This afternoon, the gold price fell sharply to nearly 37 million / tael

► At the current price, cheapest SJC is from May 3/2011 to now ..

The chart shows the international gold price is falling (green line) - Source: Kitco.

International gold prices lost nearly 50 USD / oz this afternoon, pulling domestic prices "evaporated" just 1 million / tael compared to the morning at the open.

At 16:30 this afternoon, the Group reported DOJI Jewelry SJC Hanoi market at 37.2 million dong / tael (purchase) and 37.55 million / tael (sold out), down 890,000 dong / tael for buying and 840,000 dong / tael compared to the first sale day.

At the same time the market in Ho Chi Minh City, SJC gold price listed in the Company's Saigon Jewellery (SJC) on milestone slipped 37.2 million / tael and 37.55 million / tael, respectively purchase price and the selling price. Compared to the early hours of the morning, the price of gold in this business is down 1.15 million / tael for buying and fell 1 million / tael for sale.

A fall in the price of gold in the country is causing major downward pressure on domestic prices. Since the beginning of this coming week, SJC gold price decreased by 1.8 million / tael. At current prices, the SJC is the cheapest since May 3/2011 to present.

However, the domestic gold price does not reflect the rate of decline of the international gold price. This is reflected in the gap between domestic prices and world widened.

At the time more than 16h Vietnam this afternoon, spot gold prices in the European market equivalent of 31.7 million / tael, lower retail SJC nearly 5.9 million / tael. A few days ago, the domestic gold price differences-even in the world at around 5 million / tael.

Gold prices dropped sharply causing the holders of gold witnessed a loss of property value. Many people buy gold when the price was falling in mid-April. Meanwhile, SJC sold down to 39.5 million / tael. If selling gold to go with the moment, those who buy gold when there was a loss of 2.3 million within about 2 ½ months.

Free USD in Hanoi this afternoon, down 10 compared to the morning, also common in the afternoon at 21290-21300 and 21320-21330 purchased at the selling side.

At 16h25 Vietnam now, spot gold prices on the international market dropped 44.6 USD / oz, equivalent to a decrease of 3.5%, compared with the previous session to close in New York, and $ 1,234 / oz.

Reuters said the international gold price is lowest in 3 years.

Gold is under huge pressure off the positive statistics about the U.S. economy strengthened expectations the U.S. Federal Reserve (Fed) will narrow the quantitative easing policy in the next few months.

Fed spending time each month to buy $ 85 billion of assets to support growth. The Fed is pumping money increases the risk of inflation, which is beneficial for gold for this property is investment channels most effectively fight inflation.

The ability to cut the Fed easing has driven many organizations to cut gold forecasts. Most recently, HSBC cut its forecast for gold prices in 2013 to average $ 1,396 / oz from $ 1,542 / oz was launched in the previous forecast. The average gold price forecast for 2014 is also $ 1,435 lower HSBC / oz from $ 1,600 / oz.

 
In addition, analysts said that the global stock market rally and yields on U.S. Treasuries rose also reduce the attractiveness of gold.

Demand for physical gold is not strong enough to support the gold price. China's economy is showing downtrend, while India sought to limit imports of gold to control the current account deficit. India and China

On 27/6, offered 40,000 gold

► Only 4 days left to term 30/6, the time that the credit institutions to settle the status of gold ...

                   In the last 35 sessions, the State Bank has sold more than 34 tons of gold. 

The auction will be the 36th Golden State Bank held on Thursday morning of this week, the bid amount is 40,000 gold.

State Bank said, tomorrow morning (27/6), the agency will conduct auctions next gold. The volume of this session is offered 40,000 taels of SJC of each piece 1, or 1.5 tons of gold. The high bid is half over recent sessions.

The gold version is offered 36 sessions since the start of the State Bank gold bidding on 28/3, which is nearly 3 months ago. This is the Monday auction held this week.

