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From Tuoi Tre, Ho Chi Minh City, Vietnam
via VietNamBridge.net
Saturday, November 26, 2005
http://english.vietnamnet.vn/biz/2005/11/515948/
Over the last two weeks real estate agents have had few customers.
Doan Khac Thuat, director of Saigon real estate trading, explained
that the dramatic gold price increase has caused trading activities
to come to a halt.
Currently payment in real estate is undertaken by gold, not cash,
and with such a dramatic price increase, clients will have to pay
tens of millions of Vietnamese dong more for a house valued at 1,000
taels of gold.
Mr Thuat related how a deal failed last week due to a last-minute
decision, with the buyer refusing to buy a house when he heard that
the price exceeded the threshold of VND 900,000. There is a tendency
among buyers to wait for gold prices to cool.
Truong Anh Tuan, director of Hoang Quan Real Estate, also said that
numerous deals fell through last week. He said that houses valued at
2,000-3,000 taels of gold cannot sell these days, and other brokers
revealed that no successful deals have been made recently.
The price rise has brought loss to those who borrow gold to buy land
and houses. Ngo Xuan Quy from Tan Phu district, Ho Chi Minh City,
one such individual said that the gold price was VND 890,000 per
tael when he borrowed gold but it has now risen to VND 940,000 per
tael, equating to a loss of VND50mil over half of month.
According to Nguyen Ngoc Duong, deputy director general of Van Phat
Hung, the continuous price increase will prompt investors to buy
gold instead of houses and land as the profit made by real estate
investment cannot offset the increase of gold prices. If the gold
price keeps increasing, the real estate market will remain frozen.
According to Lam Van Chuc, director of Phuc Duc, the current real
estate market has been narrowed compared to the same period last
year. On Tran Nao and Luong Dinh Cua streets, where 110 real estate
centers used to practice, there are now only 10 companies operating.
Mr Chuc went on to say that real estate businesses are facing big
difficulties due to stagnant activities, while some have to pay
large sums of interest to banks. "If the situation continues, 30
percent of real estate businesses will go bankrupt," he said.
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
Subscription sites:
http://www.lemetropolecafe.com/
http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
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Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
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Don Stott, Proprietor
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Gold@gwe.net
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Harvey Gordin, President
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Mobile: 602-228-8203
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info@gold.ie
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Greg Westgaard, Sales Manager
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178 West Service Road
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Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
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Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
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Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
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Ed Lee, Proprietor
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leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
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3015 Ottawa Ave. South
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fax: 952-925-0143
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Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
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