Nearly 200 people packed the gold shop, sellers wanted to 'hand over' for fear of waiting for more losses

On the morning of November 14, Bao Tin Minh Chau store (Cau Giay, Hanoi ) was overloaded with customers. In just a short while, nearly 200 people were waiting their turn. Many people were impatient to sell "hand over" to customers immediately.

According to VietNamNet reporters, on the morning of November 14, gold shops on Cau Giay Street (Hanoi) were crowded with customers coming to buy and sell. Many people waited early, when the shops had not yet opened. The number of customers was so large that the gold shop staff had to announce that they would limit the number of customers.

According to employees of Bao Tin Minh Chau gold shop (Cau Giay), as soon as the shop opened (9:30 am), hundreds of people immediately rushed in to get a number, most of the customers came to buy gold rings.

Just a few minutes later, the store handed out its 160th waiting number. Many people who came later were not given any more numbers, so they lingered around hoping to get a waiting number from a customer who left.

The number of customers was so large that they filled the second floor of the gold shop. Photo: Tien Anh

Mr. Binh (Cau Giay) shared: “I came here early but was given a queue number of nearly 100, while the number of successful transactions was quite slow. 160 people were waiting but only more than 40 people were able to buy after more than 1 hour of opening.”

"I planned to wait for gold to drop further, but when I saw the price of gold rising, I worriedly went to buy because I was afraid that the longer I waited, the more the price of gold would increase," said Mr. Binh.

This morning, this gold shop announced that it would only sell a maximum of 2 taels of gold rings to each customer, and each person could only make one transaction. The number of customers was so overloaded that buyers had to wait in line on the 2nd floor (the area where gold jewelry is sold).

As a buyer of 3 taels of gold when the price was near the peak of 90 million VND/tael, Ms. Lan (Dong Da) said that today she saw the price rise above 80 million VND so she quickly sold it, accepting a loss of about 7 million VND/tael. "I'm afraid that if I wait too long, the gold price will drop below that level and I'll lose even more," she said.

According to observations, most of the customers come to buy/sell gold rings, very few are interested in gold jewelry products. The staff at the gold ring counter are working "at full capacity", but the staff at the gold jewelry counter are very leisurely.

Ms. Yen (Hai Ba Trung) brought 2 taels of gold bought 4-5 months ago, at the time the price was 73 million VND/tael, to sell. She said that at the end of the year, because she needed money, she decided to sell and not hoard it anymore.

Many customers are worried because they have not been able to buy gold. Photo: Tien Anh

“I waited from early morning until almost noon without any transaction. Seeing that many customers wanted to buy, I asked and then resold to save waiting time, in case it dropped further. I only sold at the listed price on the system of 82.3 million VND/tael,” Ms. Yen said.

Unlike Ms. Yen, many groups of “gold-hugging” people appeared, going into the store to ask to buy it back at a price higher than the market price. In the role of a gold seller, the reporter was approached by a “gold broker” asking to buy it at a price 500,000-1 million VND/tael higher than the official price.

Outside the gold shop, many "gold hunters" were bustling about. Whenever a customer left the store, they would approach and ask to buy it back at a higher price, even letting the customer bargain and buy it back themselves, with unlimited quantity.

Sharing with reporters, a familiar "gold hunter" in front of Bao Tin Minh Chau gold shop (Cau Giay) said: "When the customer left, I immediately asked to buy it back at a price difference of 500,000 VND/tael, then I resold it to small gold shops nearby at a price difference of 500,000 VND, I immediately made a profit of 500,000 VND".

According to observations, other gold brands on Cau Giay Street are also bustling with buyers and sellers. Opposite Bao Tin Minh Chau, PNJ store has opened for sale plain round gold rings after a long period of "sold out".

In addition, on the “online gold market”, many people post gold for sale at a price difference of 1-2 million VND/tael compared to the listed price. Buyers also confidently announce “unlimited purchases” and receive home purchases at high prices.

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Source: https://vietnamnet.vn/gan-200-nguoi-xep-kin-tiem-vang-nguoi-ban-muon-trao-tay-vi-so-cho-lo-them-2341950.html