SAFETY FIRST Posted May 15, 2020 Share Posted May 15, 2020 I wouldn't go anywhere near a gold shop at the moment. They're desperate and not displaying the buy/sell price, just the sell price, they dont want to buy. The buy/sell price over the years has been 100 baht difference, now I see 200 baht and have been told by a friend 1000 baht recently. Link to comment Share on other sites More sharing options...
Dazinoz Posted May 15, 2020 Share Posted May 15, 2020 1 minute ago, SAFETY FIRST said: I wouldn't go anywhere near a gold shop at the moment. They're desperate and not displaying the buy/sell price, just the sell price, they dont want to buy. The buy/sell price over the years has been 100 baht difference, now I see 200 baht and have been told by a friend 1000 baht recently. They don't want to buy at the moment as a lot Thais selling their gold to get cash and the gold shops are running out of cash. Apparently a lot of the gold they buy is melted down and sold overseas but they are having troubling doing this due to limited flights. This info is from a few articles I have read. I follow gold almost everyday. The spread did goto 300 baht spread but did not see it go any higher than that, Link to comment Share on other sites More sharing options...
SAFETY FIRST Posted May 15, 2020 Share Posted May 15, 2020 2 minutes ago, Dazinoz said: The spread did goto 300 baht spread but did not see it go any higher than that Yes, they do not advertise or display this spread.....1000 baht. My friend asked within, the shop owner. Link to comment Share on other sites More sharing options...
PatOngo Posted May 15, 2020 Share Posted May 15, 2020 19 minutes ago, Dazinoz said: That price is the spot price for pure gold or .9999. Thai gold is only 96.5% and is NOT that price you quote. The point is....if he paid 14,000 baht for half baht weight, he didn't get ripped off! More relevant, will she still have it in a few days? 1 2 Link to comment Share on other sites More sharing options...
Dazinoz Posted May 15, 2020 Share Posted May 15, 2020 (edited) 3 minutes ago, PatOngo said: The point is....if he paid 14,000 baht for half baht weight, he didn't get ripped off! More relevant, will she still have it in a few days? Its not the point for your post. He bought Thai gold or 96.5% pure. You quoted 99.99% pure gold not readily available in Thai gold shops. If he paid too much or not or she has is in a few days has nothing to do with your misleading price quote, Edited May 15, 2020 by Dazinoz 1 Link to comment Share on other sites More sharing options...
PatOngo Posted May 15, 2020 Share Posted May 15, 2020 18 minutes ago, Dazinoz said: Its not the point for your post. He bought Thai gold or 96.5% pure. You quoted 99.99% pure gold not readily available in Thai gold shops. If he paid too much or not or she has is in a few days has nothing to do with your misleading price quote, I really don't give a rat's toss, Daz, I didn't buy gold for anyone and you seem more affected than the buyer! 1 1 Link to comment Share on other sites More sharing options...
Popular Post Dazinoz Posted May 15, 2020 Popular Post Share Posted May 15, 2020 1 minute ago, PatOngo said: I really don't give a rat's toss, Daz, I didn't buy gold for anyone and you seem more affected than the buyer! No, I am just trying to help with relevant figures. Have a nice day. 3 Link to comment Share on other sites More sharing options...
steven100 Posted May 15, 2020 Share Posted May 15, 2020 if the gf likes it ...... doesn't matter how much it was Link to comment Share on other sites More sharing options...
rwill Posted May 15, 2020 Share Posted May 15, 2020 (edited) Besides the price of the gold they add bahmnet = commission to jewelry. You can ask them beforehand what the bahmnet is for the piece. And it is possible to bargain that down a little bit. Also most are predicting gold to go up to $3,000/ounce in the next couple of years. So even if you did overpay you might still be able to sell it later for a profit. Edited May 15, 2020 by rwill Link to comment Share on other sites More sharing options...
CrunchWrapSupreme Posted May 15, 2020 Share Posted May 15, 2020 (edited) 1 hour ago, PatOngo said: More relevant, will she still have it in a few days? Ok guys, it's storytime. Awhile back, the wife got an iPad from a friend she wanted to sell for her. Said she just needed money. We went to a few shops and got prices. At the last place they wanted to check it out. It started up, and immediately streamed in messages from a bunch of poor blokes. They even had places next to them so she could remember, "Kuwait", "Sweden". I later found she does this often, sells electronics to get cash, then asks the BFs for new ones, saying they were broken or stolen. Not saying this is happening to this guy, but be careful out there. But on a more positive note, after this virus got going and I got word I wouldn't be working the next few months, I had to make a large withdrawal (for me, anyway) from savings. This concerned the wife, and thus she sold the gold necklace I got her without hesitation, and gave me the money. It's been said the Thais see their gold as a savings account. Nice to know that sometimes, it's not just for them. Edited May 15, 2020 by CrunchWrapSupreme clarity Link to comment Share on other sites More sharing options...
