Investors lose money buying non-SJC gold
For those with little investment knowledge and little capital, stocks and real estate are not the choice despite bringing high profits. Therefore, people who keep money often "switch" back and forth between gold and savings.
Ms. Le Thanh Hong (Tay Ho - Hanoi) shared that for more than 10 years now, she has often implemented the "strategy" of saving money at high interest rates and buying gold at low interest rates.
“By implementing this strategy, there was a time when I deposited my savings at an interest rate of more than 10%/year and earned a lot of profit. However, since the end of 2022 until now, the mobilization interest rate has continuously decreased, so my benefits have also been affected. However, I still persist with the savings channel with the hope that the interest rate will increase again soon,” said Ms. Hong.
After the interest rate decreased, Ms. Thanh withdrew her savings to buy gold rings and lost 1 million VND/tael after only 1 month. Illustrative photo
However, by the end of August, when the interest rate dropped below 7%/year and approached 6%/year, Ms. Hong realized that the interest rate might not increase again as she expected. Therefore, she decided to withdraw money to buy gold when the contracts expired.
“As I thought, the deposit interest rate not only did not increase but continued to decrease sharply. Currently, the 12-month savings interest rate is only 5.5%/year at state-owned banks. But that does not mean that the decision to transfer money from savings to buying gold was the right one,” Ms. Hong frankly admitted her mistake.
Ms. Hong said that when deciding to buy gold, she was hesitant between SJC gold and non-SJC gold. Through reading the newspaper, she knew that currently, the price of SJC gold is more than 10 million VND/tael more expensive than the world gold price. This is a huge risk for buyers. Therefore, she decided to buy Thang Long Dragon gold from Bao Tin Minh Chau Company.
At the end of August, when she bought Thang Long Dragon Gold, the listed price was: 56.28 million VND/tael - 57.13 million VND/tael. At the closing session of September, this precious metal was listed at: 56.07 million VND/tael - 56.97 million VND/tael.
Thus, after 1 month of Ms. Hong's purchase, the price of Thang Long Dragon gold decreased by 210,000 VND/tael. However, the loss that Ms. Hong had to bear was 1.06 million VND/tael because the difference between the buying and selling prices was very large, up to 900,000 VND/tael.
That means, after only 1 month, Ms. Hong lost more than 1 million VND for each purchase.
Non-SJC gold is opposite to SJC gold
In the past month, not only Thang Long Dragon gold has decreased significantly, other non-SJC gold types have also gone against the trend of SJC gold.
At Phu Nhuan Jewelry Company, the price of PNJ gold closed the September session at: 56 million VND/tael - 57 million VND/tael, down about 300,000 VND/tael compared to the end of August. The difference between the buying and selling price of PNJ gold is up to 1 million VND/tael.
At Doji Group, this difference is even larger, up to 1.4 million VND/tael when the 9999 Hung Thinh Vuong round ring is listed at: 55.70 million VND/tael - 57.10 million VND/tael.
It can be seen that in September, non-SJC gold prices decreased slightly while SJC gold prices continued to increase. In mid-September, SJC gold prices even exceeded VND69 million/tael. In the last days of the month, although the price cooled down, SJC gold still maintained its upward momentum if calculated monthly.
Closing September, SJC gold price at Bao Tin Minh Chau traded at: 68.30 million VND/tael - 68.30 million VND/tael - 68.95 million VND/tael, an increase of 730,000 VND/tael for buying and an increase of 800,000 VND/tael for selling compared to the end of August.
At other stores, SJC gold prices also increased sharply after 1 month of trading. At Saigon Jewelry Company - SJC, SJC gold prices stopped at: 68.25 million VND/tael - 68.95 million VND/tael. At Phu Nhuan Company, SJC gold prices increased to 68.10 million VND/tael - 68.80 million VND/tael.
SJC gold price remained stable despite the continuous “free fall” of world gold price after investors’ sell-off in the last few sessions of September. At the end of September, world gold price stopped at 1,848.4 USD/ounce.
SJC gold price only decreased slightly while world gold price dropped dramatically, causing the gap between the two prices to widen to a record high in 2023. Currently, SJC gold price is more than 14 million VND/tael more expensive than world gold price.
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