Friday, August 27, 2010

Gold Demand to Soar in Vietnam as `Shelter' From Devaluations, Stock Slump

Report from Bloomberg News on the USA's newest best friend, Vietnam and how 40 odd years in the Communist workers paradise has sent the said workers scrambling to the freedom offered by gold:

Gold demand in Vietnam, which consumes more of the precious metal per head than India and China, is set to surge as the third devaluation in the past year and a stock-market slump combine to spur sales.

“People will switch to gold as a shelter,” said Le Xuan Nghia, vice chairman of the National Financial Supervision Commission, which advises Prime Minister Nguyen Tan Dung. “The current situation with the dong will spur people to increase their gold holdings.”

The government devalued last week to boost exports and shore up the nation’s trade deficit, driving the dong to a record on

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