Clarification

IN "Gold for the masses: bullion retailer starts savings programme" (BT, April 24), it was mentioned that the UOB gold and silver savings accounts are not backed by physical bullion, and that investors who terminate their accounts will have to sell their holdings to the bank at a discount to the market rate. UOB has clarified that the accounts are backed by physical bullion, which is a regulatory requirement. Customers can sell their gold and silver holdings back to the bank at prevailing market bid rates which are found on its website.