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Posted

Thais rush to sell their gold as price soars

By THE NATION

 

800_fced856e2fcd1ed.jpg?v=1595515770

 

Thai gold shops are seeing a surge in customers after prices for the precious metal hit new highs of over Bt28,000 per baht weight for gold bar and over Bt28,500 per baht weight for gold ornament.

 

The record prices have sent people flocking to gold shops in Bangkok’s Yaowarat area to sell their jewellery and ornaments, the Gold Traders Association reports.

 

However, their numbers are still lower than seen at the shops in late April.

 

Shops were benefitting from the lower customer numbers since their financial liquidity was not taking a hit, said association chairman Jitti Tangsithpakdi. This week, operators of gold shops have been able to pay sellers immediately, unlike in the April when they needed time to make cash before settling their debts, he added.

 

Customers are selling about Bt10 million in gold per day at the Hua Seng Heng shop in Yaowarat, Thailand’s biggest gold dealer.

 

Few are buying gold, except those speculating the price would reach Bt30,000 – which was quite impossible this year, according to the chairman.

 

As of 4.30pm on Thursday (July 23), the price of gold had risen by $16.70 or 0.90 per cent, to $1,881.80 per ounce.

 

Source: https://www.nationthailand.com/news/30391833

 

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-- © Copyright The Nation Thailand 2020-07-24
 
Posted
6 hours ago, webfact said:

Few are buying gold, except those speculating the price would reach Bt30,000 – which was quite impossible this year, according to the chairman.

Let's revisit this prediction at year's end, shall we?

  • Like 2
Posted
2 hours ago, petedk said:

I bought a lot of bars when it was at 18,000 Baht. Am I selling? No. It is a long term investment.

 

I know the price could fall drastically as it did a few years ago, but the chance is worth taking.

No idea how old you are, but at what age should a 'long term investment' end?

Posted
58 minutes ago, khunPer said:

Sell gold and buy Thai stocks, some the latter are still cheap right now...:thumbsup:

 

Disagree, keep your gold, buy silver, palladium, may be platin.

 

Thai stocks are cheap, but the lookahead is not bright.

  • Like 2
  • Sad 1
Posted
12 minutes ago, Paiman said:

 

Disagree, keep your gold, buy silver, palladium, may be platin.

 

Thai stocks are cheap, but the lookahead is not bright.

Only the future graphs can show, what was the right move; i.e. stocks or metals...????

Posted
5 hours ago, stouricks said:

No idea how old you are, but at what age should a 'long term investment' end?

I'm at retirement age.

 

I guess I will sell when I need the money

  • Like 1
Posted
4 hours ago, Logosone said:

Gold will keep going up. At least to 1921, but maybe beyond, though it's not clear it will crack 2000. There may be a correction on the cards soon though as the dollar recovers a bit.

 

Silver definitely worth a look as well though.

1921

  • Haha 1
Posted
8 hours ago, petedk said:

I bought a lot of bars when it was at 18,000 Baht. Am I selling? No. It is a long term investment.

 

I know the price could fall drastically as it did a few years ago, but the chance is worth taking.

2/3 Weeks wait for delivery when ordering in Europe ….. strange as before just walk in for current bullions

Schiphol   Airport Gold dealer Shop with storage facilities 

 

https://www.amsterdamgold.com/en/

Posted

A post containing a copyrighted graph that was copy and pasted from that site with no supporting link has been removed:

 

14) You will not post any copyrighted material except as fair use laws apply (as in the case of news articles). Please only post a link, the headline and the first three sentences.

 

The replies to that post were removed as well. 

Posted (edited)
7 hours ago, Jessi said:

Gold price in Thailand today.

Today Gold Price per Baht in Thailand
Current Price: ฿29,454 THB
Bid Price: ฿29,451 THB
Ask Price: ฿29,457 THB
Today Low: ฿29,160 THB
Today High: ฿29,559 THB

 

https://www.google.com/search?q=gold+price+in+thailand&rlz=1C1GCEA_enTH911TH911&oq=gold+price+&aqs=chrome.2.69i57j0l7.9252j0j8&sourceid=chrome&ie=UTF-8

Beware different % Gold than western bullion ....selling in Western country shall apply to lower value receiving when selling with "re-refining need excuse" ????

But for inside   Thailand a very good option ????

Edited by david555
Posted
36 minutes ago, david555 said:

Beware different % Gold than western bullion ....selling in Western country shall apply to lower value receiving when selling with "re-refining need excuse" ????

But for inside   Thailand a very good option ????

We are talking Gold price in Thailand for Thai Gold????

Posted
1 hour ago, Jessi said:

We are talking Gold price in Thailand for Thai Gold????

I know.... just warning that western gold shops are not keen on it ...or against a big price lowering????

(In case of some thinking assets moving by cercumstances ...????)

Posted
On 7/24/2020 at 12:12 PM, khunPer said:

Sell gold and buy Thai stocks, some the latter are still cheap right now...:thumbsup:

Many are selling gold to buy food.  They can worry about buy Thai stocks later.  

  • Thanks 1

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