The story of silver prices

Currently, gold prices are even beyond the reach of some Vietnamese ( and even the whole world).

But precious metals don't split like stocks to make them "seem cheaper" and more accessible to the masses. So the crowd follows FOMO based on "similar but cheaper" options.

Before 2023, the price difference between Vietnamese silver and the global market was usually only 8-12%, but after 2024, this figure has risen to ~20%.

The reason is that after 2024, gold prices are tightened more, while the safe-haven demand (officially) for silver continues to increase. Gold has official channels and indirect NHTW (central bank) expectations anchoring, but silver has no last resort buyer, no role in national reserves -> no mechanism to narrow the silver price gap.

Silver inventories on COMEX in 2024–2025 decreased sharply, hitting multi-year lows at many points. However, the Vietnamese market doesn't rely on COMEX but on small-scale physical supply sources -> Global silver prices rising even further increases domestic premiums.

Silver buyers in Vietnam are facing invisible taxes higher than gold. I see silver as more "pumped up" following gold rather than driven by real demand. Industrial demand for silver in 2025 is even lower than in 2024. Still, those who buy early will profit. It's a financial game.