Gold prices continued to surge this morning, October 23rd, with gold rings reaching over 88 million VND per tael. On Tran Nhan Tong Street, known as the "gold street" in Hanoi , crowds of people jostled on the sidewalks waiting to buy gold, even though shops announced they were not selling gold today.
According to VietNamNet reporters , from 8 am onwards, a large crowd had lined up waiting for the Bao Tin Minh Chau gold shop on Tran Nhan Tong street (Hai Ba Trung district, Hanoi) to open for business, even though the shop's staff repeatedly announced: "The shop is not selling gold today; gold rings were sold out yesterday."
The employee said that yesterday the store was open until 7 PM and served about 60 customers. Quite a few people bought more than 1 tael (a unit of weight for gold).
One person waiting to buy gold here said: "We're all too familiar with this kind of announcement from the gold shop; they'll definitely open for business today. The important thing is not knowing when they'll open, so we're determined to wait."
Ms. Phuong, who had been waiting since 7:30 a.m., had to "entrust" some "coffee money" to the owner of the drinks stall next to the gold shop before going home for some errands. The stall owner would call her when the gold shop showed signs of opening for business.
Mr. Quang (Hai Ba Trung District, Hanoi) shared: “I’ve been waiting for several days now, but it’s difficult to buy because the shops are selling very sparingly. When I was waiting in line, they wouldn’t sell, but when I left, they started selling. So today I tried to queue until noon, hoping the gold shop would take pity on me and open for business so I could go home.”
As a first-time gold buyer at Bao Tin Minh Chau, Ms. Lan Anh (Thanh Tri, Hanoi) said she was shocked to see such long queues. "I could only wait 30 minutes because I had to go all the way back to Thanh Tri to sell my goods. Buying gold like this wastes a whole day's work," she said.
Many people jokingly commented: "The gold itself is reputable, but the way the shop announces the sale of gold is completely unreliable. You can't possibly know when the shop will open for business."
Observations show that people crowded the sidewalks, spilling onto the road. Many pedestrians on the sidewalks felt uncomfortable because their space was being encroached upon. The gold shop staff were working at full capacity, but the shop was still overwhelmed.
Several nearby shops, such as Phu Quy Gold and Silver, also displayed signs saying "temporarily out of stock." Inside the shops, a large crowd of people were waiting, and motorbikes filled the sidewalks.
Meanwhile, on the online gold trading market, many people are posting ads to buy and sell gold in unlimited quantities.
Members also whispered to each other that if they wanted to buy gold easily, they should go to a smaller gold shop, but the purchase price would be about 1-2 million VND/ounce higher than the listed gold price.
Many online forums for buying and selling SJC gold bars, gold rings, etc., have also appeared. With just a click of the mouse or a post, buyers/sellers will immediately receive numerous offers to trade at favorable prices.
Posing as someone wanting to sell gold, a reporter contacted a buyer interested in purchasing large quantities. The buyer stated that they would provide their address, and the customer could bring the gold themselves for the transaction. They also offered to buy at 90.3 million VND per tael, while the official buying price for gold this morning was listed at 87 million VND per tael.
Conversely, when the reporter expressed interest in buying gold, many people immediately approached, offering their services and promising to sell at "soft" prices compared to the market, with any quantity needed and on-site transactions. Many even claimed to provide invoices, but many were unable to guarantee the authenticity of the gold.
However, many forum members expressed concern that this method of buying and selling carries significant risks, including the possibility of purchasing counterfeit or illegally sourced gold. They argued that buying from reputable stores ensures the gold is traceable by serial number. Furthermore, clear documentation is provided, making future transactions and exchanges much easier.
Experts advise that, given the current high price of gold, people need to be extremely cautious when buying gold from unofficial sources. They should require the seller to provide proof of the gold's origin and accompanying documents, and conduct a thorough quality check before making any transaction.
Gold prices are soaring, but the risk of a sharp drop is real.
"High risk, high reward," gold prices surge to new highs then enter a downturn?
Source: https://vietnamnet.vn/xep-hang-dai-chau-chuc-ca-ngay-cho-tiem-vang-mo-cua-bat-thinh-linh-2334700.html
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