Gold prices continued to rise this morning, October 23, with gold rings reaching over VND88 million/tael. At the "gold street" Tran Nhan Tong, Hanoi, crowds of people crowded the sidewalks waiting to buy gold even though the shops announced that they would not sell gold today.
According to VietNamNet reporters , from 8am, a large number of people lined up waiting for the Bao Tin Minh Chau gold shop on Tran Nhan Tong street (Hai Ba Trung, Hanoi) to open for sale, even though the gold shop staff kept announcing: "Today the shop does not sell gold, the gold rings were sold out since yesterday".
This employee said that yesterday the store was open until 7pm for about 60 customers. Many people bought more than 1 tael.
A person waiting to buy gold here said: "We are too familiar with this type of announcement from the gold shop, that it will open for sale today. The important thing is that we don't know when it will open, so we are determined to wait."
Ms. Phuong, who had been waiting since 7:30 a.m., had to “entrust” the owner of the coffee shop next to the gold shop with some “coffee money” so she could go home. When the gold shop showed signs of opening for business, the owner of the coffee shop would call her.
Mr. Quang (Hai Ba Trung, Hanoi) shared: “I have been waiting for several days now but it is difficult to buy because the store sells very little. When I was waiting, the store did not sell anything, but when I returned, they did. So today I tried to wait in line until noon, hoping the gold shop would relent and open the store so I could return.”
As a first-time gold buyer at Bao Tin Minh Chau, Ms. Lan Anh (Thanh Tri, Hanoi) said she was shocked to see such a long queue. "I could only wait 30 minutes because I had to go all the way to Thanh Tri to sell. Buying gold like this has wasted a day's work," she said.
Many people joked: “The gold is reputable, but the way the store announces its gold sales is not reputable at all. You can’t know when the store will open for sale.”
According to observations, people lined the sidewalks, spilling out onto the street. Many pedestrians felt uncomfortable because the walkways were being encroached upon. The gold shop staff worked at full capacity, but the gold shop was still overloaded.
Several surrounding stores, such as Phu Quy Jewelry, also hung signs saying “temporarily out of stock.” Inside the store, there were many people waiting, and motorbikes lined up on the sidewalk.
Meanwhile, in the online gold trading market, many people post ads to sell and buy unlimited quantities of gold.
Members also whispered to each other that if they wanted to buy easily, they could go to a smaller gold shop, but the purchase price would be about 1-2 million VND/tael higher than the listed gold price.
There are also many forums online for buying, selling, and exchanging SJC gold bars, gold rings, etc. With just one click or posting an article, buyers/sellers will immediately be invited by many people to trade at a bargain price.
Posing as a person who wanted to sell gold, the reporter contacted someone who wanted to buy in large quantities. This person said that if they wanted to sell gold, they would give the address and the customer would bring the gold to the transaction. At the same time, they would buy it for 90.3 million VND/tael, while the official buying price of gold was listed at 87 million VND/tael this morning.
On the contrary, when PV wanted to buy gold, many people immediately came to offer, promising to sell at a "soft" price compared to the market, to buy as much as they wanted, and to transact on the spot. Many people also affirmed that the gold would have an invoice, but to ensure whether the gold was real or not, many people did not answer.
However, many members on the forum expressed concern that buying and selling in this form will encounter many risks, with the risk of buying fake gold or gold of unknown origin. Because, if purchased at a reputable store, the amount of gold is managed by a series. In particular, there will be clear verification documents, making buying and selling and exchanging easier later.
Experts recommend that in the context of the current "hot" gold price, people need to be extremely careful when buying gold floating outside. They need to ask the trading unit to prove the origin of the gold, the accompanying documents and carefully check the quality of the gold before the transaction.
Gold prices are rising rapidly, with the risk of a sharp decline present.
'High risk, high reward', gold price skyrockets to new peak then enters recession?
Source: https://vietnamnet.vn/xep-hang-dai-chau-chuc-ca-ngay-cho-tiem-vang-mo-cua-bat-thinh-linh-2334700.html
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