Only 4 days left to term 30/6, the time that the credit institutions to settle the status of gold. Thus, from now until that time, perhaps only 2 gold auction, including tomorrow.

In the last 35 sessions, the State Bank has sold more than 34 tons of gold. Gold is said to be mainly banks gathered to finalize the state, instead of providing a market for sale to investors.

Previously, many ideas that demand to buy gold from banks to settle the warping caused domestic prices to world prices far. However, the difference between the domestic price and the world is growing, despite the large amounts of gold have been sold. The time difference in the price of gold in international water-nearly 6 million / tael, from where the difference is less than 3 million / tael at the time of starting bidding gold.

International gold prices fell sharply in recent days, the lowest level in three years in this way. Domestic gold prices also lowered the nearly 37 million dong / tael, the lowest in more than 2 years.

Reference the State Bank announced the gold auction tomorrow is 37.7 million / tael. However, this is only the cost to the deposit value.

It is unclear when the credit institution shall finalize completion status of the State Bank to continue bidding or not gold. Also, it is not clear disparity domestic price and world events will happen after 30/6.

Some traders said gold, gold price difference will decrease after that time, but will not decrease as much as people expect. If you look at the world price, the sale price of SJC gold at the upper end 32 million / tael.

World gold prices decline sharply

► Close the session, spot gold prices fell $ 52.4 / oz, down 4.1%, equivalent to ...

Spot gold price movements on the international market session 26/6 (green line) - Source: Kitco.Anhui


It takes more than 4% of the closing session last night, the world gold price down to near the lowest level of 3 years. U.S. stock market rally as the attractiveness of gold that decline.

At the close of trading in New York, spot gold prices fell 52.4 USD / oz, equivalent to a 4.1% decrease compared with the previous version, and $ 1,226.2 / oz.

This decline appeared earlier in the afternoon session in the London market and has been reflected in the price of gold in Vietnam. Yesterday afternoon, SJC gold price fell to close to 37 million dong / tael, the lowest in more than 2 years.

Gold prices fell yesterday despite U.S. government statistics put the Q1 GDP growth adjusted lower initial data. The U.S. Commerce Department said that in the past one quarter, GDP increased by only 1.8% instead of 2.4% as the figures given earlier.

Over the past days, Americans are more positive economic data being transmitted. The statistics thus increasing the assessment that the U.S. Federal Reserve (Fed) will narrow the scale of quantitative easing (QE) in the coming months. This increases the pressure on the gold prices.

In contrast, the bad news about the U.S. economy at this point can help support gold prices. Nevertheless, GDP growth figures were revised down the U.S. announced yesterday did not help gold recovery from the depths.

Within 4 sessions since the Fed signaled narrow QE, gold has dropped about 125 USD / oz. Reuters also said that from the 2nd quarter to date, gold prices have fallen 23%, while only 2 more sessions are closed this quarter. Thus, quarter 2/2013 will most likely become your biggest devaluation of gold since Reuters began tracking this data in 1968.

"Previously, we buy gold for two reasons. One is due to concerns about the inflationary effects of monetary policy and the other is worried the financial system will collapse. Currently, this is no longer the major concern, "said Sean Corrigan, chief strategist at investment firm Diapason Commodities Management, said.

From the beginning of this year, gold has "evaporated" in the quarter. Yesterday, downward pressure on gold as big as the S & P 500 U.S. stock market rally. "Investors want to plunge into risk, and gold has been sold to raise funds rather than to be considered a safe investment channel as before, because it is not necessary," said Simon Weeks, head array of precious metals drug Bank of Nova Scotia, said.

On the technical aspects, the experts say, investors are selling gold, "the hand". Expert Carlos Perez-Santalla of brokerage Marex Spectron forecasting gold prices could bounce back if you can not fall further from current levels.

Not only reducing the price of gold, silver prices also fell sharply. Yesterday, spot silver prices lower than 5%, closing the day at $ 18.57 / ounce, the lowest close since May 8/2010.

