YANGON DIVISION – In the local gold market yesterday, the army’s wives and descendants bought a lot of pure gold in the gold market yesterday, and some gold traders said that they seemed to know in advance the news that the new 20,000MMK notes would be issued.
This morning, the military council announced that it will issue new 20,000 kyat banknotes. Most of the gold shops have closed buying and selling. According to a Yangon gold merchant, it seems that the army’s relatives who bought the gold yesterday knew the news in advance.
“I think the links to the junta council got the news from yesterday. There are only buying. The current market situation is that even if they make a profit of 10,00,000 kyat per one kyat(16.606g) of gold, they dare not trade it. If it is really clear the trading, it will cost 30 or 40 times more than this,” said a gold trader.
Currently, the price of gold was around 3300,000 per kyat yesterday(22nd July), but today there is no market price, and it has become buying and selling on its own account. There are no more sellers, only buyers.