Thai Gold Bars Spread Gone from 100 to 300 baht.

[Chazar]

4 hours ago, Dazinoz said:

Why is it that no matter what you post some keyboard warrior has to negatively comment?

i wouldnt want a world where everyone agreed  with me

[Nyezhov]

27 minutes ago, Snow Leopard said:

Dollars to donuts you cant. Not bullion bars. Or pay now and take delivery in 6 months because the dealer hedges it. 

I found plenty. Do your own search. ????

[EricTh]

I have a Thai gold ring, do you think it is a good time to sell now or wait?

[jojothai]

As referred by thaibrian, there is little availability in the western world.

This is for a number of reasons, coronavirus shutdowns in particular.

The price spread in the markets has become enormous. 

Presumably the increased spread here is because of that. Whether it is justified i dont know.

[Dazinoz]

1 hour ago, thequietman said:

Surely, your post is a negative comment also, no ???? ????

If saying someone is a keyboard warrior, then I guess yes. But I just started out asking a simple question.

Edited March 25, 2020 by Dazinoz

[Dazinoz]

57 minutes ago, Chazar said:

i wouldnt want a world where everyone agreed  with me

I wouldn't either but some do.

 

I just don't like negative comments for a simple factual question.

[Lacessit]

1 hour ago, EricTh said:

I have a Thai gold ring, do you think it is a good time to sell now or wait?

Depends on whether it has a Thai female attached to it.

[rwill]

Not just in Thailand:

 

https://www.kitco.com/news/2020-03-24/Huge-spreads-occurring-in-gold-backwardation-reflects-strong-demand.html

 

[manchega]

I suspect many people now have no income.  Thailand is not one for job security for what would be -the working class- they earn money per job and pay no tax. 

Of course when no work is available they have no money. hence they store gold in the form of wearable storage and baht bars for when the wolf is at the door.

 

I think the wolf is at the door and the pawn shops and gold shops, the businesses of which are very similar are exploiting those people hence your spread

[wombat]

Gold is the only thing i know that keeps pace with inflation. for all those nay-sayers please show me something else thats tradeable legal and keeps pace with inflation.
 i disagree most strongly with those that disagree with a historic fact.
why the jump from 100 baht spread to 300 baht...they saw a way to make money and are doing it.
free enterprise 101.
 

[piewarmer]

I noticed that B300 spread too, thanks for your input

[dode57k]

7 hours ago, Dazinoz said:

Why is it that no matter what you post some keyboard warrior has to negatively comment?

Because its Thai visa man. Some real helpful guys and a huge collection of <deleted> idiots.

[gamesgplayemail]

Wondering if it's still time to buy ?

 

 

[johnnysunshine]

Aristotle:   

Aristotle defined the characteristics of a good form of money:

1.) It must be durable. Money must stand the test of time and the elements. It must not fade, corrode, or change through time.

2.) It must be portable. Money hold a high amount of ‘worth’ relative to its weight and size.

3.) It must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics. An extension of this idea is that the item should be ‘fungible’. Dictionary.com describes fungible as:

“(esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind.”

4.) It must have intrinsic value. This value of money should be independent of any other object and contained in the money itself.

[Susco]

3 hours ago, timendres said:

The wider spread almost certainly reflects higher volatility on the part of the traders. As the volatility increases, their trade risk increases, and the wider spread helps to offset that.

So my question is, has the extra 200 Baht in spread been added to the buying price or deducted from the selling price?

[Nanaplaza666]

5 hours ago, Dazinoz said:

Yep, as  I said in my original post I have been buying/selling for around 7 years now. Always 100 baht difference. Today is the first time I have seen it different and hence my post. But apparently not appropriate to worry about anything else other than the virus. Sorry to all the perfect people out there.

I don't care about people making money at this moment because that what happens everytime when there is war or a pandemic like this , people make money . But saying that you'r getting tired of people talking about the virus is a bit bold in my mind , there should be more airtime on television and more commercials or whatever way they can reach people because this thing is serious and people have to take it as serious as it is because at this moment they don't . Look at the US it's hitting hard there now and will get more worse with the stupid springbreak corona party's . TIK TOK people licking toilet seats elevator buttons whatever . Wake up and try to be as serious as possible and stay healthy and safe .

