People queue to sell gold after price surge

By THE NATION

 

 

People queued at a gold shop in Bangkok’s Yaowarat area to sell their gold after the price jumped by more than Bt1,000 per baht weight this morning (March 24), compared to the price at Monday’s close.

 

As of 9.28am, the buying price of a gold bar was Bt24,350 per baht weight and the selling price Bt24,450, while gold ornaments were Bt23,907.32 to buy and Bt24,950 to sell.

 

Prices increased from Monday’s close, when a gold bar cost Bt23,200 to buy and Bt23,300 to sell, with gold ornaments priced at Bt22,785.48 and Bt23,800, respectively.

 

As of 1.51pm prices decreased, with the buying price of a gold bar being Bt24,250 per baht weight and the selling price being Bt24,350, while gold ornaments were Bt23,816.36 and Bt24,850, respectively.

 

Source: https://www.nationthailand.com/news/30384743

 

-- © Copyright The Nation Thailand 2020-03-24

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You can't eat gold and at least it is worth more now and hopefully keep more families alive.

i was saying to look for this.

 

Thai people taking stored wealth from gold and placing in fiat cash to get by during this time.

 

 

Bad luck for them because gold just increased another 6% on the US market, so they better had waited

1 hour ago, NCC1701A said:

i was saying to look for this.

 

Thai people taking stored wealth from gold and placing in fiat cash to get by during this time.

 

 

You do assume to  know a lot from reading your posts. Do you know when the pandemic will be over?

15 minutes ago, Ian Nagle said:

You do assume to  know a lot from reading your posts. Do you know when the pandemic will be over?

one minute after the polls close for the election of the US president.

Yeah right, sell the gold that the husband originally gave them in the first place, pocket the money then ask the husbands to replace the ones they sold.

13 hours ago, NCC1701A said:

one minute after the polls close for the election of the US president.

The pandemic will never be over !

 

As it gives Government unlimited power they will use it any time they need it !

There is no better enemy than the one you cannot see ... just like this idea of a scary virus.

As soon as people believe it, Governments won - ALL Governments !!!

That's why they all love it so much. And that's why they will keep it.

15 hours ago, NCC1701A said:

Thai people taking stored wealth from gold and placing in fiat cash to get by during this time.

 

 

I'm thinking this.  People are needing money for food & bills, especially when so many are jobless, or making less money.

 

Saw this happen in Hong Kong.  Times get bad and gold goes back to the traders.  I wandered the used jewelry stores on Kowloon side and saw displays with hundreds of used Rolexes behind the glass.  

The selling of gold in tough times is normal when families need feeding with no income.

They are lucky that most will at least get more than they paid

17 hours ago, Susco said:

Bad luck for them because gold just increased another 6% on the US market, so they better had waited

A bird in the hand etc.

1 hour ago, lujanit said:

A bird in the hand etc.

 

..Is equal to two dancing on stage?

3 hours ago, Iron Tongue said:

I'm thinking this.  People are needing money for food & bills, especially when so many are jobless, or making less money.

 

Saw this happen in Hong Kong.  Times get bad and gold goes back to the traders.  I wandered the used jewelry stores on Kowloon side and saw displays with hundreds of used Rolexes behind the glass.  

I was there last week, but maybe I missing this, only new ones for to much money. And yes we walking also on Nathanroad.

4 hours ago, geoff65 said:

Yeah right, sell the gold that the husband originally gave them in the first place, pocket the money then ask the husbands to replace the ones they sold.

My wife has some friends with farang BFs/husbands who do this, but with electronics. "The iPad, laptop, cell phone, TV, got broken or stolen, can I have another?" They got converted to some quick cash.

7 hours ago, geoff65 said:

Yeah right, sell the gold that the husband originally gave them in the first place, pocket the money then ask the husbands to replace the ones they sold.

If their husbands gave them the gold (I did) then it belongs to the wife. As it belongs to her then it is up to her to do what SHE wishes to do with it, and not what you think. If she asks for more and they can afford it why not.

 

Most of the 20 or so Thai wives married to my friends that I know actually ARE honest and loyal. Perhaps my wife and my friends wives actually are different and not the stereotypes I see trundled on TVF so often. I think the main difference is trust,

 

Your post tells me that you have had a bad experience or you listen to too many bar stool stories.

3 minutes ago, billd766 said:

Most of the 20 or so Thai wives married to my friends that I know actually ARE honest and loyal.

I find the same thing... 

2 hours ago, billd766 said:

Your post tells me that you have had a bad experience or you listen to too many bar stool stories.

Not at all and no bar stool stories either,never been to one. I didn't here to waste my life at bars.The stories i know are all fact.

complete idiots. You don't sell your insurance policy at times of great uncertainty.

