Gold and Silver

Gold and Silver are the "Ultimate Hedge" against Total Global Monetary and Economic Meltdown.

Economic Theme for 2011 - 2012: MELTDOWN. Here is the link to a 4-Part Series "Must See" Documentary.

Friday, December 31, 2010

Vietnamese seek safety in gold as currency wobbles

HANOI, Vietnam (AP) -- Do Hai Ninh has been stashing away her meager earnings until finally saving enough to make a deposit. But the high school teacher isn't about to put her money into a Vietnamese bank with the value of the local currency steadily dropping. She's investing in a safer bet: gold.





Jewelry shops and black-market money changers have overflowed with customers in recent weeks, desperate to unload their Vietnamese dong for greenbacks or gold nuggets as the fast-growing Southeast Asian nation is buffeted by double-digit inflation and the near collapse of one of its largest state-owned companies.

But despite all the country's progress, high school teacher Ninh, 33, says she's sticking with something that never loses its luster.
"You can see that the dong is losing its value. Everyday, you go to the market and everything is getting more expensive," she said while exchanging 7.2 million dong ($360) for about 7.5 grams of gold at a bustling gold shop in Hanoi. "It's a safer place for my savings."