment where we are the market leader in my opinion. The customer-oriented approach is also emphasised by our office choice as the Bank Center, the country's most elegant office building where we meet our customers. The company was second largest bullion dealer last year. We have not only achived increasing market share in investment gold, but also on silver market. We are proud of ourselves being the first in Hungary who can offer our customers a VAT-free silver investment.

VAT-free silver insvestment in Hungary

What are the options to invest into VAT-free silver?

Conclude is contracted with Via Mat. The Swiss company is one of the leading provider of precious metal storage and valuables logistics and keep our customers' silver coins safe in its safe lockers in free-zone are of Germany. In fact, it is also unique that home delivery can be cost effective with as low VAT as 7 percent in Germany, but a zero percent within tax free zone which service are offered to all private customers as well.

Do cash buyers or safekeeping services take greater interest in investment?

Gold bars are to buy for cash - which is very popular, for example - but more and more people enjoy our safekeeping service for gold deposits at Conclude. Also, the solution empowers customers to provide fast, effective remote support and management, regardless of their presence which do make much easier to sell. Additioinal reason with respet to silver - why it is stored by us - is the simple fact that customers cannot keep 200-300 kg silver in bank safe lockers. In addition, cost effective solution if precious metal is not transported, plus special offers given to customers if they make singnificant investments.

Actually just a few precious metal broker may seem to be boasting about its own mine in Africa...

Indeed, we have launched a project in Ghana, and received a license recently. It may start mining in one of the two fields soon. Project financing is ensured through the involvement of a Swiss investor. Currently, thorough research of the area is ongoing. If the results are impressive, we want to start mining within. Mining costs should be at the level USD500-800 / ounce, and we think self mined gold will be able to keep our prices competitive.