Gold prices gold shop

[Tingtong2mut]

Got about 5 baht of gold jewellery, a necklace and bracelet...paid about 19000 per baht a few years ago so good time to cash in.

Current advertised buy prices about 26000 per baht on the windows but they never seem to actually pay those prices. I also read somewhere many of the gold shops have no ready cash as people are only selling, not buying.

 

Can anyone advise me what price I should expect to receive per baht of gold.

 

On a different note, it always intrigues me how these shops operate. They obviously make good money as they all seemed to be owned by hiso Chinese. I don't understand why they would buy when the price was so high? or do they simply buy from someone like me at todays prices less a margin and sell to a wholesaler for scrap tomorrow at the full current scrap price? It's the only way I can see they would make sure their stock was always at the current value

 

[piewarmer]

The price of thai gold is lower for items of jewelry, about 10% less. only bars get the top price.

[JensenZ]

You totally misunderstand the gold market. There is no such thing as cheap or expensive gold. It has a spot, universal global price. The gold dealer takes a commission, which in Thailand is extremely low. Under the current market volatility the price changes rapidly and the gold dealers in Thailand will change the price often throughout the day.

 

A lack of physical gold worldwide is causing more volatility than usual. Due to covid-19, mining operations around the world have been halted. You're lucky if you can buy gold bars in Thailand (I have not checked), because the premium on gold (the price you pay above the spot price) in other countries is sky high at present if you can find it. Even with the manufacture cost of Thai gold jewelry included, it's still a good buy and if you have spare cash, you should be buying as much as you can.

 

You should only sell gold now if you really need the cash. The price is not high at the moment and it's only just getting started. It hasn't even caught up with the September 2011 high of $1920 per ounce. It closed on Friday at $1742 (bid price).

[Tingtong2mut]

35 minutes ago, JensenZ said:

You totally misunderstand the gold market. There is no such thing as cheap or expensive gold. It has a spot, universal global price. The gold dealer takes a commission, which in Thailand is extremely low. Under the current market volatility the price changes rapidly and the gold dealers in Thailand will change the price often throughout the day.

 

A lack of physical gold worldwide is causing more volatility than usual. Due to covid-19, mining operations around the world have been halted. You're lucky if you can buy gold bars in Thailand (I have not checked), because the premium on gold (the price you pay above the spot price) in other countries is sky high at present if you can find it. Even with the manufacture cost of Thai gold jewelry included, it's still a good buy and if you have spare cash, you should be buying as much as you can.

 

You should only sell gold now if you really need the cash. The price is not high at the moment and it's only just getting started. It hasn't even caught up with the September 2011 high of $1920 per ounce. It closed on Friday at $1742 (bid price).

So a whole bunch of nothing related to my question about current buy price in a gold shop ie you don't know? And your condescending typical TV comment re misunderstanding gold market. I dont give a rats about the gold market. I wish to sell my gold not keep it as a investment. I bought it for 19000 per baht, it seems to have increased around 25%. Move along please and hopefully someone who has some actual knowledge may answer the thread, rather than ur self serving , self ingratiating, pontificating rhetoric, any of which could be found in a 5 minute google search. "A good buy and you should be buying all you can" lol, and lets wait around for another world catastrophe and maybe the prices will return to 2011 levels for a few days. Good luck with that. 

Edited May 17, 2020 by Tingtong2mut

[Pravda]

2 hours ago, Tingtong2mut said:

On a different note, it always intrigues me how these shops operate. They obviously make good money as they all seemed to be owned by hiso Chinese. I don't understand why they would buy when the price was so high? or do they simply buy from someone like me at todays prices less a margin and sell to a wholesaler for scrap tomorrow at the full current scrap price? It's the only way I can see they would make sure their stock was always at the current value

 

You asked this question and then you complain about correct answer given

 

Judging by your username you should stick to your barstool 

 

 

[Tingtong2mut]

24 minutes ago, Pravda said:

 

You asked this question and then you complain about correct answer given

 

Judging by your username you should stick to your barstool 

 

 

What rubbish. I asked how much I should expect to receive in a gold shop currently, and how the gold shops operate....not a long look at me, look at me smarty pants diatribe about world gold markets and helpful investment hints. 

[jvs]

 

BUY ฿

SELL ฿

BAR (1 BAHT WEIGHT, 96.5%)

26,150.00

26,350.00

ORNAMENT (1 BAHT WEIGHT, 96.5%)

25,681.04

26,850.00

[Monomial]

First you look here:

 

http://goldtraders.or.th/

 

This gives you the spread on gold bars (ทองคำแท่ง), and on gold ornaments (ทองรูปพรรณ).

 

This is the starting point for negotiations. The shop will try and give you less than what is shown here using any number of reasons. If you get someone willing to pay the scrap price for ornaments (currently 25,681.04 at the time of this writing) then you should jump at it.  How much less you are willing to accept depends on how long you are willing to walk around looking for someone to give you a price closer to this target.

 

Quote

do they simply buy from someone like me at todays prices less a margin and sell to a wholesaler for scrap tomorrow

 

That's exactly what they do, and the wholesaler buys at the indicated scrap price above. So their profit is based on how much below this value they can buy it from you.

