The Royal Mint is letting British pensioners invest in its gold reserves for the first time

The UK’s Royal Mint has said it will now offer people the chance to buy gold bars to hold in tax-efficient self-invested personal pension (SIPP) schemes.

These bars will be stored in the Royal Mint’s vault, with prices fluctuating according to the live gold price. The most expensive single bar can be purchased for £28,286 ($41,131), which will get you one kilogram of gold.

There is also a 1% (plus VAT) charge for storing the gold, based on the daily market value.

The move follows the decision by the Financial Conduct Authority (FCA) in 2014 to make gold Bullion a “standard asset,” — which means financial advisors are now allowed to advise clients to invest in gold.

The Royal Mint adds that for Revenues and Customs (HMRC) to recognise the gold, it must be in “bar or wafer” form and have a purity of “no less than 99.5%.”

Here’s a look at some of the gold bars available on the Royal Mint’s website:

Chris Howard, director of bullion at the Royal Mint, said the mint’s age made it a safe choice: “The Royal Mint benefits from a centuries-old reputation as a trusted bullion provider and manufacturer of coins on a global scale. The move to make Royal Mint gold bullion available for holding within pension schemes opens us up to a whole new marketplace.”

However Jason Hollands, managing director of financial advisors Tilney Bestinvest, told the Financial Times that there would only be “marginal interest” in the scheme from pensioners: “Most investors wanting exposure to gold will do so either through Exchange Traded Commodities, which follow bullion prices and are backed up by physical reserves, or through the prism of gold mining stocks or funds specialising in gold equities. The latter are very high risk.”

Gold has proved to be a solid investment so far in 2016. As a safe haven asset, the metal enjoyed huge inflows early in the year, when crazy volatility in the global markets led investors to look for safe storage spaces for their money. As a result, its price has risen by more than 16% since the beginning of 2016.

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