Wise gold import-export decisions will help bring stability to the local bullion market and erase price manipulation. Phu Nhuan Jewelry Joint Stock Company deputy general director Nguyen Thi Cuc tells VIR why. That is incorrect. Gold traders themselves could not forecast such a hot rise in the gold price. The gold price continually broke records, making people rush into hoarding gold. Demand outran the supply. Gold trading firms only have sufficient amounts to service the retail system. For wholesale trading, they must be cautious since it would be hard to balance gold sources once they sold out their gold stock. Is that true that firms earlier exported gold jewelry at lower prices then later imported gold when prices already stayed high, leading to higher gold prices in the domestic market than in the world market? When the world gold price stays higher than that in local market and firms have big stock they will seek to export gold to reap profits. In fact, big gold volumes … [Read more...] about A steady hand to keep gold market on the straight and narrow
Demand and supply graph
(VEN) - Despite several industrial segments slowing in pace this August, the industrial sector as a whole maintained stable growth momentum this month. Statistics by the Ministry of Industry and Trade said that when compared with August 2010, industrial production increased 5.8 percent this August. Of this, the processing industry increased 10.2 percent, power, gas and water production and distribution increased 11.5 percent, but the mining industry declined 5.6 percent (See the graph below). Many segments maintained growth momentum To maintain the growth momentum of the industry and trade sector in August, many major industrial segments continued to grow in a stable manner. Specifically, power production stood at about 9.2 billion kWh this August, a 4.8 percent increase from a year ago. 66 billion kWh were generated in the first eight months of this year, a 9.9 percent increase over the same period last year. Power supply was sufficient for production and domestic use in August … [Read more...] about Industrial Production Grows, Weaknesses Addressed
Some allege that hedge funds are holding large amounts of dong for future speculation that could hurt the economy. A teller counts packages of bank notes at a local bank in Ho Chi Minh City. … [Read more...] about Where has all the dong gone?
Three months ago, the world was running out of oil. Seriously. I kid you not. Everywhere you turned, you heard whispers that the day of petroleum reckoning was at hand. Now there's too much oil, prodding OPEC to cut production targets for the first time in two years. Last week, the Organization of Petroleum Exporting Countries, confronted with the halving of oil prices since July, announced a 1.5 million barrel-a-day cut in output. World markets greeted the news of reduced oil supply by pushing prices down further. Crude oil fell US$3.69 a barrel last Friday to $64.15. On Monday the price hit a 17-month low of $63.22, although the price has recovered a little, at $68 Thursday. … [Read more...] about World is ‘drowning in oil’ (again) after drought
3G technologies provide a host of benefits, writes Mr Nigel Waters, Country Director of Vietnam, Cambodia and Laos with Nokia Siemens Networks, not the least of which is driving further economic development. There is no escape. Globalisation and the subsequent leaps forward in broadband technology have brought in a wave of change and development. In this new "connected" world, the only choice for emerging nations is to ride the wave or be drowned. For developing nations like Vietnam in particular, making the right investments in the latest broadband technologies such as 3G are essential, as they enable the country to harness the power of Information and Communications Technology (ICT) and reap immense economic and social benefits for consumers, businesses and the government alike. … [Read more...] about A new era beckons