Why Do Thais Buy So Much Gold?

[Brunolem]

"I sold my gold @ 22,750 baht/bar"

 

Wrong move OP...unless you are in need of cash...

 

The bull market for gold is just in its early stages...

 

The main central banks are busy destroying their currencies and they will do whatever it takes to succeed...

[RJRS1301]

COnvertable out side Thailand

Baht or Gold?? 

Gold??

Transportable?

Recognised world wide?

[Nanaplaza666]

8 hours ago, Crossy said:

Madam tells me that buying gold is like giving her money she can wear.

 

Looks nice and is readily converted into cash if necessary.

 

Untill now your the only one that's right maybe some will follow but your spot on ????

[SoSoCNX]

I sold at 22,750 and Today I bought @ 22,200. With extra money I bought more.

When I sold, Thai paid 22,850  

[Kurtf]

10 hours ago, SheungWan said:

Except when it goes down and/or doesn't earn any interest/dividend.

Better than putting money in a savings account that earns practically zero interest and can be raided by a corrupt government anytime it pleases them to do so.

[SoSoCNX]

21 minutes ago, Brunolem said:

"I sold my gold @ 22,750 baht/bar"

 

Wrong move OP...unless you are in need of cash...

 

The bull market for gold is just in its early stages...

 

The main central banks are busy destroying their currencies and they will do whatever it takes to succeed...

 today I paid 22,200 per bar and I was able to buy more 

 

 

[Kurtf]

10 minutes ago, Nanaplaza666 said:

Untill now your the only one that's right maybe some will follow but your spot on ????

The problem with buying gold you can wear is you have to pay quite a bit more than the spot price for the workmanship involved. And when you sell they only pay the spot price.

[MikeN]

6 minutes ago, Kurtf said:

The problem with buying gold you can wear is you have to pay quite a bit more than the spot price for the workmanship involved. And when you sell they only pay the spot price.

Yes, my SiL bought 2 baht of jewelry at New Year which went straight into her safe and will never be worn. So I am asking, why not buy gold bar instead ...the buy/sell spread on that is about one tenth of jewelry so much easier to make a profit. “No, always buy jewelry “ was the answer, no logical reasoning.

[sandmonster]

8 hours ago, SheungWan said:

A disaster if the timing is wrong.

So what isnt a disaster when the timing is wrong ? ????

[sandmonster]

7 hours ago, RichardColeman said:

I'm currently selling at 10,750  baht/bar, excellent investment, please send cash payments in advance, 21 days waiting time, P.O Box 555 

 

 

Whereabouts are you in Lagos then ? ????

[ThaiVisa69]

My girlfriend looks good in gold.

[Lacessit]

Thais trust gold. They are less trusting of banks and their government. Can't say I blame them.

It's also a fashion statement they wear to tell everyone else they are well-heeled.

[Matzzon]

2 hours ago, nchuckle said:

Proper analysis shows it’s lagged behind a decent spread of equities over a n accepted investment time scale. It also pays no dividends. 

You can say what you want. It still going to be the most secure investment through time. I never said the best, but it is the most secure.

[Lacessit]

17 minutes ago, Matzzon said:

You can say what you want. It still going to be the most secure investment through time. I never said the best, but it is the most secure.

Agree. I have bought and sold gold here and in Australia for thirty years, and have yet to make a loss on a single transaction.

On the other hand, I have had times when my investment income on equities for the year has been wiped out by a single capital loss.

[sometimewoodworker]

11 hours ago, Henryford said:

I think it reached 30k at one point. Anyone buying gold then has taken a beating.

Never.

[elgenon]

I remember when Thais wore their gold. Invested in it and showed their worth. Now that's too dangerous. Plus some people have become more sophisticated. My middle class friends do not show off.

[Brunolem]

18 hours ago, Lacessit said:

Thais trust gold. They are less trusting of banks and their government. 

This is not specific to Thais... Indians and Chinese are big gold buyers... 

[JAS21]

On 1/9/2020 at 5:54 AM, baansgr said:

Its viewed as instant cash...as for investment...it depends when you buy, 6 years ago 1 baht was 25k...its never recovered to that high since.

What I got married In 2002 is about 6000 baht/baht

[Max69xl]

On 1/9/2020 at 8:12 AM, SheungWan said:

A disaster if the timing is wrong.

You don't buy gold to sell it next week. People who can afford to buy it are not in a rush to sell it. It's not about timing. 

[parallaxtech]

I have purchased gold 5-10 baht bars in the past from one of those typical red gold shops seen everywhere.  Is there a chance of them passing off fake gold?  They weigh it and provide an invoice, but should I demand an electronic test?  Isn't there a Thai Gold Association that regulates them?

[Guest]

1 hour ago, parallaxtech said:

I have purchased gold 5-10 baht bars in the past from one of those typical red gold shops seen everywhere.  Is there a chance of them passing off fake gold?  They weigh it and provide an invoice, but should I demand an electronic test?  Isn't there a Thai Gold Association that regulates them?

Buy your gold from Hua Seng Heng ... pardon the terrible pun, but honestly .. they are the Gold Standard for Thailand and SEA.

[ncc1701d]

On 1/9/2020 at 9:06 PM, MikeN said:

“no logical reasoning.

That may be the best description of my tgf. 

[Deli]

Coz houses and condos fall apart after 10 years in this country

[SiSePuede419]

At least they're not into gold teeth, like some guys in the Carribbean, mon.

[Chazar]

On 1/9/2020 at 8:44 AM, Nyezhov said:

Damn you are well trained! ????

 

Do you need to say "Yes Maam"? I did!!!!!

 

you need  to also click  both heels when saying it

[JimmyTheMook]

On 1/10/2020 at 10:43 AM, elgenon said:

I remember when Thais wore their gold. Invested in it and showed their worth. Now that's too dangerous. Plus some people have become more sophisticated. My middle class friends do not show off.

 

It's a low class trait to wear heavy gold as a sign of small personal wealth.

Thai's with cash don't need to flex like that.

[denby45]

Gold should never be considered an investment. Investments make money through productivity. Gold is an insurance policy only.

 

Den

[yankyoakum]

Old school people, because if your house burned down, sift thru the ashes and your gold will be there as well as your silver, back when hill tribes lived in huts they didn't want paper money, was told then why..makes sense to me..

[RJRS1301]

Survivors of displacement, pogroms, and other distasteful occurrences have been able to transport gold and laterly diamonds undetected  and used them to bargain for safety, transport, papers, and accommodation.

 

[yankyoakum]

On the subject of Thais wearing gold, was with a Thai in a coffee shop early 80's he ran out of cash, took off a 50 stang gold chain necklace and told waiter to change it, guy came back 5 minutes later with wad of cash....he gave the dude 20 baht for his trouble and we continued our afternoon, thought that was cool at the time, 1983 Koh Samui..and thats what gold chains were for, not the big gaudy one the small ones are just a wearable debit card back when I was younger man...not sure about the practice now.