Faced with fluctuations in the gold market, Dr. Truong Van Phuoc said that at this time people need to be very cautious when buying gold. After the State Bank sold gold to 4 commercial banks and SJC to sell directly to people, gold prices fell sharply. But people should still buy less. If we buy a lot and the price drops a lot, we have to bear the losses we ourselves create.
“Just a move like the Chinese Central Bank stopping buying gold for their reserves will cause the gold price to drop to 80 – 100 USD every night, in addition to many economic variables in the US and Europe… Therefore, people People need to be careful.”he emphasized.
Agreeing with the above point of view, Associate Professor, Dr. Nguyen Thi Mui emphasized that only when you invest in buying gold and the gold price increases will you make a profit. If the gold price remains the same or decreases, it only has the aspect that you keep. Getting 1 tael of gold after 5 years or 10 years is still 1 tael of gold. Therefore, people must be very considerate in the current context.
Discussing the role of Decree 24, Mr. Phuoc commented that over the past 12 years, the Decree has made important contributions along with policies such as: not allowing credit institutions to mobilize gold, not allowing Translating gold through exchanges… Since then, the habits of Vietnamese people have changed a lot.
Gold is no longer a means of exchange, valuation, or even a means of storing assets. In Decree 24, because SJC accounts for a large quantity, the State Bank wants the processing to use active raw materials from the State Bank.
“I think that is the correct policy approach over the past 10 years. In the near future, I think the price will be decided by the market. However, as the holder of national foreign exchange reserves, gold is an asset whose raw materials are determined by the international market, so the State Bank should retain the right to import and export gold.
As for processing, it should be handed over to businesses or conditional credit institutions. Thus, we will witness the regulation of the gold market according to the law of supply and demand and the price will certainly not be as discrepant as in recent times. Gradually people will move away from physical gold.”he said.
Speaking about this issue, Deputy Governor of the State Bank of Vietnam, Pham Quang Dung, said that the State Bank will continue to study Decree 24, with the goal of preventing goldization of the economy, not letting goldization affect monetary policy management and exchange rates, foreign exchange, balance of payments; Do not let the gold price differ greatly from the world price; Do not let gold affect economic policy or social psychology; Research to gradually bring gold resources from the people into production and business.
Cong Hieu