Vietnam Goes Gold Crazy

benjamen

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http://www.24hgold.com/english/news...10020&redirect=false&contributor=Mark+O'Byrne

"The Vietnamese Central Bank sold another 25,700 taels (37.5 grams, 1.2 troy ounces) at a gold bar auction on Friday in order to try and satiate the massive public demand for gold in Vietnam."

"Today, the premium was close to 5.5 million dong which is the equivalent of a very high premium of $217 per ounce over spot."

"Purchases of physical gold between 2011-2012 accounted for over 3% of GDP."
 

ancona

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Sounds to me like the Vietnamese are trying to get it right and get in to gold while they still can. Same with china and India. The only ones fighting back are the US and Europe. Everyone else sees the fiat writing on the wall.
 

MasterQ

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The US Mark?!

Oh cmon..I see signs everywhere wanting to buy gold! :p

It's not like the markets are saying gold and silver are a bad bet right now.../cough.../coubullshitcough

I listen to mass medi..../cough cough..sorry....damn...seasonal allergies ;)

-Q
 

Potemkin

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Gold is trendy in Asia and it's getting more popular.
Japanese are buying it too, because the Jap. government started monetary easing...
Hong Kong is a popular cheap buying place, but I hear many shops were emptied this year.

I didn't know much about Vietnam, but if they buy too... I guess the whole Asia is buying madly. While Europe and the US are "worried" about the "end of the gold era"

I bet gold will shoot up and those who buy cheap will gain when it will reach new highs...
 

Potemkin

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http://www.24hgold.com/english/news...10020&redirect=false&contributor=Mark+O'Byrne

"The Vietnamese Central Bank sold another 25,700 taels (37.5 grams, 1.2 troy ounces) at a gold bar auction on Friday in order to try and satiate the massive public demand for gold in Vietnam."

"Today, the premium was close to 5.5 million dong which is the equivalent of a very high premium of $217 per ounce over spot."

"Purchases of physical gold between 2011-2012 accounted for over 3% of GDP."
And they're paying very high premiums on these products!
Extremely high!

And I was thinking, UK premiums were high...

But Asians seem to traditionally love gold... while the west has almost forgotten about it! We have gotten drunk with fiat money!
 

benjamen

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The government of Vietnam is pulling out all the anti-gold tricks:
http://www.24hgold.com/english/news...10020&redirect=false&contributor=Chris+Powell

"To reduce contraband and persuade people to sell their bullion, the central bank made itself the sole importer and Saigon Jewelry Co. the only legal producer of gold bars. To discourage people from holding the precious metal, it banned banks from paying interest on gold deposits from June 30. Banks now have to charge customers a fee for storing it instead."

"Still, Vietnam's affinity for gold, combined with the central bank's rules restricting imports, mean Vietnamese buyers paid a record premium of more than 6 million dong per tael ($235 an ounce) over the world price in April when the precious metal tumbled into a bear market."
:flail:
 

Potemkin

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It's just a matter of time until the dollar and euro go bust and the masses start buying gold.
So weird that most people I know don't know much about gold, don't own gold, don't believe in it, don't even know we're in a very deep financial crisis - they think it's just "media hysteria".

The masses still didn't jump at gold's neck in the west. Europe and the USA are still pretty much asleep.
I could say roughly 1 out of 20-30 people that I know bought or was at least aware of gold's importance during crisis.

Vietnam has a tradition, Hong Kong, India, Turkey as well...

Just watch gold prices soar as the EU countries go deeper and deeper in recession. PIGS countries are all in, situation worsening.
France just entered a recession. Germany's industrial production is low and they depend on it.

An interesting observation is that more and more gold and silver trading firms are appearing in my neighborhood. A sign that a major crisis is coming?
 
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