Gold for me please
Standard of living in Vietnam is getting worst and worst, no thanks to the high inflation rate recorded to be at 27.04% last month. The price of consumer goods are way up and taxi service cost twice as much. Banks in the US are dropping like flies, oil and gold prices goes up and down like the tides on the shores, one have to wonder what will the future hold. When all seems to be lost one can always count on GOLD! Not as an investment but as an insurance against severe inflation/economic meltdown.
The price of gold hit the $1,000 mark early this year but dropped back to below $900 a month later and now it’s hovering around $920-$910. I believe the price will still drop to around $820+/- before hitting $1,000 again by the end of the year, however with the unstable economic situation around the world today, anything can happen.
I bought two gold pieces from Southern Bank today, weighting 37.5grams each. I paid $2,222 in total so that’s $1,111 per gold “Luong”. Before I went to the bank I did a quick check on the current world gold price, it was standing at $908.98/oz. At the bank the exchange rate for $1 was VND$16,750 and a “Luong” was sold at VND$18,610,000. A quick math on the actual market gold price per piece (last checked) is $908.98 x 1.2 x VND$16,750 = VND$18,270,498. So I paid an extra VND$339,502 and that’s roughly $20.27 more! How sad is that?
The pictures attached is one of the gold Luongs I’ve bought. It is enclosed in an air tight soft plastic cover. The bank staff informed me that I have to take good care of the protective cover, should it be damage in any way the resold value of the gold Luong will be affected (in Vietnam market that is)
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