I ran aground because I missed holding the top price of gold

At the beginning of 2022, Ms. Le Thuy Linh (Cau Giay district, Hanoi) brought all her savings of more than 600 million dong to buy 10 taels of gold (the price of gold at the time she bought it was about 61.2 million dong/tael). . By the beginning of March, when gold price reaching the milestone of 70 million dong/tael (buying in), Ms. Linh sold all 10 gold trees and earned a profit of 90 million dong.

However, seeing that the gold price continued to increase rapidly, after thinking carefully, Linh decided to bring all the money she had and borrow more than 700 million from her friends to buy more gold. At the time Linh bought, the price peaked at 73.1 million VND/tael, Linh invested 20 taels, intending to wait for the price to rise to take profits.

When the price peaked at 74 million VND/tael, Linh hesitated to sell because this price was not profitable compared to the price she bought, so she still decided to wait for the price to continue to rise.

However, Ms. Linh’s calculation was wrong, the gold price from the peak of 74 million dong to now has continuously decreased and is currently standing around the threshold of 68-69 million dong/tael. Thus, compared to the price Ms. Linh bought, her 20 taels of gold lost 100 million dong.

If I sell now, within just over 2 months, I will lose hundreds of millions of dong. But if I wait, I have to pay interest on the other 700 million dong every month, which is also very tiring. If the gold price stays at the bottom like this, I don’t know what will happen in the future“, said Linh.

I ran aground because I missed holding the top price of gold - 1

Gold prices plummeted causing many investors to run aground.

Also “hugging” a lot of gold but could not bear the pressure of paying interest like Linh, Ms. Phan Ngoc Huyen (Dong Anh, Hanoi) had to accept to cut losses to sell gold.

Ms. Huyen is the owner of a fashion shop, her monthly income is quite good. When seeing the price of gold fluctuate, Huyen also did not miss the opportunity to “surf”. Huyen bought gold since the price was only 60 million dong/tael, so when the price increased to 65 million dong/tael, Huyen sold it to take profit.

However, when she saw that the upward momentum of gold continued, Huyen spent more than 2 billion VND to buy 30 taels of gold. When Huyen bought it, the price of gold was 72 million VND/tael.

Up to now, the price of gold has dropped sharply and stagnated for a long time, the amount of money Huyen has lost has reached 120 million dong. While the other more than 2 billion dong is business capital and borrowed money, every day Ms. Huyen is like sitting on the fire.

I am a business person, so I always need money to rotate capital. I bought gold for the purpose of surfing, but now I would have run aground. I don’t know when the gold price will increase again, so I had to sell it to pay my debt and get money back to do business. The longer I wait, the more money I lose, the more money I lose“, Huyen said.

In the morning of May 31, the price of SJC gold bars decreased by 100,000 VND per tael, Eximbank bought in to 68.1 million VND/tael and sold 69.1 million VND/tael; Doji Group bought 68.2 million VND/tael and sold 69.15 million VND/tael; Saigon Jewelry Company – SJC bought 68.2 million dong/tael and sold 69.2 million dong/tael… Gold market traded bleak, SJC gold price was nearly 17.6 million higher than the world VND/quantity.

The difference between the buying and selling price of gold is still quite large, from 900,000 VND to 1 million VND.

Comment on this gap, expert economy Nguyen Tri Hieu said that the fact that domestic business units adjust the buying – selling gap too high will push risks to buyers.

The price difference between buying and selling gold is only about 300,000 VND/tael, which is reasonable. The difference between 500,000 VND – 1 million VND/tael is high and over 1 million VND/tael is very high.

Pushing the buy-sell gap too high means that gold trading units are pushing risks to gold buyers. When investors decide to buy gold, they will have to buy it at a high price, but when they sell it back to these units, they have to trade at a low price.“, said Mr. Hieu.

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