Vietnam speculators cause "unstable psychology"

The Vietnam Government saga against its people’s preference for gold continues. Commodity Online reports that after the gold price “skyrocketed” the State Bank of Vietnam allowed private companies to import “5 tons of gold to help stabilise domestic markets and supplement local supply. … ‘Taking advantage of the situation, speculators in the domestic market . . . → Read More: Vietnam speculators cause “unstable psychology”

Vietnam Government resisting a move to gold as money?

Commodity Online reports that the State Bank of Vietnam is putting further restrictions on gold lending and has asked commercial banks to cease lending gold and eventually to stop accepting gold deposits.

“Vietnam has already forbidden banks from lending gold for the production and trade of gold bars since October last year. But starting . . . → Read More: Vietnam Government Resisting a Move to Gold as Money?

Drooping Vietnam Dong Gets Devalued

On 26 November 2009 the State Bank of Vietnam devalued the dong by about 5%.  This is the third instance of currency devaluation in two years.  The FRN$ is likewise being devalued against gold.

A few weeks ago I observed that those buying gold in Vietnam are paying a premium and that:

Gold is . . . → Read More: Drooping Vietnam Dong Gets Devalued

Gold Already Trading At $1,300 Per Ounce

Back in June of 2008 after the Cambridge House Investment Conference I wrote about how Vietnam had limited gold imports but with all the updates to RunToGold it appears the article was lost to the Internet ether.  The last time I was in Vietnam to visit a few factories, including one of Nike’s, I . . . → Read More: Gold Already Trading At $1,300 Per Ounce