Yesterday, the investment trust world's largest gold SPDR Gold Trust gold selling pause, maintain 965.5 tons of gold holdings, the lowest level since 2/2009.

In trading on Tuesday, the fund sold more than 16 tons of gold. Since early this year, the fund has discharged 381 tons of gold.

Gold price outlook even more bad if referring to physical gold market. In India, the largest gold consumer in the world, the demand for gold may have decreased in the 2nd quarter after the Indian government launched measures to restrict gold. Also in gold consumer China is the second most, concerns about the credit crunch is also causing pressure on physical gold demand.

Highlights International News

 

                                           Wall Street gained strong 2nd row - Reuters

 Gold continues to plunge, while the stock recovery 2nd consecutive session as the central bank continuously reassure investors.


    Wall Street continued to increase: According to data recently published by the U.S. Department of Commerce, U.S. GDP growth of just 1.8% I/2013 quarter, lower than the previous estimate of 2.4% . However, information on the information overshadowed by durable goods orders and U.S. consumer confidence increases, the expected growth of the economy is the world's largest in the next quarter.


    Specifically, the session ends 26/6, the Dow Jones rose 149.83 points (+1.02%) to 14910.14 points. The S & P 500 rose 15.23 points (+0.96%) to 1603.26 points. The Nasdaq composite index rose 28.34 points (+0.85%) to 3376.22 points.


    European stocks continued to rise: European stocks rose sharply 2nd consecutive session, the Chairman of the European Central Bank (ECB), Mario Draghi said that the monetary policy is appropriate and not reason to tighten. In addition, the ECB will continue to refer to intervene to stimulate the economy when needed. This information, along with U.S. economic data and positive Chinese Central Bank to support the credit institution's troubled countries helped European stocks rose sharply. Specifically, the session ends 26/6, the FTSE 100 rose 63.57 points (+1.04%) to 6165.48 points. Germany's DAX index rose 129.69 points (+1.66%) to 7940.99 points. French CAC 40 index rose 76.22 points (+2.09%) to 3726.04 points.


    Asian stocks were mixed: Although strong at the beginning, but Japanese stocks reversed in the second half of the session, causing the Nikkei 225 closed in the red, while the Hong Kong Stock Exchange rose sharply, and securities China has calmed down slightly before the country's central bank. Specifically, the session ends 26/6, only Japan's Nikkei 225 fell 135.33 (-1.04%) to 12834.01 points. Only Hong Kong's Hang Seng Index rose 482.83 points (+2.43%) to 20338.55 points. The Shanghai Composite Index of China fell 8.01 points (-0.41%) to 1951.50 points.


    Gold prices continue to fall sharply: last dollar up to 3 weeks against a basket of currencies that gold prices continue to fall sharply. End of 26/6, spot gold prices on the New York Mercantile Exchange fell $ 47.4 (-3.72%) to $ 1,227.5 / ounce. August-delivery gold on the Comex fell $ 45.3 (-3.55%) to $ 1,229.8 / ounce.


    Oil prices continue to rise slightly: Oil prices almost flat in the previous two sessions this causes mixed economic data, the U.S. dollar and rising U.S. stockpiles unexpectedly rose. Ending 26/6, Brent prices rose $ 0.4, to $ 101.55 / ounce. Market price of crude oil in New York rose $ 0.16, to $ 95.32 / barrel.

Strategy "green growth" financial sector - banks

  regulations Roadmap "green bank" and "green finance" is the State Bank of Vietnam (SBV), the State Securities Commission and the agencies set up.

 

    This roadmap is given in the workshop discussed "Green Finance and Banking" by the Organization Development Cooperation GIZ (Germany) held in Hanoi on 25/06/2013.


    "Green Bank" only the operations of banks to encourage environmental activities such as the application of environmental standards as approved loan or grant preferential credits for projects that reduce CO2. "Green Finance" only funding for technology projects, industry or enterprise-oriented environment friendly.


