Gold purchase in Thailand

[GeKoSc]

Has anyone ever bought physical gold in Thailand?
Foreigner are allowed to buy through official channels Gold in Thailand? 
Which are those channels? 
What requirements are asked for?

[Crossy]

Generally. Go to gold shop, choose (wife chooses) product, hand over cash. You will need your passport for ID.

 

How much, and of what quality (bullion?) are you looking at buying, intend to export?

 

[GeKoSc]

On 22.4.2018 at 5:56 PM, Crossy said:

Generally. Go to gold shop, choose (wife chooses) product, hand over cash. You will need your passport for ID.

 

How much, and of what quality (bullion?) are you looking at buying, intend to export?

 

I want buy small ingots through a bank but not for export.... 

[mark5335]

Bought previously from YLG Bullion, they are one of the biggest and most reputable bullion dealers in Thailand.

[tigerbeer]

Ausiris express on Line app by Ausiris co will deliver to you nationwide. Aurora gold shops around the nation sell ingot 1 gram, .25 baht, .50 baht, 1 Baht and maybe 2. no need passport no need nothing. just pay cash and pick up gold. not sure why you would want to buy from a bank. 

[BigC]

Some places ask for ID some don’t 

[Timebandit]

On 4/24/2018 at 12:05 PM, GeKoSc said:

 

 

On 4/24/2018 at 12:05 PM, GeKoSc said:

I want buy small ingots through a bank but not for export.... 

I'm sure there would be a completely unnecessary bank fee. Go to a reputable store. I like Aurora.

[Dazinoz]

I have been buying 5/10 baht ingots from a gold shop in Wararot Market in Chiang Mai. Been using the same one of late as they all brand their ingots so easier to sell back to them. I now have 55 baht worth.

 

As some people have said you would probably pay an extra fee through the banks. If have found if you buy a 5 baht ingot or bigger you only pay the published gold price at the time and no commission. I think you pay commission on selling. Even though I said I buy from same store for easier sell back you can still shop around for cheaper commission. I sold one 5 baht ingot in Phuket and the commissions varied from 1500 baht to as low as 300 baht, and obviously where I sold it. It did help having a Thai with me to help negotiate commission.

Edited April 26, 2018 by Dazinoz

[tigerbeer]

57 minutes ago, Dazinoz said:

I have been buying 5/10 baht ingots from a gold shop in Wararot Market in Chiang Mai. Been using the same one of late as they all brand their ingots so easier to sell back to them. I now have 55 baht worth.

 

As some people have said you would probably pay an extra fee through the banks. If have found if you buy a 5 baht ingot or bigger you only pay the published gold price at the time and no commission. I think you pay commission on selling. Even though I said I buy from same store for easier sell back you can still shop around for cheaper commission. I sold one 5 baht ingot in Phuket and the commissions varied from 1500 baht to as low as 300 baht, and obviously where I sold it. It did help having a Thai with me to help negotiate commission.

nice collection there. always nice to have gold especially for those who are not able to keep money!!!!. as soon as i have surplus there i go out buying something. lol. there is more to gold than just investment. 

[Dazinoz]

7 minutes ago, tigerbeer said:

nice collection there. always nice to have gold especially for those who are not able to keep money!!!!. as soon as i have surplus there i go out buying something. lol. there is more to gold than just investment. 

Everything I have read leads me to believe a collapse of the world monetary system and a significant rise in gold and silver prices so I have the 55 baht gold here and 3215 ounces silver in Australia. People say gold is not an investment but a hedge. If you make money from it it is an investment.

 

What I can't figure out is the relationship of Thai gold prices to world gold prices. I know Thai gold is 96.5% pure and also related to the baht/$us but world gold has been steadily increasing but Thai gold is relatively steady.

[tigerbeer]

25 minutes ago, Dazinoz said:

Everything I have read leads me to believe a collapse of the world monetary system and a significant rise in gold and silver prices so I have the 55 baht gold here and 3215 ounces silver in Australia. People say gold is not an investment but a hedge. If you make money from it it is an investment.