Kurtf Posted May 15, 2020 Share Posted May 15, 2020 22 hours ago, SeaMike01 said: Yeah, I know how to find the 1 baht price. I'm just trying to figure out what other nuances might cause the price to be more than 1/2 the 1 baht price. For instance the shop 'fee'. People often under value the cost of converting raw gold into finished jewelry. You really can't compare the cost of gold per baht to the cost of finished jewelry per baht. You probably got exactly what you were promised. A nice solid 20 Karat gold bracelet for 566 bucks. Link to comment Share on other sites More sharing options...
cyril sneer Posted May 15, 2020 Share Posted May 15, 2020 sounds like your weren't ripped off, which is a odd 1 Link to comment Share on other sites More sharing options...
Heppinger Posted May 15, 2020 Share Posted May 15, 2020 22 hours ago, 2 is 1 said: Who buy now gold it's most exbensive in decade! Maybe after few years your GF have to sell that and get 7000 bth and be really angry to you lol Is it the gold that's expensive or the fiat currency that is becoming worthless? Link to comment Share on other sites More sharing options...
baansgr Posted May 15, 2020 Share Posted May 15, 2020 £450 on a birthday present...hope she reciprocates on your birthday. 1 Link to comment Share on other sites More sharing options...
Dazinoz Posted May 15, 2020 Share Posted May 15, 2020 (edited) 22 minutes ago, Kurtf said: People often under value the cost of converting raw gold into finished jewelry. You really can't compare the cost of gold per baht to the cost of finished jewelry per baht. You probably got exactly what you were promised. A nice solid 20 Karat gold bracelet for 566 bucks. I just use app. Top 2 number s are bullion sell and buy, bottom are jewellery. Plus some gold shops charge a commission on buy and sell. Thai gold is 23 karat. Edited May 15, 2020 by Dazinoz Link to comment Share on other sites More sharing options...
Mick501 Posted May 15, 2020 Share Posted May 15, 2020 Just about every other gift you could buy her in that price range will be close to worthless in a few years, so in that context, if she gets to enjoy it for a while and has the option to cash in, it's a pretty good present. 1 Link to comment Share on other sites More sharing options...
AAArdvark Posted May 15, 2020 Share Posted May 15, 2020 Don't forget the karat of the gold. Like 10K, 14K, 18K, 20K, 22K and 24K. Many Thai (and Asians in general) want only 24K. However, 24K is very soft and not suitable for jewelry. My GF just bought a very nice 1 baht chain with pendent for 27500. I don't know and she didn't even know to ask what K it was. From looking at it, it does not appear to my untrained eye, to be 24K. Usually when I see 24K it looks like a darker gold than the others. At 27500, it is definitely a 24K price. But to an Isaan partially educated girl, you can't expect them to always make an good choice. Link to comment Share on other sites More sharing options...
natway09 Posted May 15, 2020 Share Posted May 15, 2020 If it was a licenced gold shop I doubt that you have been overcharged. Link to comment Share on other sites More sharing options...
Dazinoz Posted May 15, 2020 Share Posted May 15, 2020 34 minutes ago, AAArdvark said: Don't forget the karat of the gold. Like 10K, 14K, 18K, 20K, 22K and 24K. Many Thai (and Asians in general) want only 24K. However, 24K is very soft and not suitable for jewelry. My GF just bought a very nice 1 baht chain with pendent for 27500. I don't know and she didn't even know to ask what K it was. From looking at it, it does not appear to my untrained eye, to be 24K. Usually when I see 24K it looks like a darker gold than the others. At 27500, it is definitely a 24K price. But to an Isaan partially educated girl, you can't expect them to always make an good choice. Thai gold jewellery bought in Thai gold shop is 23 karat or 96.5 %. 2 Link to comment Share on other sites More sharing options...
spoon1967 Posted May 15, 2020 Share Posted May 15, 2020 The problem is the re-sale, you (she) might only get offered 13,000 if you ever want to upgrade/sell. 4000 B is a lot of money in Thailand. I often buy gold in Thailand, I collect coins, banknotes and amulets, there's some great deals in local pawn shops, 2 in Pattaya I use all the time, might be worth a look next time, you'll get more for your cash. 1 Link to comment Share on other sites More sharing options...
Mavideol Posted May 15, 2020 Share Posted May 15, 2020 you already bought and paid for it, forget about the rest..... just surprise her and look at her reaction when you hand it to her Link to comment Share on other sites More sharing options...
