Saturday, August 13, 2011

Gold market chaos

Gold market chaos
The Dow Jones lost 635 points (down 5.55%), Nasdaq down 6.90%, the S & P500 down 6.66%. It was the worst day since 2008. The decline of the U.S. market led to the decline of other markets. And in this context increased world price of gold is easy to hieu.Bien the world market immediately impacts on Vietnam. Gold price increases from 41.7 to 41.8 million / tael (last week) over 44 million / volume within an hour of trading on Monday, 08/08/2011, then to 46.3 million / volume - high than the world price of 2 million / volume. People shove each other away team gold rain clog traffic. Panic gold from Hanoi to Ho Chi Minh spread the next day, 9.8. Price as more people rushing to buy more and more pushed up gold prices further. Vicious circle is started very familiar.
Then the State Bank to reassure by saying that imported five tons of gold (a message saying 10 tons), and a vicious cycle seems to be cut, and prices start faded down close to the world.

Gold is used as money and storage media from the old value. Almost all countries have strict regulations on trade in gold.

For example, U.S. citizens may own gold legally until 1933, then gold confiscated; the possession and sale of gold by individuals is prohibited until May 8.1974. The right to remain seized of the particular case under the Emergency Law relief Bank (Emergency Banking Relief Act). Currently the gold trade is legal in private transactions, but mainly through banks and stock markets. Gold is regarded as a foreign exchange and are traded as that on the stock market and finance. The gold sales are governed by the provisions of the securities market, or the tax rules for buying and selling private (with up to 28% tax rate on profits) and all transactions are over 10 thousand USD must be declared. In other words, the sale of gold to be closely managed. Copyright @ 2011 - Theme by NanLimo - Thanks to Google