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Monday, July 22, 2024

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Two conflicting goals

If the gold market is transparent, supply would fall. Meanwhile, to stabilize the volatile gold market, more supply is needed. Therefore, if the priority is market stability, the issue of transparency should be addressed later. Associate Professor Dr. Nguyen Huu Huan at the University of Economics HCMC makes this point in an interview with The Saigon Times. Stability first or transparency first? The Saigon Times: Even though it aligns with the roadmap towards cashless payments, the recent proposal to ban cash-based gold trade has faced significant opposition from the public and especially from experts. What is your view? Should there be a different approach to address the current volatility of the gold market? Dr. Nguyen Huu Huan: I believe the approach of the regulator towards the gold market is not quite solid. Two goals are being pursued simultaneously: one is to stabilize the gold market, and the other is to make the gold market transparent. It seems there is a belief that transparency, by preventing speculation, price manipulation, and so on, will stabilize the gold market. However, looking at how the gold market operates in reality, these two goals are inherently conflicting. We all know that since 2012, the State […]
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