On the morning of July 12, the price of silver on the international market closed the trading week at 38.3 USD/ounce, up 3.73% compared to the previous session. In just the past 3 days, the price of silver has continuously set new highs and is at its highest level since 2011. If calculated from the beginning of the year until now, each ounce of silver has increased by about 10 USD, equivalent to an increase of 35% - higher than the increase of gold - up to the present time. Investing in silver price increase has attracted many participants.
Silver prices are skyrocketing and the opportunity to invest in rising silver prices is not to be missed
The increase in world silver prices has also pushed up domestic silver prices. Many companies such as Phu Quy, PNJ, Sacombank -SBJ listed gold prices from 1.11 million VND/tael at the beginning of the year, and have now increased to over 1.5 million VND/tael.
Silver prices increased rapidly in the first half of this year. Photo: Lam Giang
Currently, silver is trading at around 1.46 million VND/tael for buying and 1.5 million VND/tael for selling, up about 1.7% over the past week. Since the beginning of the year, silver holders have made a profit of about 34-35%, much higher than the current gold price. That means, a person investing 100 million VND in silver can now make a profit of up to 35 million VND.
Ms. Bich Ngoc (living in Gia Dinh Ward, Ho Chi Minh City) said that at the beginning of the year, when she saw the price of SJC gold bars from the region of 85 million VND/tael and continuously increasing, she started to pay attention to silver. At that time, 1 tael of SJC gold bars cost about 85 million VND, while 1 tael of silver cost about 1.11 million VND.
"I see silver as promising, suitable for those with limited budgets but still want to diversify their investment channels. I have bought silver since then, about 10 taels, priced at about 11 million VND and am making a profit of nearly 4 million VND. Currently, I still buy silver regularly to accumulate" - Ms. Ngoc said.
Ngoc's friends also started to learn and asked her to buy for them after seeing the high price of silver in the first half of the year.
Why is silver getting attention?
One of the risks when buying silver is that the difference between the buying and selling prices is quite high, about 3%. Currently, the domestic gold market has only a few businesses producing and trading silver. Investors still have to buy where and sell there.
Some people even use silver as gifts for friends and relatives on special occasions such as holidays, Tet or weddings. Mr. Nhat Minh (living in An Khanh ward, Ho Chi Minh City) said that he was recently given 2 taels of silver (worth about 3 million VND) by a friend - on the occasion of moving into a new house.
"Thanks to the gift, I learned that many people are buying silver to save and give as gifts, at a not-too-high cost but still classy" - Mr. Minh said.
World silver prices are at their highest level since 2011. Photo: An Na
Sharing on Kitco, Mr. Phillip Streible, Chief Market Strategist at Blue Line Futures in Chicago, analyzed that silver prices are at their highest level since 2011 as investors worry about new developments from the US's tariff policy with other countries.
This includes the possibility of the US imposing tariffs on silver and copper, two major metals imported from Canada. Expectations of US tariffs on silver imports have caused futures prices to surge recently.
According to analysts, investing in silver is becoming a new trend, especially in the context of gold prices having increased too high, exceeding the purchasing power of many people. In particular, silver prices often fluctuate in parallel with gold prices, considered an effective financial risk hedging tool in the international market.
Source: https://nld.com.vn/gia-vang-qua-cao-nhieu-nguoi-chon-bac-lam-qua-cuoi-tan-gia-196250712095815255.htm
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