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"Gold vapor" reigns supreme, real money becomes... "paper money"

(Baothanhhoa.vn) - In recent days, the price of gold has continuously reached new peaks, causing people to rush to hoard assets. However, instead of receiving real gold, many people only received handwritten papers promising delivery after 10 to 15 days. Meanwhile, on social networks, physical gold is being bought and sold busily, "shipped" to their doorstep with a difference of several hundred thousand VND per tael. An underground shift is taking place - from "gold streets" to "online markets", reflecting the instability and potential risks in the current gold market.

Báo Thanh HóaBáo Thanh Hóa25/04/2025

Customers should choose to buy gold at reputable stores. (Illustration photo)

Buy gold on... "paper"

In Thanh Hoa City, recently, the number of people looking to buy gold rings and gold bars at reputable stores such as Kim Chung, Kim Lien, Lan Huong, Phu Do, Kim Bao, DOJI ... has increased dramatically. However, instead of receiving gold, many people were only given a paper confirming their "gold debt" with a promise to deliver it after 10 days to a month.

At Kim Chung gold shop, the situation of "selling gold by paper" has been going on for more than a week now. Customers, whether buying a few taels or a whole tree, or even a dozen trees, only receive a handwritten note confirming the quantity and the delivery time. An employee here said: "Instead of delivering gold, our shop will write a handwritten note for customers, this form of transaction can cost up to several billion VND a day. The main reason for this situation is the "scarcity" of gold, the source does not have gold to deliver so we have to write a note". The worrying thing is that many people, despite knowing the risks, still accept this form due to urgent needs such as weddings, hoarding, and mostly looking for profit when the price of gold is high.

Unlike the crowded Kim Chung, the Kim Bao gold shop was "quiet" in terms of buying and selling, not because there were no customers but because there was no gold to sell. On the morning of April 22, 2025, posing as customers wanting to buy gold, when we came to discuss buying about 10 taels of gold, the shop owner immediately called the suppliers. After a few minutes of waiting, the shop owner said that there was gold but only sold it in small quantities, because the suppliers did not supply large quantities for fear that the price of gold would continue to increase. Some customers around were surprised. A woman standing next to her exclaimed: "The money is available, but buying gold is like begging." The shop's caution shows that the supply of physical gold is being tightly controlled, to the point that traditional gold shops cannot decide on the amount to sell.

Even large brand chains like DOJI are not immune to the “gold thirst”. At a DOJI branch on Phan Chu Chinh Street, when a customer asked to buy a few taels of SJC gold bars, the staff gently refused: “We currently have no gold bars available. If you need them, please leave your phone number. When there is a customer to sell, we will contact you”. Another staff member added: “The gold supply from the company is not as steady as before, so we mainly rotate from sellers”.

In reality, gold buyers today do not have invoices or contracts, but only a fragile handwritten piece of paper, putting the buyer's assets at risk.

Buy gold with... "faith"

In the context of large stores not having physical gold to trade, the form of selling gold by handwritten notes is commonly applied. The buyer pays in full, the store commits to deliver the gold later - a form of "real money, gold vapor" that has never happened before.

Ms. LTT, in Dong Tho ward ( Thanh Hoa city) said: “I bought 1 tael of gold at KL gold and silver shop, they wrote a handwritten note and asked me to come back in 10 days. But when the deadline came, the gold was still not there, I was both upset and worried about my decision to buy gold on paper.”

Buying gold “on paper” may be exposing consumers to many risks. IOUs usually only show the customer’s name, the amount of gold, the expected delivery time, and do not have any provisions for handling price fluctuations, nor do they have clear legal obligations to compensate for non-fulfillment of commitments. In the event of a market reversal, the buyer will be the one who suffers.

Despite the risks, many people still accept “holding paper” instead of real gold, because of the fear that the price of gold will increase. “I bought 2 taels of gold, the price is nearly 240 million VND. If I don’t buy now, tomorrow it will go up, I will lose. Waiting for real gold for a few weeks is also acceptable,” said Mr. TVQ (Hoang Hoa).

