Vietnam to open a gold exchange?

Lawmakers have expressed their support for Party General Secretary To Lam's directive on gold market management, agreeing that ending the State's monopoly on gold bullion will help address price disparities between gold brands.

At a May 28 working session with the Party Central Committee's Commission for Policies and Strategies, the Party chief requested that the State's monopoly on gold bullion branding should be dismantled in a controlled way, with the principle that the government retains oversight of bullion production. However, licenses can be granted to qualified enterprises to participate in gold bar manufacturing, thereby fostering a level playing field, diversifying supply sources, and contributing to price stability in the market.

The General Secretary pointed to the need to focus on researching and proposing a set of suitable, phased solutions for early implementation. These may include learning from international experiences to recommend the establishment of a national gold exchange, permitting gold trading on the commodities exchange, or setting up a dedicated gold trading platform within Vietnam’s planned international financial center, among other options.
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China, Singapore and now Vietnam - the east is ramping up gold trading operations.

I guess they figure they can seize it any time they want to, anyway - no need to have a government (or Party, same thing) monopoly on it.

I was listening to Chris Martenson discuss China's reaction to the gold price-hike. China's retail buyers are moar energized - as Eric Yueng predicted, months ago - but the CCP is actually issuing GOLD COUPONS. That's right, coupons the subjects can take down to any approved retail seller of gold, the way you'd use a ValPak mailer for dinner at Paul's Pancake House.

Think about that. The Chinese government SUBSIDIZING gold purchases.

...what could POSSIBLY go wrong there, with the Chinese government a part-owner in "your" gold?

I guess the Chinese buyers don't much mind being a front-buyer for the government - taking all the risk and all the cost of storage, but having an additional risk of future seizure.

I don't know how much different Vietnamese culture is from China's; but Communism is Communism, any language.

No need to wait on EST in NYC. It's a smart move plus they are setting up a literal mercantile exchange to supplement trading surpluses of local currencies. Asia is designing these exchanges to literally move physical PMs to cover trading surpluses instead of using $USD.

Inflation will also come to the treasury market with higher rates and less buyers. Pretty soon buyers will disappear which is no bueno for Americans.

I don't know how much different Vietnamese culture is from China's; but Communism is Communism, any language.

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Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

SilverStacker said:

Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

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And the Chinese hated the Soviets. And the Soviets hated the Yugoslavs....not pure-enough with their Marxism.

And the National Socialists hated the German Marxists, in 1920s Berlin, too. OFTEN movements of similar or identical ideologies, fight violently. Because it becomes all about, who will be in charge.

SilverStacker said:

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

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The observation about Ho is illustrative. Often times a movement leader is either devoid of ideology - he's about POWER - or else, he's pushing for a single-issue movement - expelling the French, or ending abortion, or expanding national borders. Take your pick.

In come the outside agents - often Communist, simply because Communist societies cannot support themselves. They have to leach off others by border expansion, constantly. So the Russians and then Chinese Marxists were in Vietnam, funding (meagerly; Communism doesn't generate wealth) Ho's war against the French.

And of course, our Gynocrat Party had to jump in to defend the French! We were DEEP in a war where we had essentially NO interest! Had a true statesman come forward, got de Gaulle at the table with Ho, and then backed it up with threats regarding the French war debts...none of it would have happened.

History has blurred how much culpability Kennedy has for this. But we know Johnson was positively AROUSED by this war. In retrospect, the antiwar protesters in the US, were not wrong.

The Vietnamese gold market is about to undergo significant reforms that could boost competition, lower prices, and increase supply.

A government decree will open the door for eligible banks and enterprises to import gold into the country and produce bullion. Currently, the Saigon Jewelry Company Limited (SJC) enjoys a monopoly on the importation of gold and the production of gold bars.
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SilverStacker said:

Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

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Why were we there? The real answer is out there in the South China Sea.
Petroleum — we wanted access to it.