Large amounts of gold still remain in private hands. This gold held by the public is often seen as idle capital, yielding no returns and wasting resources. It seems that whenever the national economy encounters challenges regarding investment capital, the story of “gold in the populace” resurfaces, serving as a metaphor for an untapped and overlooked financial potential. However, another view suggests that citizens hoarding gold actually indicates something different: their confidence level in the national currency, financial institutions, and the commitments to macroeconomic stability. Therefore, the question is not merely “how to mobilize the gold,” but rather “why is the gold being held by the populace.” When looking at it from social-psychological and economic-policy viewpoints, gold mobilization is not simply a matter of routine financial operations; it is a test of the system’s credibility and the society’s trust in governance. Multi-dimensional analysis of gold mobilization Social-psychological perspective Vietnamese people’s tendency to hoard gold has deep historical roots. Many generations, especially over the last fifty years, have experienced periods of high inflation, currency swings, and crises like the collapse of the capital mobilization and credit cooperatives from 1989 to 1991. In such times, gold acts as a “memory asset”—a lasting […]
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