 

14 hours ago, geoff65 said:

Not at all and no bar stool stories either,never been to one. I didn't here to waste my life at bars.The stories i know are all fact.

Really? I gave up drinking in bars years ago, and my story is a fact also.

3 hours ago, WhereIsMyRyeBread said:

complete idiots. You don't sell your insurance policy at times of great uncertainty.

 

If you don't sell it when you have no job, no money and no food. You can't eat gold, but you can sell it to feed your family in times of great need, which is now. Keeping your gold and not buying food is a false economy.

 

You obviously have enough money to keep going without selling gold.

 

Many Thais, especially rural Thais don't have that luxury.

It would be a cold day in hell ,before my wife would sell any of her Gold,

About 15 years ago she "Lent" her sister 5 Baht weight so she could bail

her husband out of prison, which was a waste ,as he was shot by Police

when he was out fishing one day,he would not give up selling drugs.

 

On our daughters graduation her sister came bedecked in Gold, I said

to the Wife ,here's a chance to get your Gold back,I have already asked

her and she said it's not her Gold, its her new husbands,talk about rubbing

it in,no shame.

regards worgeordie

 

On 3/26/2020 at 11:46 AM, billd766 said:

If you don't sell it when you have no job, no money and no food. You can't eat gold, but you can sell it to feed your family in times of great need, which is now. Keeping your gold and not buying food is a false economy.

 

You obviously have enough money to keep going without selling gold.

 

Many Thais, especially rural Thais don't have that luxury.

The people who need to sell their gold due to financial hardship and as an absolute last resort as in your example, they would sell it when THEY need to and not when the gold price just jumped up some. Chances are they bought gold to begin with to keep for a rainy day. Many people who sells off because the price went up are people who chose to take profit at this particular time as they bought when the price was lower.  It's normal to get tempted to take a quick profit and cashing in instead of keeping it until they really need to as in your example. Ofcourse its possible someone JUST ran out of cash as the gold price jumped up, but I think you got my point.

 

I love the line 'you can't eat gold' . Such a meaningless throwaway line.

yes I agree, many things that preserves wealth can not be eaten including fiat currencies.

 

 

 

 

Edited March 27, 20206 yr by WhereIsMyRyeBread

On 3/25/2020 at 10:41 AM, geoff65 said:

Yeah right, sell the gold that the husband originally gave them in the first place, pocket the money then ask the husbands to replace the ones they sold.

 

   Do you mean Farang husband , or Thai husband ?.

4 hours ago, WhereIsMyRyeBread said:

The people who need to sell their gold due to financial hardship and as an absolute last resort as in your example, they would sell it when THEY need to and not when the gold price just jumped up some. Chances are they bought gold to begin with to keep for a rainy day. Many people who sells off because the price went up are people who chose to take profit at this particular time as they bought when the price was lower.  It's normal to get tempted to take a quick profit and cashing in instead of keeping it until they really need to as in your example. Ofcourse its possible someone JUST ran out of cash as the gold price jumped up, but I think you got my point.

 

I love the line 'you can't eat gold' . Such a meaningless throwaway line.

yes I agree, many things that preserves wealth can not be eaten including fiat currencies.

 

 

 

 

You seem too have missed my point.

 

Covid-19 is stalking Thailand. Many people have lost their jobs and income with it and are now back in the villages with little choice about selling their gold, and the price now or later doesn't matter. What IS important for many poor Thais is survival and not the price of gold in the future.

 

NOW is what matters to them and their families.

 

My wife still has gold that I bought her in the 1990s and the 2000s. She won't sell it until she NEEDS to sell it and if/when that times comes she will need the money at that point in time.

52 minutes ago, billd766 said:

NOW is what matters to them and their families.

Thanks for telling me, I had no idea family mattered. It must be a Thai thing. 

1 hour ago, billd766 said:

She won't sell it until she NEEDS to sell it and if/when that times comes she will need the money at that point in time.

Dude, this is exactly what I said. Then you painted a sob story that everyone is selling now because they lost their job. 
People sell to cash-in on the higher gold price and for a lot of reasons. Sounds to me that you think no Thais could sell their gold because they're not financially savvy to cash in and take a profit, so you're belittling them.
 You don't need to go all Oliver Twist white man' s burden on me telling me I don't understand and the values and Thai family. Thailand has lower and higher income brackets just like any country, not everyone returns to Issan because no work in Bangkok even though that's what you're basing your assumptions on. White man burdens syndrom in 2020. highly unorthodox

Edited March 27, 20206 yr by WhereIsMyRyeBread