“At these skyrocketing prices, there are more sellers than buyers.”
Pich Samnang, VOA KhmerPhnom Penh Thursday, 19 August 2010
Cambodians have long had a habit of buying and stocking gold, especially as jewelry, but that habit may be changing, thanks to gold’s continual rise in value.
“No one wants to buy gold now,” said Chea Ly, a Phnom Penh resident living near Deum Kor market who has stopped stocking jewelry herself. “We would rather sell it instead, or keep the money to buy something else.”
That’s because the common trading price of gold has climbed from around $700 an ounce in 2007 to more than $1,200 an ounce this week. Investors have been flocking to gold in recent years as a hedge against uncertainty in money and other markets.
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“No one wants to buy gold now,” said Chea Ly, a Phnom Penh resident living near Deum Kor market who has stopped stocking jewelry herself. “We would rather sell it instead, or keep the money to buy something else.”
That’s because the common trading price of gold has climbed from around $700 an ounce in 2007 to more than $1,200 an ounce this week. Investors have been flocking to gold in recent years as a hedge against uncertainty in money and other markets.
Please click here to read more...
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