At least Vietnam does its gold market rigging openly


Vietnam to Allow Gold Imports to Cool Local Prices

By Tran Thuy
Tuesday, August 23, 2011

HANOI, Vietnam -- Vietnam's central bank has authorised at least one domestic firm to import more gold to help cool soaring prices and state-run newspapers said it may open the market to unlimited imports to narrow the gap between local and world quotes.

Central bank officials, including Governor Nguyen Van Binh, could not be reached for an immediate comment, but sources with knowledge of a meeting between Binh and senior editors on Tuesday morning to discuss gold-related policies said the issue of allowing unlimited imports did not come up.

However, the State Bank of Vietnam has agreed to allow Saigon Jewelry Co (SJC), one of the country's biggest gold trading companies, to import gold based on its demand, said Nguyen Cong Tuong, deputy director of sales at SJC.

... Dispatch continues below ...


Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property

Company Press Release, October 27, 2010

VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:

-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.

-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.

-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.

Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.

"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."

For the company's full press release, please visit:

The move would help narrow the difference between domestic and international prices, which on Tuesday was around $45 an ounce. Analysts say the gap fuels gold smuggling and speculation.

"State Bank's permission to import has effectively cut the domestic price from up to $100 higher than international price per tael to a few hundred thousand dong," SJC's Tuong said.

Early this month, the State Bank of Vietnam approved 5 tonnes of gold imports and said it could double the quantity soon as surging prices sparked a frenzy at gold dealers and jewellers.

The State Bank said in a statement on Tuesday three tonnes of gold had been imported by far.

The measures come as gold prices in Vietnam rose to fresh record highs in recent days as world prices surged to all-time highs above $1,910 on Tuesday, due to gold's safe-haven allure amid nagging fears about the world economy.

Vietnam's move to allow more gold imports adds to the picture of rising Asian demand after recent purchases by central banks in Thailand and South Korea.

SJC offered to sell gold at a record of 48.87 million dong ($2,347) per tael in Hanoi on Tuesday, SJC data showed. The latest price indicates a rise of more than 9 percent from a week ago.

One tael is equivalent to 37.5 grams or 1.21 troy ounce.

In a detailed measure to help cool gold markets published on Tuesday, the State Bank of Vietnam said it would monitor production and trading of gold bullion more strictly by issuing permits to a number of its selected trading firms.

This would allow the central bank "to intervene effectively in the gold market to fight against gold price speculation", the central bank said in a statement on its website.

* * *

Join GATA here:

Toronto Resource Investment Conference
Thursday-Friday, September 15-16, 2011
Sheraton Toronto Centre

The Silver Summit
Thursday-Friday, October 20-21, 2011
Davenport Hotel, Spokane, Washington

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2011
Hilton New Orelans Riverside Hotel

Support GATA by purchasing gold and silver commemorative coins:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:


Lewis E. Lehrman on How to Solve the U.S. Debt Problem

Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.

Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."

To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: