With gold prices soaring, is silver a better investment for around $8,000?

Gold rings seen in a jewelry shop in Hanoi. Photo by VnExpress/Giang Huy

I have VND200 million ($7,600) in idle cash and no plans to spend it in the next year. I considered buying gold but some people advised against it because they believed prices would drop after Oct. 10 when the monopoly on gold bars ended.

But gold prices have skyrocketed in the last few days. A gold shop I visited yesterday was packed with customers who had to take numbers and did not even get served. I am worried that buying gold when prices are at their peak could be risky as any decline could mean a loss.

A coworker told me to invest in silver instead. They said silver prices are also rising, now around VND56 million per kg, and silver investment requires less capital than gold.

I am unsure as few people in Vietnam invest in or stock up on silver. I worry about low liquidity and that it could be difficult to find a buyer later.

So with VND200 million in idle cash, should I buy silver now or wait until gold prices fall?