 

What I can't figure out is the relationship of Thai gold prices to world gold prices. I know Thai gold is 96.5% pure and also related to the baht/$us but world gold has been steadily increasing but Thai gold is relatively steady.

as far as i know gold prices in thailand is pegged to global market prices. every gold seller that I follow on Line app including aurora, Hua Seng Heng, Ausiris, YLG bullion all display thai prices according to global market. Global Gold currently trading at USD$42.66 or THB1,348.12 for 99.9%. Gold Thailand trading at THB19,750 per baht average between buy and sell for 96.5% and THB20,495 for 99.9% per baht or 15.244grams. 15.244 (1 Baht gold) x 1,348.12(gold price p gram) = 20, 550.74. a little difference in amounts here and there but yes pegged to global prices. only difference is the standard for most gold sold in thailand is 96.5% or a little more than 23k. apologies if any mistakes in calculations. not a pro :) 

[Acemaker]

35 minutes ago, Dazinoz said:

Everything I have read leads me to believe a collapse of the world monetary system and a significant rise in gold and silver prices so I have the 55 baht gold here and 3215 ounces silver in Australia. People say gold is not an investment but a hedge. If you make money from it it is an investment.

 

What I can't figure out is the relationship of Thai gold prices to world gold prices. I know Thai gold is 96.5% pure and also related to the baht/$us but world gold has been steadily increasing but Thai gold is relatively steady.

I get my Gold for Free, minimum 1 Gram Bars, 24 Karat, 999.9 Gold Bullion, Hologram for added security, stored for Free in Germany or delivered to my Door fully insured via Fedex, how do i get it for Free ?

[Dazinoz]

2 minutes ago, Acemaker said:

I get my Gold for Free, minimum 1 Gram Bars, 24 Karat, 999.9 Gold Bullion, Hologram for added security, stored for Free in Germany or delivered to my Door fully insured via Fedex, how do i get it for Free ?

How easy to sell in Thailand in a hurry if needed?

 

I had 4 x 100 ounce silver bars I had bought from Singapore. Tried to sell one here in Chiang Mai. Nearly impossible. Well was impossible to all the places I visited.  So was going to send back to seller in Singapore but only courier who would insure it wanted so much money it was cheaper for me to fly to Singapore, stay overnight and return it in person.

 

So for that reason I like the Thai gold for easy, very quick sales.

[LarryLEB]

3 hours ago, Dazinoz said:

 

What I can't figure out is the relationship of Thai gold prices to world gold prices. I know Thai gold is 96.5% pure and also related to the baht/$us but world gold has been steadily increasing but Thai gold is relatively steady.

The price of gold has gone up in U.S. dollar terms.  The U.S dollar has gone down against the Thai baht,  The net result (a kind of "cancelling out" effect) is that the price of Thai gold has, as you say, remained relatively steady.

[natway09]

Most licensed gold shops have 1, 5 & 10 Bht available at the going gold price, just go buy, I have

never needed my passport

[fittobethaied]

Nearly 7 years ago I took the recommendation of a trusted friend who had himself purchased gold bars from a particular family owned and operated retail gold shop which had been in business in the same location for years. I first purchased several pieces of gold jewelry from this store just to test them out and therefore had already observed that the entire family appeared to be honorable people. When I was ready to purchase $50,000 in gold bars in various Baht Gold denominations, I asked them to meet me in the conference room of a Siam Commercial Bank where I had leased a safety deposit bank. I purposely chose that bank very close to the gold shop, and there we exchanged my cash for the gold bars. I arranged the same conditions when I resold the gold back to the shop owner one year later.  I didn't like the idea of carrying that much money into the shop and walking away with that much gold on my person. Buying that much gold you have to give the shop owner advance notice of your intended purchase, so under those conditions it would be very easy for a corrupt shop owner to arrange for a robbery either bringing cash into the store or leaving with gold bars, so I didn't want to take that risk. Again, the most important thing is to make sure you are dealing with a trusted gold shop or one could easily wind up with fake gold. Get receipts and if possible even take a video of your exchange of cash for gold. The shop owner shouldn't object if he has honorable intentions. Just remember Murphy's law....if anything can go wrong...it will, so in Thailand just make sure you cover your butt because this is the land of scams and plans seldom go as expected.  

Edited April 26, 2018 by fittobethaied

[shy coconut]

7 hours ago, Acemaker said:

I get my Gold for Free, minimum 1 Gram Bars, 24 Karat, 999.9 Gold Bullion, Hologram for added security, stored for Free in Germany or delivered to my Door fully insured via Fedex, how do i get it for Free ?

