Silver price drops to 77 million VND/kg, risk or opportunity to bottom-fish?

On May 23, domestic silver prices at many brands simultaneously adjusted sharply down in the context of volatile world precious metals markets.

As of 2:35 PM, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.849 - 2.922 million VND/tael (buying - selling); down 32,000 VND/tael on the buying side and down 33,000 VND/tael on the selling side compared to yesterday morning.

The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 75,100 - 77,420 million VND/kg (buying - selling); down 850,000 VND/kg on the buying side and down 880,000 VND/kg on the selling side compared to yesterday morning.

At the same time, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.855 - 2.958 million VND/tael (buying - selling); down 30,000 VND/tael on the buying side and down 31,000 VND/tael on the selling side compared to yesterday morning.

Talking to reporters, Mr. Vu Ngoc Manh - Director of BULLION Vietnam Company - said that silver prices are likely to still fluctuate strongly, but the general trend is in a correction phase after a period of hot increase.

According to him, silver is one of the metals with greater volatility than gold, because it is both affected by investment factors and affected by industrial demand, market sentiment and fluctuations of the USD.

In the price range of 76 - 77 million VND/kg, I think this is a noteworthy area to observe. For long-term investors, it is possible to consider disbursing portions. But if you buy emotionally or want to bottom-fish absolutely, it is very risky, because silver usually reverses very quickly" - Mr. Vu Ngoc Manh said.

Explaining the sharp decline in silver prices, which could fall from 89 million to 76 million VND/kg in just one week, Mr. Manh said that this is not too unusual in the context that the commodity market is reacting strongly to macroeconomic factors. When speculative sentiment cools down, cash flow can withdraw very quickly, causing prices to adjust deeply.

Silver has a smaller market size than gold, so when cash flow comes in or out, the fluctuation range is usually much larger," he added.

According to him, with the current price, investors should not chase buying, nor should they accumulate capital at once. A more appropriate approach is to divide capital into smaller portions, clearly define the goal of holding and maintain transaction discipline.

Silver is a potential market, but not for a hasty mentality. Those who follow emotions are often easy to buy in the highlands and sell in the lowlands," he emphasized.

Regarding trends, Mr. Vu Ngoc Manh believes that in the short term, silver will still fluctuate according to international economic news, interest rates and the USD. Therefore, investors need to closely monitor market developments instead of just looking at a few short-term up and down sessions.