    "SBV and is working with IFC to build documents on environmental risk management," said Cat Quang Duong, Deputy Head of Credit Department, State Bank said. In this regulation the evaluation criteria to the social environment risk when granting credit, investment principles, criteria analysis, environmental risk assessment when evaluating social investment and credit with how to manage environmental risks of social credit institutions and foreign bank branches. Circular SBV is drafting regulations risk management social environment, consult prepare draft 1, draft opinions III/2013 2nd quarter, finishing the procedures issued Circular I/2014 IV/2013 quarter or quarter.


    Besides SB, a few other agencies are also proposing specific solutions to banking and finance industry oriented to "Green Growth". Vu Chi Dung, Head of the International Cooperation Department of the State Securities Commission (SSC) that is expected by the year 2014 to 2015 will force companies to comply with regulations regarding sustainability reporting, or integrated in the annual report, the report even put environmental and social management companies to become one of the reviewed standards for listed companies. By the year 2015 - 2017, the Securities Act Amendment 2 is issued, report social and environmental management can become a mandatory listing standards since the time of writing effective law.


    Strategy "Green Growth" was issued by the Prime Minister in the National Strategy for the period 2011 - 2020 and vision to 2050 in January 9/2012. "Green Finance" and "Green Bank" is actually part of the "green growth", but this concept is still foreign to the financial sector - banks today.


    Survey tháng 6/2012 conducted by the central bank showed that 54 commercial banks, 91% admitted not green development policy, 35% of banks have never known the concept of "environmental issues and social" . According to the bank's response, 89% said that currently there is a lack of central bank regulations written about social environmental management in the financial sector.


    However, recently, this concept is mentioned and more enforcement in the financial sector - banks. The move towards the financial sector - banking on green growth takes place in the context of Vietnam is a lack of financial resources for green growth, while the financial sector - banks under international rules are expected to important contribution to this strategy.


    In addition to the new concept of green development in the financial sector - banks, experts say, convincing banks provide products and financial services is not easy green, due to the risks and cost of investing in green projects are usually higher than other conventional projects. Meanwhile, Vietnam enterprises are mainly small and medium, and weak financial capacity, Vietnam's commercial banks are now hardly qualified to provide financial products and services green.


    Whether it's a new concept and performance is tenuous, but the Assoc. TS. Nguyen Kim Anh, director of the Department of Personnel Department, State Bank, based on international experience, to implement the strategy of "green growth" is in need of social consensus and coordination between ministries, in order to balance benefits in terms of environmental protection and economic growth needs.


    "For emerging countries such as Vietnam, in terms of the budget is tight and difficult, the role of financial and banking blue is extremely important and must be involved from the outset of the components of society, besides the tools of tax policy and fiscal policy ", Assoc. Dr. Nguyen Kim Anh said.

Credit growth of 12%, do not try

  State Bank of Vietnam (SBV) is under great pressure to "run" the credit growth target of 12%, the first 6 months of the new year is up about 3%.


    In a 13-page report to answer questions at the fifth meeting of the National Assembly XIII, SBV Governor Nguyen Van Binh said 4 months, the profits of the whole industry was only 13.100 billion, of which many single have negative earnings. Results actual business is much lower, because the implementation of Decision 780 on debt restructuring for banks helped companies significantly reduce the level of risk provisioning. By end of the month 4/2013, the balance of risk reserves set aside unused reached 73,600 billion dong, an increase of 14.6% compared to the end of 2012. Thanks to this funding, partially treated bad debt.