Edited May 17, 2020 by Monomial

[JensenZ]

1 hour ago, Tingtong2mut said:

So a whole bunch of nothing related to my question about current buy price in a gold shop ie you don't know? And your condescending typical TV comment re misunderstanding gold market. I dont give a rats about the gold market. I wish to sell my gold not keep it as a investment. I bought it for 19000 per baht, it seems to have increased around 25%. Move along please and hopefully someone who has some actual knowledge may answer the thread, rather than ur self serving , self ingratiating, pontificating rhetoric, any of which could be found in a 5 minute google search. "A good buy and you should be buying all you can" lol, and lets wait around for another world catastrophe and maybe the prices will return to 2011 levels for a few days. Good luck with that. 

It was obvious you don't know "rats" about the gold market and required a basic education. Even that would be wasted on you.

[JensenZ]

2 hours ago, piewarmer said:

The price of thai gold is lower for items of jewelry, about 10% less. only bars get the top price.

It doesn't matter how your gold comes, you still get the gold price. Bars are over 99.5% gold, the jewelry is 96.5%.

[Susco]

 

8 minutes ago, JensenZ said:

It doesn't matter how your gold comes, you still get the gold price.

And you are telling others that they know "rats" about the gold market?

 

And you get less for jewellery, because it has to be melted and a new ornament made before it can be resold, while bars are just cleaned and resold

 

9 minutes ago, JensenZ said:

Bars are over 99.5% gold, the jewelry is 96.5%

In Thailand gold bars are also 96.5%.

[Tingtong2mut]

Thanks for the info guys. Have a starting point at least now.

[JensenZ]

4 minutes ago, Susco said:

 

And you are telling others that they know "rats" about the gold market?

 

And you get less for jewellery, because it has to be melted and a new ornament made before it can be resold, while bars are just cleaned and resold

 

In Thailand gold bars are also 96.5%.

Go back and read post #4 The "rats" was a response to the OP who used that word in reply to me.

 

I haven't purchased gold bars that were made in Thailand, but whatever the percentage of gold, it does not matter. It's the actual amount of gold in a bar or jewelry that you buy or sell, not the alloy used to make the bar/jewelry.

[Susco]

2 minutes ago, JensenZ said:

Go back and read post #4 The "rats" was a response to the OP who used that word in reply to me.

 

I haven't purchased gold bars that were made in Thailand, but whatever the percentage of gold, it does not matter. It's the actual amount of gold in a bar or jewelry that you buy or sell, not the alloy used to make the bar/jewelry.

Stop making false statements.

 

Jewellery has the exact same amount of alloy as a bar, since they are both 96.5%

 

Post #7 from @jvs has the correct pricing. Just open your eyes and see that jewellery is more expensive to buy, but you get less when you sell, than what you get for a bar of the same weight and same purity.

 

 

[JensenZ]

10 minutes ago, Susco said:

Stop making false statements.

 

Jewellery has the exact same amount of alloy as a bar, since they are both 96.5%

 

Post #7 from @jvs has the correct pricing. Just open your eyes and see that jewellery is more expensive to buy, but you get less when you sell, than what you get for a bar of the same weight and same purity.

 

 

You missed the point, again or you are being deliberately obtuse.

 

The percentage of gold in a bar, whether it is 25%, 50%, 80%, 96.6% or 100% is irrelevant. The bar or jewelry price is based on the actual gram weight of the pure gold in the bar, calculated from the spot price of gold based on the USD and converted to the daily THB rate.

 

You can go into a gold shop and sell 18k gold if you wish. They calculate the gold weight in your jewelry and pay you for the gold, which in that case is 75%.

 

 

 

[Susco]

12 minutes ago, JensenZ said:

You missed the point, again or you are being deliberately obtuse.

 

You don't say.

 

BAR (1 BAHT WEIGHT, 96.5%)

26,150.00 sell

26,350.00

ORNAMENT (1 BAHT WEIGHT, 96.5%)

25,681.04  sell

26,850.00

 

Now tell us all which part of 96.5% you have problems to comprehend.

 

You can't be that OBTUSE that you don't know that 96.5% is the actual gold content.

 

So both the 1 Baht bar and the ornament contain 14.71046 grams of pure gold

 

Edited May 17, 2020 by Susco

[soi3eddie]

3 hours ago, JensenZ said:

You totally misunderstand the gold market. There is no such thing as cheap or expensive gold. It has a spot, universal global price. The gold dealer takes a commission, which in Thailand is extremely low. Under the current market volatility the price changes rapidly and the gold dealers in Thailand will change the price often throughout the day.

 

A lack of physical gold worldwide is causing more volatility than usual. Due to covid-19, mining operations around the world have been halted. You're lucky if you can buy gold bars in Thailand (I have not checked), because the premium on gold (the price you pay above the spot price) in other countries is sky high at present if you can find it. Even with the manufacture cost of Thai gold jewelry included, it's still a good buy and if you have spare cash, you should be buying as much as you can.

 

You should only sell gold now if you really need the cash. The price is not high at the moment and it's only just getting started. It hasn't even caught up with the September 2011 high of $1920 per ounce. It closed on Friday at $1742 (bid price).

I was in Central Plaza Ladprao today and saw gold bars at about 26,000 Baht. lowest price for Jewelry was 20,000 Baht. If OP bought for 19K then you done OK. Cash out now if you think things will get "better" in the economy. I would gamble with gold. Enjoy it for it's BLING value (I wish I could). 

Edited May 17, 2020 by soi3eddie

[papa al]

What about Kruegerands,

Aussie gold [OZ oz's] ha ha,

Mercan Eagles, &c.   .999 fine.

Don't these shops hit you up for assay fees or something?

 

[Tingtong2mut]

Went into city this morning and after a bit of haggling received 24,900 per baht. Very happy with that. Tried a few other shops first wouldn't budge over 24k. Thanks all for the advice