The silver market experienced an unprecedented fever in January, when prices continuously surged and set historical peaks.
On January 29, world silver prices reached 117.15 USD/ounce. Domestically, silver bars and silver ingots at many brands also climbed to a record high price range.
At Ancarat, on the morning of January 29, 2024 Ancarat 999 silver bars were listed at 4.409 - 4.517 million VND/tael for buying - selling; 2025 Ancarat 999 silver bars reached 116.414 - 119.954 million VND/kg.
In Phu Quy, 999 silver bars are listed at 4.390 - 4.526 million VND/tael; 999 silver bars are at 117.066 - 120.693 million VND/kg.
In the context of shocking price increases, the fear of missing opportunities spreads. Many people fear missing opportunities (FOMO), queuing to buy silver at stores. At many times, some stores have to limit the quantity sold due to the rapid increase in demand. According to Lao Dong reporters' records, some people even mortgaged land use right certificates, borrowed money to buy silver, even though at that time what they received was just a promissory note.
Notably, during the period when silver prices were hot, the "black market" also appeared a situation of pushing prices up abnormally high. According to Lao Dong reporters' records, although the listed price at the enterprise was already at the peak, many people still advertised silver ingots type 1kg for sale at prices up to 135 million VND/kg, even in some places offering 140 million VND/kg.
This price is significantly higher than the official listed price, reflecting the extremely strong FOMO sentiment of a part of investors when they believe that silver prices will continue to increase.
But after the fever, a scenario that few people thought of happened. Silver prices continuously plummeted. As of the morning of July 1, world silver was only 57.45 USD/ounce, down 59.7 USD/ounce compared to the peak of January 29, equivalent to a decrease of about 50.96%.
Domestically, the decrease is also very strong. Silver bars 2024 Ancarat 999 decreased from 4.517 million VND/tael to 2.232 million VND/tael on the selling side, or a decrease of 2.285 million VND/tael, equivalent to about 50.59%. Silver bars 2025 Ancarat 999 decreased from 119.954 million VND/kg to 59.020 million VND/kg, equivalent to a decrease of 60.934 million VND/kg, or about 50.80%.
In Phu Quy, 999 silver bars decreased from 4.526 million VND/tael to 2.249 million VND/tael on the selling side, losing 2.277 million VND/tael, equivalent to about 50.31%. Phu Quy 999 silver bars decreased from 120.693 million VND/kg to 59.973 million VND/kg, down 60.720 million VND/kg, equivalent to about 50.31%.
If calculated according to actual transactions, the loss of investors buying in the peak area is even greater because they have to buy at the selling price and when reselling, it is only calculated according to the buying price. With 2024 Ancarat 999 silver bars, buyers on January 29 at the selling price of 4.517 million VND/tael, if reselling on the morning of July 1 at the buying price of 2.176 million VND/tael, will lose 2.341 million VND/tael, equivalent to about 51.83%.
With 2025 Ancarat 999 silver ingots, the loss level is up to 62.704 million VND/kg, equivalent to about 52.27%. At Phu Quy, people who bought 999 silver bars at the peak and sold them on the morning of July 1st lost about 2.344 million VND/tael, equivalent to 51.79%. With Phu Quy 999 silver ingots, the loss level is about 62.507 million VND/kg, also equivalent to nearly 51.79%.
Thus, after just over 5 months, silver prices from the peak have almost "parted in half". Silver buyers at the most excited time of the market are not only affected by the price decline, but also suffer more disadvantages from the buying-selling difference.
This development shows that there is a very high risk when investors follow FOMO sentiment in asset fever. Silver may be an investment channel of interest in the context of strong fluctuations in precious metal prices, but borrowing, mortgaging assets or buying at all costs at the peak may cause investors to fall into heavy losses when the market reverses direction.
