Had I not withdrawn my savings to buy gold, I would still have my full principal and be earning more than VND6 million (US$226.5) in bank interest every month.
In early March, I withdrew my savings and bought five taels of gold, with one tael equal to 37.5 grams, when the price was above VND170 million per tael. Within just three months, however, gold prices fell sharply, leaving me with a loss of more than VND200 million.
The loss has been especially difficult to accept because my wife and I are both factory workers. We work hard for every đồng and have spent years saving as much as we could.
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Gold rings seen in a Hanoi store. Photo by VnExpress/Giang Huy |
In recent days, some banks have raised deposit interest rates to more than 9%, making me regret my decision even more. Had I left the money in the bank, I would still have the principal and receive over VND6 million in interest each month—enough to cover food and other household expenses for my family.
My wife and I have discussed what to do next. We feel that if gold prices continue falling or remain unchanged, it may be better to sell the gold and deposit the money in a bank. Even though we would have to accept the current loss, the bank interest could still add up to tens of millions of dong over a year, which seems better than holding gold that generates no income.
Still, I am unsure whether to sell now or continue waiting for gold prices to recover.
I have always been a careful and frugal person, so this situation has left me deeply troubled. Should I keep the gold and wait for the price to rise, or sell it at a loss and put the money back in the bank to earn interest?
I would appreciate hearing your opinions. Thank you for reading.
