Crowds buy gold to store
According to Lao Dong reporters, gold shops on many streets in Hanoi such as Tran Nhan Tong or Cau Giay often have long queues of people waiting to buy gold. The popular item at this time is usually 9999 round gold rings. It is worth mentioning that buying gold rings at this time is not easy.
It is known that the situation of waiting in line to buy gold occurs continuously because most stores only sell a very small quantity per day and do not announce specific times.
After three days of searching all the gold shops in Hanoi, Mr. Nguyen Hoang Hiep (31 years old - Nam Tu Liem - Ha Noi) was able to buy 5 taels of gold ring.
"Seeing friends and relatives buying a lot of gold, my wife and I decided to buy some. Usually, when we buy to save money, we buy SJC gold bars, but right now we can't buy this type of gold because the store has stopped selling. So I went to buy a plain round gold ring. However, for two days I couldn't buy anything because I couldn't calculate the opening hours of the stores. Gold shops don't have fixed hours, so if you're lucky, you can buy it, otherwise it's difficult to buy it," said Mr. Hiep.
Waiting for many hours to buy a few taels of plain gold rings, Mr. Nguyen The Tung (My Dinh, Hanoi) - a customer buying gold at a store in Cau Giay (Hanoi) - shared: "I myself also followed the crowd to buy gold to store for later. Today I just bought 5 taels of plain gold rings and still can't believe I bought them. I went to the store to wait for a coupon but there were only a few dozen coupons. If I'm one step late, I have to wait for many hours, sometimes the store will reopen for gold rings the next day."
Gold hoarding is not good for the economy
Regarding the reason why gold shops sell SJC gold bars and round gold rings in small quantities despite high demand, Dr. Nguyen Tri Hieu, an economic expert, said that it could be due to two factors, including scarce supply and the phenomenon of "gold hoarding".
"Currently, the supply is becoming scarcer because the demand for gold is very high, while the supply is relatively limited. Gold rings can only be produced if there is raw gold. And the input of raw gold is very strictly controlled. For many years, only the State Bank can import gold, no other unit.
Besides, it is also possible that gold traders are hoarding goods to wait for prices to rise again and sell for profit.
Currently, the domestic gold market has two segments, including the SJC gold bar market and the 9999 smooth round gold ring market. The gold bar market is under control so the price does not fluctuate much. The price of gold rings is still increasing, but it does not always increase according to the world price" - Mr. Hieu discussed with Lao Dong reporter.
According to Dr. Nguyen Tri Hieu, investing in gold is not beneficial to the economy: "Instead of money being used for production and business, it is used to buy gold and keep it in the house, not circulated, becoming a waste."
Mr. Hieu affirmed that solving the problem of people tending to hoard gold "is a big problem. However, that problem cannot be solved by tightening the gold market. Tightening like that will only cause more psychological pressure. The more people feel the need to have gold, the more confused they feel, the more they feel they have to wait to buy.
Thus, the gold "fever" can only be solved if the gold market is more open. Decree 24 on the management of gold trading activities must be changed. The national brand of SJC must be eliminated so that all gold brands can compete equally with each other.
In addition, the State Bank should withdraw its role as the sole gold importer. Then, there should be measures such as issuing gold certificates, securitizing gold, and creating more attractive investment channels... At the same time, still respecting the right to own gold but letting people understand that hoarding gold is not beneficial to the economy.