    The Governor added that the first 4 months of 2013, the bank had processed 76,700 billion of bad debt from risk provisions. Total bad debt by the end of the system was 137 100 billion in April, up 15.8% compared to the end of 2012, while the first 4 months of 2012, loans increased by 36.2%. Gains of bad debt has been contained, but the result is not as desired, by credit debt growth slow last time that the NPL ratio increased

 

                                            SB strive credit growth of 12% or higher


    In fact, credit growth in the first months of 2013 was greatly improved, in June last year all positive, then from March this year had positive growth, but only about 3%. Report on assessment of Vietnam's economy 5/2013 Financial Supervisory Commission said countries, credit and slow growth forecast difficult to achieve the plan for 2013 is 12%. To achieve the target annual credit growth is very difficult task in the context of the ability of firms to absorb limited capital, real estate market activity, and moderation of aggregate demand, the economy is weak.


    At a preliminary meeting and the first 6 months of deployment tasks banking sector last 6 months of 2013, the Governor said, striving credit growth reached 12% in 2013, if possible, a higher little as 12-15% to ensure this year's economic growth reached 5 - 5.5%. Report of the Financial Supervisory Commission also recommends countries, monetary policy should target efforts to achieve 12% credit growth for 2013 to ensure investment in the economy.


    However, according to Mr. Tareq Muhmood, CEO Bank ANZ Limited (Vietnam), credit growth is slow no matter what and do not get too uptight to figure how much growth , which is growing with the credit quality like. Therefore, the banks do not necessarily run on 12% growth target and should not in any way lend.


    Agreeing, Dr. Nguyen Tri Hieu, banking experts say, the central bank is under pressure to "run" the credit growth target, but the banking industry achieved a credit growth of 8-10% was very good. More important still is the credit quality, if not guarantee, the credit quality of the banking system and the economy will pay a heavy price as bad debt. The whole banking sector needs restructuring credit quality and continued restructuring of the whole economy.


    "Credit should go to the correct address provided, while ensuring repayment sources", TS. Hieu said.


    Nguyen Phuoc Thanh, general director of Vietcombank share, plus DN of group 2 upwards dramatically decreased, DN itself weakened and can not absorb the capital and "patient" are also not pour good food be cured immediately.


    According to some economists, the economy's aggregate demand is still weak and there is not a significant improvement. Generally, the first 5 months, the increase (excluding the price factor) of total retail sales and consumer services was 4.8%, almost no improvement compared with 4.6% of 4 months of the year and much lower than the 6.6% and 6.4% of the first 5 months of 2012 and 2011. Compared to the same period last year, the cargo of the first 5 months of 2013 increased only 1.5%, the even flow of goods fell 3.1%.


    According to statistics of the Ministry of Planning and Investment, in 5/2013 and the dissolution of companies suspended operations was 3,590 enterprises, bringing the total number of the country in the first 5 months of the year to 23 226 enterprises, with nearly half of DN dissolution or bankruptcy of the previous year (53 972 DN 2012, DN 54 198 in 2011). Number of enterprises dissolved and suspended average monthly activity is also increased, from 4,498 DN / DN 4517 to May 2011 / May 2012 and up to 4646 DN / month in the first 5 months of 2013.


    In addition, state budget revenues and difficult, while demand for expanded investment from the state budget to support growth with spending increasing salaries and social allowances for hard cuts, which cost Budget almost all geographical balance to narrow.


    "Most likely, this year's economic growth was only 5 - 5.2% credit growth should not necessarily reached 12%. The most important thing is the quality of credit to bad debt risk reserve ", an economic expert said.

Gold wobbly stage ...

  Domestic gold prices continued to decline and forecasts for the "just missed" a few days to buy gold is "holding make holes."


    Domestic gold prices are higher than world prices 6 million / tael, world prices are strong downtrend. Plus these two factors, the distant future of the domestic gold price could go even below 30 million / tael.


    Two days earlier this week, the world gold market continues to decline. Yet, according to the statement of financial experts - the economy, gold will continue to lose appeal in due time to the economic growth and easing of U.S. restrictions will come sooner than expected.


