Buying and selling gold in Vinh - Losing both ways
(Baonghean) -Gold prices are high, some people need money to sell gold. But instead of selling at the listed price, they can only sell at a price lower than the national market by several million VND/tael.
On August 15, 2011, Ms. Hoang Thi Lam (Nghi Phu) sold 2 gold bars to the city's largest gold shop, Kim Thanh Huy, to earn more money to build a house. At home, she heard on TV that the buying price of the shops was 44 million VND/bar, and the selling price was 45.5 million VND/bar of 4-number-9 gold. However, when she went to the shop, she saw that the shop owner bought SJC gold for 43.5 million VND/bar, while the shop bought gold for only 42 million VND/bar. The 2 gold bars she bought individually now sell for only 42 million VND/bar. Meanwhile, gold in Hanoi and Ho Chi Minh City is bought for 44.3 million to 44.5 million VND/bar.
On August 16, 2011, the price of gold skyrocketed again. Mr. Hai Au (Nghi Loc) went to sell gold and only sold 42.5 million VND/tael. Meanwhile, many shop owners hung signs selling for 46 - 46.5 million VND/tael. The difference was 400-450 thousand VND/tael when selling and buying, while this rate in big cities was only 20-50 thousand VND/tael.
Buying cheap, selling expensive - that has been the reality for decades of gold and silver shops in Vinh city - a fairly large jewelry trading center in the North Central region. Gold shops have a very large transaction volume of hundreds of gold bars/day but always hold the "handle", buying cheaper than the domestic market and selling much higher than the national market.
Round rings and solid rings are still valuable, but gold jewelry with 4 number 9s is still being squeezed in price, even though when buying, the buyer also adds in quite expensive labor costs, each item costs 200-500,000 VND. The seller can only count the money and go home, because selling at another brand is even cheaper.
Pearl