Are you from the Cameroon?

[Ks45672]

1 hour ago, fittobethaied said:

Nearly 7 years ago I took the recommendation of a trusted friend who had himself purchased gold bars from a particular family owned and operated retail gold shop which had been in business in the same location for years. I first purchased several pieces of gold jewelry from this store just to test them out and therefore had already observed that the entire family appeared to be honorable people. When I was ready to purchase $50,000 in gold bars in various Baht Gold denominations, I asked them to meet me in the conference room of a Siam Commercial Bank where I had leased a safety deposit bank. I purposely chose that bank very close to the gold shop, and there we exchanged my cash for the gold bars. I arranged the same conditions when I resold the gold back to the shop owner one year later.  I didn't like the idea of carrying that much money into the shop and walking away with that much gold on my person. Buying that much gold you have to give the shop owner advance notice of your intended purchase, so under those conditions it would be very easy for a corrupt shop owner to arrange for a robbery either bringing cash into the store or leaving with gold bars, so I didn't want to take that risk. Again, the most important thing is to make sure you are dealing with a trusted gold shop or one could easily wind up with fake gold. Get receipts and if possible even take a video of your exchange of cash for gold. The shop owner shouldn't object if he has honorable intentions. Just remember Murphy's law....if anything can go wrong...it will, so in Thailand just make sure you cover your butt because this is the land of scams and plans seldom go as expected.  

You could have also bought it in smaller chunks or from multiple locations at random times

 

I don't think there is commission on 5thb bars or larger 

 

The big Chinese franchises have stores all around Bkk and they know their own gold stamp so you won't be able to fool them.... And vice versa

[Lacessit]

I've found when I plonk down 200,000 baht in cash to buy a 10 baht ingot, no-one asks for any form of ID. Same with selling it back.

Gold is very widely accepted in Thailand as an alternative form of currency. It's not an investment, as it earns no income.It is a useful currency hedge.

[Dazinoz]

10 hours ago, Lacessit said:

Gold is very widely accepted in Thailand as an alternative form of currency. It's not an investment, as it earns no income.

By definition gold can be an investment if value increases over what you paid for it.

[Ks45672]

3 hours ago, Dazinoz said:

By definition gold can be an investment if value increases over what you paid for it.

By definition, it only qualifies as an investment if it beats the current inflation rates and even then it would have to beat stocks, bonds, funds, property etc to be a "good" investment 

 

People who bought gold in 2011 sell haven't broken even and won't for several hundred dollars more

 

Even when they reach the same dollar amount as they paid in 2011,their dollars will not have as much purchasing power, so they will have lost out on all those years of profit even when they reach the same amount

 

Doesn't sound like a good investment to me tbh

[GeKoSc]

On 26.4.2018 at 12:30 PM, Acemaker said:

I get my Gold for Free, minimum 1 Gram Bars, 24 Karat, 999.9 Gold Bullion, Hologram for added security, stored for Free in Germany or delivered to my Door fully insured via Fedex, how do i get it for Free ?

This is because the The Baht has become stronger against the USD during more than the last 12 months...

[Dazinoz]

8 hours ago, Ks45672 said:

By definition, it only qualifies as an investment if it beats the current inflation rates and even then it would have to beat stocks, bonds, funds, property etc to be a "good" investment 

 

People who bought gold in 2011 sell haven't broken even and won't for several hundred dollars more

 

Even when they reach the same dollar amount as they paid in 2011,their dollars will not have as much purchasing power, so they will have lost out on all those years of profit even when they reach the same amount

 

Doesn't sound like a good investment to me tbh

I was recommended a great investment by a financial advisor many years back in Australia. A negatively geared rental property. To cut a long story short I lost $50,000 out of pocket over those 10 years. Great investment. But you don't know the future so hard to know if good investment or not. Maybe you know something I don't.

 

I will stick to my gold thanks, at least I won't lose as much if I do lose.

[Acemaker]

On 4/24/2018 at 2:17 PM, mark5335 said:

Bought previously from YLG Bullion, they are one of the biggest and most reputable bullion dealers in Thailand.

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