Recorded at the Ancarat system, at 8:43 am today, the price of Ngan Long Quang Tien 999 silver (1kg bar) was listed around 101.893 - 98.827 million VND/kg; while Dong Son Tu Bao 999 (1kg) was at 102.027 - 99.017 million VND/kg (in the buying - selling direction).
And in Phu Quy, recorded at 10:30 am, the price of 999 silver bars 1 tael was priced at 3.711-3.826 million VND/tael. Meanwhile, 999 silver bars 1kg were priced at 98.959 - 102.026 million VND/kg.
Mr. Tran Van Minh (Dong Da, Hanoi) said that he just bought 1kg of silver bars yesterday when the price was only "floating around" 95 million VND/kg. This morning, seeing the price increase sharply, he went to the store to try selling.
Yesterday, I bought about 95 million VND/kg. This morning, the store quoted a selling price of around 99 million VND/kg, calculating that I made a profit of about 4 million VND/kg in just one day. I asked for that price but I haven't sold yet. I will leave it until I need to use the money," Mr. Minh said.
Similarly, Ms. Nguyen Thi Lan (Hai Ba Trung, Hanoi) shared that last night she still followed the price list and decided to buy because she saw a rare deep decrease. This morning, when the price skyrocketed, she estimated that she had made a profit of 20 million VND.
I bought 5kg yesterday at a price of 95 million VND/kg, now it is nearly 99 million VND/kg. I only took the appointment slip and the store announced that 70 days later I would get money, but if I took this slip to the store, I would have made a profit of 20 million VND already" - Ms. Lan said.
Prices are increasing rapidly, so many people take advantage of taking profits. At times, customers come in droves, causing the process of counting and confirming products to take a lot of time, leading to queuing" - this person said.
Also according to stores, the "skyrocketing after deep decline" dien bien makes small investor sentiment change very quickly: yesterday prioritizing buying, today switching to selling to realize profits.
Since the beginning of the year, silver prices have increased by more than 31% and the market is recording a record high, described as exceeding the historical price peak in 1983. The sharp price increase also led to a local shortage of silver bar products, including a period of suspension of the 1kg type.
From an international perspective, Ms. Jen Bawden - founder and CEO of Bawden Capital - believes that the supply of physical silver is significantly lacking globally. According to her, with the current upward momentum, silver may continue to increase strongly this year, even towards a scenario of 200 USD/oz; from there, domestic silver prices may also reach very high levels, even a scenario of 200 million VND/kg if the upward trend lasts.
However, many buyers and sellers at stores said they are still cautious about the rapid fluctuations of precious metals, especially with short-term "surfing" strategies. "Quick gains quickly lead to quick gains, while long-term gains still have to consider adjustment momentum" - a customer said.
