Sky-high prices, Nghe An people should be careful when buying gold

At 4:00 p.m. on October 25, domestically, the SJC gold bar price was listed by SJC Company at VND87 million/tael for buying and VND89 million/tael for selling, remaining at a high level in recent days. This is also the selling price of SJC gold bars at commercial banks including Vietcombank, BIDV, Agribank and VietinBank. The price of 99.99 gold rings also remained at a historical peak: VND87 million/tael for buying and VND88.5 million/tael for selling.

In Nghe An, the gold price is still higher than the domestic gold price. Specifically, the price of gold rings is listed by private gold and silver enterprises at 87.00 - 87.50 million VND/tael (buy) and 90.20 - 90.50 million VND/tael (sell). This is also the high price maintained in the past 2 days.

At state-owned gold and silver companies and enterprises, the selling price is lower. Specifically, at the gold shop of ASEAN North Central Gold and Silver Joint Stock Company, it is 89 million VND/tael, DOJI Group is 89.02 million VND/tael, PNJ is 88.9 million VND/tael.

However, at these companies and corporations, the supply of gold is limited, many customers come to buy but have to go home empty-handed because the goods are out of stock. Ms. Pham Ngoc T., a resident of Nghi Xuan district (Ha Tinh), went to the DOJI Group gold shop on Nguyen Van Cu street to buy gold rings but was informed that they were out of stock.

Ms. T. said: “The price of gold from state-owned companies, corporations, and big brands is lower than that of private gold and silver shops, the difference between buying and selling is also lower and the reliability is greater, so I often buy here. However, this whole week, I have gone back and forth several times but still have not been able to buy gold because it is out of stock.”

Meanwhile, at private gold and silver shops, the supply is more abundant, meeting the needs of retail customers. Although the price of gold here is about 1-1.5 million VND/tael different from the price of gold of state-owned enterprises; the buying and selling margin is also higher, but because there is no limit on the amount of purchase, and no need to present citizen identification when buying, it is still chosen by many people.

Up to now, in Nghe An, there has not been a scene of people queuing, taking numbers or jostling to buy gold. "This time, transactions are more active, people's demand for gold is higher than a month ago. We still meet the demand for retail customers buying from 10 taels or less," said Ms. Thanh Vinh, owner of a gold shop on Cao Thang Street.

Gold prices are at an all-time high, considered to be the highest level ever, and there are also risks when buying gold at this time. However, because of the "fear of missing out" mentality, people are rushing to buy gold. "Right now, gold is 90.50 million VND/tael, which is really high. But I'm afraid that next week or next month, gold will increase sharply, reaching 100 million VND/tael, which will make it difficult to buy, and I'll regret it. Therefore, I save up all the money I have to buy gold," said Ms. Cam H., a customer.

However, according to the analysis of experienced gold investors, when choosing gold as an investment channel, one must understand gold, the ups and downs, the increase and decrease cycles and catch the right wave to close the profit. If you buy gold in the short term and catch a good wave, you will make a profit, otherwise you will lose because the difference between the selling and buying prices is quite high.

“Specifically, you currently have 900 million VND, if you invest in gold at the current price you will be able to buy 10 taels of gold. If by this time next year, gold reaches 100 million VND/tael, you will have a profit of 100 million VND, but the probability of gold reaching this peak is very difficult and there is nothing certain.

On the contrary, if next year the situation changes and the gold price plummets, you will lose money. And with that amount of money, you deposit it in the bank, each year you will earn about 60 million VND, although the profit is small but certain. So, gold is just an asset, a backup asset, but if you want to invest profitably, you must understand, know how to catch the wave, and close the profit at the right time," said Mr. Phu Hung, a long-time gold investor in Vinh city.

What is alarming is that, currently, due to the fact that it is difficult to buy gold from major brands, many gold exchange groups have appeared on social networks, some with more than 65,000 members. Every day, posts about buying and selling gold bars and plain rings are bustling, with selling prices 1-3 million VND higher than the market price, up to 92 million VND per tael.

Not only for sale, some social media accounts also regularly post articles specializing in buying gold rings of big brands such as Bao Tin Minh Chau, DOJI, PNJ... at high prices according to agreements. Many people also go online to find gold resellers in the localities. Accordingly, people need to be careful, should not trade gold through social networks or buy and sell by hand because the risk is very high when the quality of gold cannot be verified.