Regarding this issue, a representative from SJC responded to multiple media outlets, stating that the company had purchased approximately 1,000 taels of one-character and misshapen gold bars in the past two months. In the past two weeks, SJC halted purchases as their inventory levels had risen significantly, but they are unsure when they will be allowed to resume processing. Typically, with a quantity of around 1,000 taels, they would need to seek permission from the monetary authority for reprocessing.
Currently, SJC is awaiting approval from the regulatory body to resume reprocessing the misshapen and one-character gold bars.
What is SJC one-character gold, and what are the rights of gold holders in this case?
SJC one-character gold bars are products with a single letter before the serial number, manufactured by SJC between 1992 and 1996. The use of one or two letters before the serial number sequence simply indicates the order of production batches, and a new batch starts once the previous one is completed. SJC one-character and two-character gold bars are of equal quality and are both commonly circulated.
Therefore, the purchase of SJC one-character gold bars has always been a standard practice, and the rights of holders of this type of gold have always been guaranteed.
Left: SJC two-character gold bar, Right: SJC one-character gold bar – Photo: Quang Định
This is not the first time that the repurchase of one-character gold bars has been temporarily suspended. In 2016, there was a similar pause due to the exhaustion of the gold reprocessing quota and high inventory levels of one-character and misshapen gold bars. Subsequently, when the State Bank granted a reprocessing quota for misshapen gold, SJC resumed purchases.
On this matter, experts opined that to prevent causing anxiety among the public, timely steps should be taken to renew the quota before it expires. As SJC is a national gold brand, both the regulatory body and the company need to demonstrate more flexibility to prevent any losses for the people.
Will gold prices rise sharply after Tet?
The price of SJC gold bars and gold rings is currently reaching new heights. According to experts, the price of gold is likely to continue rising, especially gold rings, given the strong increase in world gold prices from now until after Tet holiday.
Gold Bar Auction Policy Announcement by the State Bank of Vietnam Expected This Afternoon (April 19), to Commence Early Next Week
The gold auction will be organized on Monday next week (April 22) to increase supplies for the market, according to the director of the Foreign Exchange Management Department.