The ease of “pay first, receive gold later” transactions is turning the relationship between buyers and sellers into a gamble of trust. If the market continues to fluctuate, that trust will likely be tested, and the one who will suffer the consequences will be none other than the buyer.

In fact, the form of handwritten notes instead of real gold delivery does not violate the law if there is an agreement between the two parties. However, according to lawyers, this is a form of civil transaction without strict commitments, without clear sanctions if disputes arise. When the market fluctuates, the seller can postpone the delivery date, but the buyer does not have enough grounds to request a refund, not to mention a lawsuit. Besides, in case of a dispute, proving the existence and content of the handwritten note will be difficult without additional evidence such as: Signatures of the parties involved, certification of witnesses, documents related to the transaction. Therefore, to ensure rights and avoid risks, the parties should make a written contract with full information, signatures of the parties and, if necessary, certification by a competent authority.

Gold "dancing", "black market" takes profit

A typical case of “paperless but intentional transactions” is a “gold broker” named LTT, with phone number 0919xxxxxx, who specializes in collecting goods from people, carrying a cloth bag containing all kinds of gold: KL, KC, PD... standing right near the door of large gold shops. When she saw a customer coming in to ask to buy gold but was given a handwritten appointment, Ms. T gently approached and whispered: “If you need to buy gold, I have the goods right away, get in the car and I will deliver it right away, no need to wait.” On the car, she opened the bag, took out each tray of gold rings and introduced: “Standard goods, correct KL type, no need for invoice, the store still collects according to the list price. I sell for 12 million VND/tael, the same price as the store sells. The only difference is that they sell with an appointment paper, but I sell real gold”. She revealed that she bought gold the day before (April 21) for 11,650,000 VND/tael, now selling for 12 million VND/tael, no discount. It is worth mentioning that she tried to sell it to another gold shop, they were willing to buy it at the same price, or even higher - but she did not sell, because "she knew for sure that gold was scarce".

With flexible and confident transactions and listed prices, buyers can easily trust, but without invoices or commitment papers, this is still an unsecured gamble.

Introduced by a gold shop employee to a source specializing in supplying KC gold, when the reporter called the phone number 09853xxxx, the seller firmly affirmed: "I sell KC gold, you bring it to them and they will buy it at the price on the store's board." When asked if there was an invoice or proof, the other end of the line calmly replied: "No need for an invoice, as long as it's KC goods, they will take it all back." When asked further about the seal or quality guarantee, this person still maintained a mocking attitude: "As long as the gold is from KC, you can rest assured, whether it has a seal or not is not important." The conversation shows the dangerous ambiguity between brand and legality - where sellers take advantage of the brand's reputation to create false trust, pushing floating goods into the hands of buyers without any commitment.

While the big stores are “out of stock”, the black market for gold is more vibrant than ever. Facebook and Zalo groups are bustling: “Need to sell 1 KC tree for 120 million”, “Have 200 gold rings, immediate delivery”, “Buy at high price, no bargaining”. The current black market for gold exists on an extremely fragile foundation: Trust replaces legality, acquaintances replace documents, and word-of-mouth brands replace official guarantees. From the “gold broker” who delivers without invoices, to the seller over the phone who claims “no stamp needed, just the KC label”, or the gold sales posts floating around the internet... all rely on trust without any binding basis. When trust is exploited, every transaction turns into a gamble and the loser is none other than the consumer.

According to financial experts, the gold market is operating with potential instability, as buying and selling behavior is increasingly based on psychology and rumors rather than a solid legal foundation. People's acceptance of transactions without invoices, without inspection, even with handwritten documents, has turned gold from a safe storage asset into a risky speculative tool. Experts recommend: No matter how much the gold price fluctuates, the key factor is still transparency and legal safety in each transaction.

Article and photos: PV Group

Source: https://baothanhhoa.vn/vang-hoi-len-ngoi-tien-that-thanh-giay-tay-246788.htm


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