Editor’s Note
Silver prices have surged to record highs, driven by speculative trading and FOMO (fear of missing out). Investors are advised to exercise caution amid the volatility.
Silver prices, both domestically and internationally, continued their strong upward trajectory on January 28, reaching a new historic high of around $109 per ounce. Experts have warned of risks related to the fear of missing out (FOMO), which is fueling speculation.
Today, January 28, silver prices show a strong upward trend in domestic and international markets, maintaining record levels. This sustained positive momentum reflects a significant influx of speculative capital into the precious metal; however, experts also warn of the risk of a short-term correction.
On the Hanoi market, the Phu Quy Gold, Silver, and Precious Stones group currently lists a silver price of 4,183,000 VND/ounce (buying price) and 4,312,000 VND/ounce (selling price). Regarding Phu Quy’s 999 silver bars, the price is 111,546,388 VND/kg for buying and 114,986,379 VND/kg for selling.
On other markets across the country, silver prices have also recorded a significant upward trend in both directions:
| Location/Unit | Buying Price (VND/ounce) | Selling Price (VND/ounce) |
|---|---|---|
| Hanoi (Average) | 3,562,000 | 3,592,000 |
| Ho Chi Minh City | 3,564,000 | 3,597,000 |
| Phu Quy (Hanoi) | 4,183,000 | 4,312,000 |
Domestic prices are currently strongly supported by the positive developments in international markets, indicating that demand for physical silver investment remains stable despite fluctuations in other asset classes.
On the global market, silver prices continued their rise during the last trading session, currently standing at $109.24 per ounce, an increase of $1.54 compared to the morning of January 27. It is worth noting that at one point, the silver price surpassed the $110 per ounce mark, marking a significant psychological milestone for the current bullish trend.
According to analyst Christopher Lewis from FX Empire, the current upward trend is heavily influenced by the fear of missing out (FOMO). He believes that downward corrections can be seen as buying opportunities, but investors must be very cautious about the use of leverage.
Although the long-term trend remains positive, investing in the market at current price levels requires in-depth analysis of technical factors and appropriate capital management.
