The Phaserl


Vietnamese hoarding ca 1,000+ t gold as govt. aims to increase controls

by Shivom Seth,

As central banks expand their bullion reserve and gold traders ready for a bull run, Vietnam has been turning to gold as a safe haven. With record high inflation, Vietnam is looking to mobilise the large hoard of gold amongst its people, most of who have been using the precious metal as an unofficial currency.

The Vietnamese people have been buying gold in order to preserve the purchasing power. Aiming to mobilise this gold, the country’s central bank is in the midst of issuing gold certificates. The region is said to be hoarding upwards of 1,000 tonnes of gold worth around $45 billion, second only to India.

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