On the morning of March 24, at major gold shops in Vinh City, the number of customers coming to make transactions increased sharply compared to previous days. Particularly at the store of Kim Thanh Huy Gold and Silver Enterprise (Cao Thang Street), it was packed with people.
According to records, the number of people selling gold bars is quite large. Ms. Phuong Thi H., a person who is trading SJC gold bars, said: “Two years ago, all the round gold rings and jewelry gold worth nearly 8 taels, I converted to gold bars and had to pay a fair amount of money. At that time, I thought that gold bars were easy to store, preserve and when sold, they fetched a high price.
But now, when the State has a policy of tightening management of gold bar trading, reading the newspaper, I see that the price of gold bars is much higher than the world gold price and according to the advice of experts, investing in gold bars has many risks, so I decided to sell while the price of gold bars is still high.
With the same mentality, although the amount of gold is not much, only 2 taels of wedding gold, but worried that the price of gold bars will decrease sharply, Ms. Dang My Ha (Nghi Phong, Nghi Loc) also brought it to the store to exchange for a plain round ring. However, according to the price on the list, Ms. Ha was quite hesitant: "According to the price list at the store, the selling price of gold bars is 81.50 million VND/tael and the buying price is only 77 million VND/tael, the difference between buying and selling is too high (4.5 million VND/tael) so I don't know how to calculate it yet".
According to a survey, on the morning of March 24, at gold shops in Vinh city and some other localities in the province, the listed prices ranged from VND81-81.50 million/tael (selling) and VND77-77.50 million/tael (buying) for SJC gold bars; VND70-70.50 million/tael (selling) and VND66.80-67 million/tael (buying) for 9999 plain round rings.
With this listed price, the increase/decrease in the past 3 days has not been significant. However, the number of people coming to trade on the weekend increased sharply. Of which, the number of people coming to sell is slightly higher than the number of people coming to buy gold.
Ms. Truong Thi Anh, a gold counter employee at Kim Thanh Huy gold shop, said: “The number of people coming to sell SJC gold bars has increased by about 30% compared to before. Among them, many people who sell gold bars have switched to buying plain gold rings to store.”
The reason why the number of people selling gold bars has increased is because, in recent days, the price of SJC gold has continuously decreased, especially after the Prime Minister issued Official Dispatch No. 23/CD-TTg dated March 20, 2024 requesting to strengthen measures to manage the gold market, including assigning competent authorities to inspect and examine the gold market, the activities of gold trading enterprises and market participants; strictly handle violations, especially smuggling, profiteering, speculation, manipulation, taking advantage of policies to push up prices...
Therefore, many people, including many investors, are worried that gold bars may decrease sharply in the near future, so they have accepted to sell even if they make little profit or break even.
Many people, after selling gold bars, reinvested by buying gold rings for reserves because idle money does not generate interest and depositing money in banks has "hit rock bottom". However, many people saw that the price of gold rings was turning up, so they were cautious and did not "put money down", waiting for the next downtrend to buy gold for investment.
Currently, although the gold price has shown signs of “cooling down”, the difference between buying and selling SJC gold is listed at a high level. This puts investors at risk of losing money when buying gold. In addition, some information related to gold management activities and gold bar monopoly recently has also made people consider more carefully before spending money.
Giving advice to investors, many experts said that the price of SJC gold is still at its peak, if you buy at this time it is very risky, the profit rate is not as high as before.
However, the world gold trend in 2024 will continue to increase, so if you want to buy, wait until April-May, when domestic gold prices tend to decrease, there will be a good price to buy.
And you should also choose 9999 gold rings for investment because SJC gold has a high difference with the world gold price, it is not known when the State Bank will intervene, so the risk is quite high. Meanwhile, gold rings often follow the market closely, the difference with the world gold is only 3-4 million VND/tael, so the risk for investors is not much.
Source
Comment (0)