Brian Jeffrey
On Tran Nhan Tong Street in Hanoi, known for its gold shops, many people gathered to purchase gold, even though one store confirmed it wouldn’t be selling any that day.
As reported by VietNamNet, from the early morning hours, buyers flocked to Bao Tin Minh Chau jewelry store, despite staff consistently indicating, “Today we are not selling gold; we ran out of gold rings yesterday.”
Employees mentioned that about 60 customers were served the previous day, with some buying multiple taels.
One eager buyer stated, “We are used to this situation; they might open unexpectedly. It’s just a matter of figuring out when, so we are committed to waiting.”
Mrs. Phuong, who arrived at 7:30 a.m., even arranged for a vendor nearby to alert her if there were indications of the store opening while she briefly stepped away.
Mr. Quang, another resident of Hai Ba Trung District, mentioned his frustrating wait over the past few days. “It’s unpredictable; they sell when I’m not here. I’m determined to stay until noon today in hopes they will sell,” he expressed.
First-time buyer Mrs. Lan Anh from Thanh Tri District admitted she was surprised by the lengthy wait time. “I can only spare about 30 minutes; I have to return to my store in Thanh Tri. This whole gold-buying situation is costing me a day’s profit,” she noted.
Some onlookers humorously remarked that while gold is a safe investment, the store’s announcements are questionable, as it remains uncertain when they will actually open.
It was evident that sidewalks were congested with people, causing frustration for passing pedestrians. Despite employees working diligently, the overwhelming demand was clear.
Nearby competitors like Phu Quy Gold also reported being out of stock, with many customers lining up inside, making the sidewalks crowded with parked motorbikes.
Additionally, online gold trading has increased, with many postings offering gold for sale without limits on quantities.
Some individuals suggested purchasing from smaller shops for easier access but cautioned that their prices could exceed listed prices by 1-2 million VND per tael.
Online forums are buzzing with activity regarding various gold transactions, including SJC gold bars and rings, with just a click drawing multiple offers.
In a seller’s perspective, a reporter contacted a bulk buyer who stated they would buy gold at 90.3 million VND per tael, despite the official purchase price being 87 million VND that morning.
However, when expressing interest in buying, many individuals offered prices under market rates, claiming they could provide unlimited quantities and even doorstep delivery. Some sellers mentioned their gold would come with invoices, though they evaded questions regarding authenticity.
Many forum users raised alarms about the risks associated with such transactions, warning against potential counterfeit or uncertified gold. They highlighted that reputable sellers typically provide serial numbers and acceptable documentation, facilitating easier transactions or returns.
Experts advise buyers to be very cautious in the current tumultuous gold market and to verify the origin of any gold they consider purchasing. Buyers should also request proper documentation and thoroughly inspect the gold before finalizing any deals.
US$1 = VND25,000