    The world's forecasts are generally identified, continuous uptrend in gold prices 10 years has ended. This means that gold is in a bear market price, which is reduced to the extent only. Historically gold has shot up to 4 times after the oil crisis of the 70s of the last century. So, everyone expected the worst though, are entirely possible.

                            Domestic gold price is forecast to continue to decline after 30/6
    

    Coming down!


    Goldman Sachs has cut its forecast gold price this year is $ 1,300 / ounce, down 9.4% compared with the previous forecast was $ 1,435 / ounce, but gold prices will end 2014 at $ 1,050 only / ounce, down 17.3% compared to the previous forecast was $ 1,200 / ounce.


    BNP also cut its forecast 2013 gold price from $ 1,580 / oz to $ 1,405 / troy ounce from $ 2014 to $ 1520 / ounce down to $ 1,155 / ounce.


    Similarly, HSBC also cut its forecast gold price. HSBC said that the price of gold in 2013 at only $ 1,396 / ounce, down from $ 1,542 the previous offer. In 2014, the gold price is forecast at $ 1,435 / ounce, lower than the $ 1,600 / ounce the previous forecast. At the same time, HSBC expressed optimism for the prospect of the U.S. dollar stimulus withdrawal. The dollar also contributed to rising prices for gold prices fell appeal, mainly due to reduction plan stimulus of the U.S. Federal Reserve (Fed) as well as worries about China's economic prospects.


    The commodity analyst at ANZ also predicted that gold prices will trade in the range of 1200-1400 USD / ounce within the next 6 months, but do not exclude the possibility of below $ 1,200 / oz after changes Recent strong.


    According to the General Director of Investment and Business gold Vietnam, Tran Thanh Hai, gold will likely correction in the coming days. In addition to the reasons mentioned, there is pessimism about the gold after the Fed Chairman said could reduce the scale bond buying program later this year and stopped in the middle of 2014. Money supply will be limited to the U.S. dollar and strength recovery.


    Gold prices are based on the dollar, so the dollar price increases, the prices of gold and vice versa. In fact, only after the information about the possibility of reducing the economic stimulus package, the U.S. dollar index measuring the strength of the dollar to six major currencies rose 0.3%, the highest level since 6 / 6. For the whole week, the index rose 2.2%, marking the biggest weekly gain since late 2011.


    Apart from the U.S. reason, the gold market while also having the leading importers are constantly rising Indian gold import duty, to control the deficit, the current account balance, making gold imports This country tends to fall sharply.


    Currently the world is slowly leaving gold markers $ 1,300 / ounce, if calculated, the domestic price is only equivalent to 32.5 to 33 million dong / tael.

    

    Should I buy?


    Company Information from Phu Nhuan Jewelry (PNJ), said in the days of gold fell earlier this week, gold purchasing power of the people and investors have suddenly increased.


    From sales of only about 300-400 weight / day for 2 days only PNJ sold first week average of 1600-1700 volume / day. In particular, individual customer accounts for the majority, because by that gold prices fell to the lowest since 2011 until now.


    Director of PNJ gold business, said Nguyen Ngoc Trong, the day 25/6, gold sales of PNJ sold declined somewhat, possibly due to the customer noticed the trend of gold is on its way downward adjustment should wait more.


    Outlook for gold buyers at this point is "very risky", the domestic price is too high compared to world prices. This difference is expected to decrease after the expiration of 30/6 when the banks all gold account status. Therefore, the decline of the domestic gold price is considered to be "identified". The problem is that the rate of decline will be like?


    Forecast of Nguyen Ngoc Trong, the more likely the difference 6 million / tael between domestic and international prices will be narrowed after 30/6 when the bank completed all math, but not much, the difference Can still around 3-4 million / tael, not to look at the world price.


    Tran Thanh Hai said, over the years, and observing activities in the field of gold, experience shows that the downward trend will be gold correction should increase investors, people should buy or sell gold careful to avoid the "waves" of gold.