Spending billions to buy silver, even though having to wait a month for the goods to arrive

Recently, while the gold market has been somewhat quieter, the silver market is still 'hot'. Customers spend hundreds of millions, even billions of dong to order silver, even though they have to wait a month to receive the goods.

Husband has enough money, more than 1 month later received the goods

Ms. Nguyen Nhu Quynh (residing in Bac Tu Liem District, Hanoi ) has long maintained the habit of saving by buying gold. She usually saves about 3 months, and buys as much gold as she can save. In the past 3 months, she and her husband have saved about 100 million VND.

Currently, if you order 5 taels or more of Phu Quy silver, it will take about a month to receive the goods. PHOTO: DAN THANH

On the afternoon of June 28, Ms. Quynh sent a message via Bao Tin Minh Chau's official Facebook page and received information that each customer can only buy a maximum of 1 plain round ring of 1 chi, no SJC gold bars.

Concerned about buying silver for storage from Phu Quy Group, the response Ms. Quynh received was that if she ordered immediately and transferred 100% of the money, she would still have to wait until August 3 to receive the silver.

"After some hesitation, I decided to order 3 kg of silver, spending more than 114 million VND in total, because if I wait, sooner or later there will still be goods. With gold, I have to queue to buy 1 tael, and the stores do not accept online orders, which is quite inconvenient," said Ms. Quynh.

From 2024 onwards, some typical units participating in the large-scale silver trading market in Vietnam include Phu Quy Group, Ancarat Vietnam Joint Stock Company, Sacombank ...

Speaking to Thanh Nien, a representative of Phu Quy Group said that the situation of "out of stock" of silver bars and silver ingots happens quite often. Since the company launched the product in April 2024, there have been many customers who have had to pre-order.

Businesses must constantly produce new products to meet market demand. At times, the waiting time is only about 1-2 weeks. However, currently, Phu Quy has received quite a lot of orders, customers have to wait about 1 month for the goods to arrive.

"Over the past time, customers buying 1-tael (37.5 gram) silver bars accounted for about 70%, but the main contributor to Phu Quy's total silver sales were silver bars weighing 5 taels or more. There were quite a lot of orders for 10-20 taels. Many customers even spent a lot of money to buy 200-300 kg of silver (current selling price is 38.18 million VND/kg - PV)", he said.

Explaining the reason why customers order a month later and have to pay 100% of the money, according to a representative of Phu Quy Group: "The characteristic of the gold and silver market is that prices fluctuate constantly, so when placing an order, you need to pay in full to lock in the product price according to the listed price list at the time of ordering. This helps customers feel secure waiting to receive the goods, without having to worry about the price at the time of delivery, as well as helps Phu Quy feel secure in preparing raw materials to produce the order that the customer has placed."

What are the risks of investing in silver?

According to economic expert Ngo Tri Long, recently, a number of businesses have stepped up the supply of silver jewelry products and silver bars and ingots with different weights such as 1 tael, 5 taels, 10 taels, and even kilograms to serve people's storage needs.

Low liquidity is one of the typical risks investors face when "putting money down" to buy silver. PHOTO: DAN THANH

If you have idle capital and are having difficulty buying gold, considering investing in silver may be a reasonable choice. However, investing in silver also carries many risks.

"Silver prices often fluctuate more strongly than gold. If risk management is not effective, investors can suffer large losses. In addition, buying and selling silver is mainly through jewelry or collectible products. Recently, silver bars for investment purposes have appeared. The number of silver trading enterprises is still small, causing difficulties in buying and selling and can affect investment value," Mr. Long emphasized.

The expert also mentioned the risks of quality and storage. Silver is susceptible to oxidation, which can lead to a loss of value if not stored properly. Determining the quality of silver can be difficult, especially when the market lacks clear standards for grading.

According to gold expert Tran Duy Phuong, currently Vietnam does not have many large gold and silver businesses investing in silver storage products. However, as investment in silver becomes more popular, the "big guys" in the industry may join this potential market.

It is forecasted that the trend of investing in silver will be increasingly promoted both in the world and in Vietnam. From now until 2030, silver may even become a new trend in storage and investment./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/chi-tien-ti-mua-bac-du-phai-cho-ca-thang-moi-co-hang-185250628174234527.htm

Source: https://baolongan.vn/chi-tien-ti-mua-bac-du-phai-cho-ca-thang-moi-co-hang-a197841.html