Gold sees Bt300 plunge in value

By The Nation

 

 

The price of gold dropped sharply by Bt300 per baht weight on Friday (February 28), the Gold Traders Association reported at 5pm.

 

 

At that hour, the price to buy a gold bar was Bt24,250 per baht weight while the sale price was Bt24,350. The buying price of gold ornaments was Bt23,816.36 and the sale price Bt24,850.

 

The prices had dropped by about Bt300 per baht weight from the morning due to the strengthening baht, which rose to Bt31.56 against the dollar. 

 

The global gold market was still buoyant because of the Covid-19 outbreak.

 

Gold was Bt24,550 per baht weight to buy as the day’s trading began and Bt24,650 to sell, while gold ornaments were Bt24,104.40 to buy and Bt25,150 to sell.

 

Source: https://www.nationthailand.com/news/30383032

 

-- © Copyright The Nation Thailand 2020-02-29

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Just over a % drop is hardly a "plunge"... Gold is a steady investment still

2 hours ago, cornishcarlos said:

Just over a % drop is hardly a "plunge"... Gold is a steady investment still

Tell that to the people who paid 29,000 a baht 6 years ago.

11 minutes ago, Henryford said:

Tell that to the people who paid 29,000 a baht 6 years ago.

Tell that to all the people who bought gold over the last five years and held.  they are ALL making money.  

 

If gold goes from 1 to 1,000,000 it's NOT a bad investment because someone paid 1,000,000.  Only for a select few.  if that's the case, then everything is bad because everyone doesn't make money all the time.  

Why? People are selling I assume. Rats and sinking ship? Personally, I'd expect gold to go up in a pandemic situation. 

Regardless of fluctuations gold is still nice to have in your hand, and nothing better when the wife adorns hers on and the colour contrast  with thai gold just makes her more ravishing, from here the story is private,

1 hour ago, Henryford said:

Tell that to the people who paid 29,000 a baht 6 years ago.

 

Take a look at gold prices 6 yrs ago... 

 

https://goldprice.org/gold-price-charts/10-year-gold-price-history-in-us-dollars-per-ounce

14 minutes ago, cornishcarlos said:

 

Take a look at gold prices 6 yrs ago... 

 

https://goldprice.org/gold-price-charts/10-year-gold-price-history-in-us-dollars-per-ounce

Let me help you little bit

 

44 minutes ago, nausea said:

Why? People are selling I assume. Rats and sinking ship? Personally, I'd expect gold to go up in a pandemic situation. 

They sell to get cash for panic hoarding

1 hour ago, KhunBENQ said:

They sell to get cash for panic hoarding

You may be close to the truth.

 

Yesterday an article on Yahoo finance suggested that investors’ losses on equities had become so severe in the course of the week that they were being forced to sell their precious metal holdings to meet margin calls.

 

Another possibility is that China and india are the largest buyers of gold, but with the current economic crisis due to Covid-19 those purchases maybe scaled back, and I wouldn't be surprised that in those countries there are now more sellers than buyers to keep food on the table

7 hours ago, Ventenio said:

Tell that to all the people who bought gold over the last five years and held.  they are ALL making money.  

 

If gold goes from 1 to 1,000,000 it's NOT a bad investment because someone paid 1,000,000.  Only for a select few.  if that's the case, then everything is bad because everyone doesn't make money all the time.  

I have been buying and selling Thai gold (bars not jewellery) for a few years now and currently have 37 baht at an average value of 19846baht/baht. So my position is good at the moment. Even after this mornings 600 baht drop I have a profit (on paper) of over 140,000baht. I believe will go over the 27,000 a poster mentioned.

9 hours ago, cornishcarlos said:

Just over a % drop is hardly a "plunge"... Gold is a steady investment still

OH NO! You said gold is an "investment". You will have the TVF investments experts onto you soon.

Well if you are buying gold etf’s and especially gold miners etf. you are not a happy camper right now.

Gold goes up and down with respect to the currency used to purchase it. It has always been so. 

 

That being said, it has trended upwards in the long term. In June 1999 it was $267.40 an ounce, in September 2011 it was $1827, Friday's am spot price was $1626.35, pm spot price was $1609.85.

Over the last month, gold has been 'volatile', ranging from $1552.20 to $1682.35....

Just saying...

Thailand had sold some of its Gold reserves this week due to the slumping economy. Also, an unknown or unreported party sold $1 Billion of Gold also this week. Multiple factors contribute to the volatility of the Global Gold Market. 

My Morgan Stanley account, lost over 100,000 us dollars last week  Not sure I can stand another week like that one.  

10 hours ago, SinCityGr8One said:

Thailand had sold some of its Gold reserves this week due to the slumping economy. Also, an unknown or unreported party sold $1 Billion of Gold also this week. Multiple factors contribute to the volatility of the Global Gold Market. 

I sold 1 baht gold. Maybe contributed to the volatility.????