Spot silver prices on the international market have surpassed 35.9 USD/ounce, the highest level since 2011. This strong increase is said to be due to increased physical investment demand, along with inflation expectations and geopolitical fluctuations in the world. In Vietnam, silver prices also climbed to over 1.4 million VND/tael, up nearly 30% compared to the beginning of the year.
Mr. Nguyen Van Anh (Nam Tu Liem - Hanoi) shared: "In the past, I had a idle amount of money, planning to buy gold. However, because it was difficult to buy gold, I switched to buying silver. The time I bought silver was 33.5 million VND/kg. Seeing the price increase too high, I decided to sell to make a profit, so that when the price turns to decrease, I will not regret it.
Meanwhile, Mr. Phan Van An (Cau Giay - Hanoi) said that he has been selling less silver in the past three days as prices have increased: "I have about 15kg of silver. For the past three days, when silver prices increased, I sold a portion every day, and now I still have about 6kg.
I thought that the price of silver could increase further, so I did not sell all. At the time I bought it, the price was 32.5 million VND/kg. By the afternoon of June 9, they had sold 36.5 million VND/kg, equivalent to a profit of 4 million VND/kg. If we compare, it would be like saving 100 million VND for the whole year" - Mr. An said.
Ms. Nguyen Thi Huong (an employee of a jewelry store on Cau Giay - Hanoi) shared: "Since last weekend, the number of people bringing silver to sell has doubled every day. Many buyers have been saving for a few years now, now the price is too high, so they take advantage of selling to make a profit".
Not only long-term investors, some people also take advantage of short-term "surfing" when they see a clear upward trend. Jewelry, raw silver, and even used silver are also being sold on the market.
Analysts said that although the trend of increasing silver prices still has potential, small investors need to be cautious, avoiding the psychology of "going to the top" when prices have increased too quickly in a short time. Reasonable portfolio allocation, market monitoring and information updates are key factors to limit risks in the current period of strong price fluctuations.
Domestic silver price developments
Domestic silver prices continued to increase early this morning. As of 8:45 a.m. on June 10, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.378 - 1.421 million/tael (buy - sell). The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.378 - 1.421 million VND/tael (buy - sell).
At the same time, the price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 36.746-37.893 million VND/kg (buy in - sell out).