[SERGERAMOS]

5 hours ago, Dazinoz said:

I agree.

 

Just a few weeks ago I was participating in a thread on gold. Amazing how many don't like it. One poster was going on how much better his money was in shares. Like to know what he thinks now.

 

Yes, shares will probably go back up and gold down, but at the present time I have a small amount gold and a tidy little profit if I survive and sell.

All Thai women like gold I'd be amazed if many don't like it 555

 

[CanadaSam]

9 hours ago, ezzra said:

Me think that right now many people worry sick where and how to survive this dreaded disease rather than worry about the 'spread' of gold trading..

 

Hmmmm....  think about the "spread" of the virus, vs think about the "spread" of gold price....

 

I think I'll take gold.

[Elkski]

Gold is pretty.  But so much of a charge each time you buy or sell.  Selling even 1 oz in USA requires your ID.  It's not easy to buy things with gold in this modern  world.   Over the last 50 years gold hasn't performed better than most investments.  

 

[exemplary21]

Now gone to 350 at GTGold.

 

[timendres]

1 hour ago, Susco said:

So my question is, has the extra 200 Baht in spread been added to the buying price or deducted from the selling price?

It typically straddles the spot price. So both sides get hit.

[swissie]

5 hours ago, timendres said:

The wider spread almost certainly reflects higher volatility on the part of the traders. As the volatility increases, their trade risk increases, and the wider spread helps to offset that.

Exactly. This post explains it. No black magic, no vodoo, no dark forces manipulating prices.
Increased volatility means wider Bid/Ask spreads. What else is new?
= Google "market-makers", if confused.

[Kurtf]

11 hours ago, ezzra said:

Me think that right now many people worry sick where and how to survive this dreaded disease rather than worry about the 'spread' of gold trading.. with all due respect...

You should think again since some people have their entire savings wrapped up in gold bullion. 

[mshs]

12 hours ago, Dazinoz said:

Anyone know why?

Spreads widen in response to an illiquid market.

[Dazinoz]

9 hours ago, Elkski said:

Gold is pretty.  But so much of a charge each time you buy or sell.  Selling even 1 oz in USA requires your ID.  It's not easy to buy things with gold in this modern  world.   Over the last 50 years gold hasn't performed better than most investments.  

 

I am referring to Thai gold where it is easy to buy and sell and if you buy bullion 5baht weight and above there is no commission at dealers I use only the spread which up until yesterday was only 100 baht. The gold shop I use charges a 200 baht commission on bars less than 5baht weight.

 

And I am talking last few years, not 50, were gold has performed ok and very well compared to the last few weeks. 

[Dazinoz]

12 hours ago, Nanaplaza666 said:

I don't care about people making money at this moment because that what happens everytime when there is war or a pandemic like this , people make money . But saying that you'r getting tired of people talking about the virus is a bit bold in my mind , there should be more airtime on television and more commercials or whatever way they can reach people because this thing is serious and people have to take it as serious as it is because at this moment they don't . Look at the US it's hitting hard there now and will get more worse with the stupid springbreak corona party's . TIK TOK people licking toilet seats elevator buttons whatever . Wake up and try to be as serious as possible and stay healthy and safe .

Where did I say I was getting tired of people talking about the virus?

[Andyfez]

Yes, here's the reason.

 

https://www.bangkokpost.com/business/1886505/group-fixes-gold-at-300-baht-per-ounce

[jojothai]

FYI, the difference in price between gold futures and spot price in the USA has by friday now narrowed to normal levels, so you would expect the spread to narrow back to what it normally is.

On saturday the traders association narrowed the spread from 300 to 200 baht.

[Dazinoz]

2 hours ago, jojothai said:

FYI, the difference in price between gold futures and spot price in the USA has by friday now narrowed to normal levels, so you would expect the spread to narrow back to what it normally is.

On saturday the traders association narrowed the spread from 300 to 200 baht.

Yep I saw that. Thanks for the info.

[jojothai]

FYI, The difference between gold futures and spot price widened again this morning.

So there must still be some problem with supply lines.