Elkski Posted May 15, 2020 Share Posted May 15, 2020 If you didnt shop around you will never know. At MBK I had a guy quote me a price. Another day I was told a much lower price by a woman at the same shop. There is different qualities of finish on jewelry. I have very good eyes. Take a magnifying glass when you shop for gold. Dont just buy for weight. Thai people think Thai gold is the only good gold in the world they don't understand 14 karat makes much more durable jewelry and is sold in the rest of the world. I do have to say the price of Jewelry in Thailand is even cheaper than buying jewelry at a pawn shop locally here in USA. in my opinion the price for labor is very low. If a jeweler has to work on a piece of jewelry for a day in Thailand that maybe $30 of Labor. So it doesn't add much cost. I tell my girlfriend i buy you gift of jewelry and if you have man like me and we plan our finances you will never need to sell it. Link to comment Share on other sites More sharing options...
Dazinoz Posted May 16, 2020 Share Posted May 16, 2020 23 hours ago, SAFETY FIRST said: Yes, they do not advertise or display this spread.....1000 baht. My friend asked within, the shop owner. I have done a lot of buying/selling gold over last few years. The normal spread is clearly advertised on their board or Thai Gold app plus some commission which can be negotiated and is not displayed. I look at my app just before I go into shop and check their board as I go in. Nearly always the same, sometimes just has not been changed yet as gold price can change many times in a day, especially lately. See my previously posted chart and you will see that gold jewellery can be 1000 spread but never on bars (bullion). As I previously said i have been following almost daily for a few years and highest I have seen is 300 (on bars). I don't buy jewellery so I don't know commission on it but an interesting thing is if I buy a 5baht baror bigger bar there is no commission. Bars under 5 baht I get charged 200 (commission not spread) at the shop I use. Recently sold a 5 baht bar back to them and expected to pay commission on sell back but no, just paid advertised price. Don't know how they make money there. I guess mostly on jewellery. 1 Link to comment Share on other sites More sharing options...
Dazinoz Posted May 16, 2020 Share Posted May 16, 2020 22 hours ago, Heppinger said: Is it the gold that's expensive or the fiat currency that is becoming worthless? Probably a bit of both but does it really matter? I buy goods in fiat currency so if I get more of that selling gold I don't care if gold up or fiat down, end result is all that matters. Link to comment Share on other sites More sharing options...
pineapple01 Posted May 16, 2020 Share Posted May 16, 2020 12 hours ago, Elkski said: If you didnt shop around you will never know. At MBK I had a guy quote me a price. Another day I was told a much lower price by a woman at the same shop. There is different qualities of finish on jewelry. I have very good eyes. Take a magnifying glass when you shop for gold. Dont just buy for weight. Thai people think Thai gold is the only good gold in the world they don't understand 14 karat makes much more durable jewelry and is sold in the rest of the world. I do have to say the price of Jewelry in Thailand is even cheaper than buying jewelry at a pawn shop locally here in USA. in my opinion the price for labor is very low. If a jeweler has to work on a piece of jewelry for a day in Thailand that maybe $30 of Labor. So it doesn't add much cost. I tell my girlfriend i buy you gift of jewelry and if you have man like me and we plan our finances you will never need to sell it. Most Euro every day ring type stuff is 9k. No reason but ive allways wanted a nugget from Alaska rather than a smelted thing. 1 Link to comment Share on other sites More sharing options...
Heppinger Posted May 16, 2020 Share Posted May 16, 2020 4 minutes ago, Dazinoz said: Probably a bit of both but does it really matter? I buy goods in fiat currency so if I get more of that selling gold I don't care if gold up or fiat down, end result is all that matters. For now. though gold has been used as money for 5000 years, where as all fiat currency have an expiry date. 2 Link to comment Share on other sites More sharing options...
Dazinoz Posted May 16, 2020 Share Posted May 16, 2020 3 minutes ago, Heppinger said: For now. though gold has been used as money for 5000 years, where as all fiat currency have an expiry date. And I think that expiry date is rapidly approaching. 1 Link to comment Share on other sites More sharing options...
Heppinger Posted May 16, 2020 Share Posted May 16, 2020 12 minutes ago, Dazinoz said: And I think that expiry date is rapidly approaching. Possibly. The problem is all fiat currencies are pegged to the US dollar, so can only assume they all must go down together? Solution: one world currency? ???? Link to comment Share on other sites More sharing options...
zzzzz Posted May 16, 2020 Share Posted May 16, 2020 http://www.goldtraders.or.th/ Gold prices are written everyday outside the gold shop for sale and buy back, workmanship for the thai gold ( 23k-96.5%) is usually less than 1,000 baht/item Link to comment Share on other sites More sharing options...
NanLaew Posted May 16, 2020 Share Posted May 16, 2020 On 5/15/2020 at 9:40 AM, cyril sneer said: sounds like your weren't ripped off, which is a odd Not only odd, but it's sure gonna upset some of the usual "they hate us" suspects here. 1 Link to comment Share on other sites More sharing options...
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