Buying Thai Gold bullion: USD or Thai baht?

[cmjc]

 

First time buying Thai gold bars, and I'd like to buy from a reputable gold shop in Chiang Rai.

 

Qun: Is there any advantage in paying for it in USD or must it be paid for in baht?
I ask because I have a fixed USD account maturing here soon.

[Don Chance]

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

[Barnabe]

52 minutes ago, Don Chance said:

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

Because they serve completely different purposes, one is for speculation the other for disaster insurance.

 

OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

[Ireland32]

21 hours ago, Don Chance said:

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

And if a run on stocks good luck turning in those stock papers Worthless , I would buy gold in Chinatown and find a place like Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

[Dazinoz]

23 hours ago, Don Chance said:

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

I had 50 baht bars at one stage and not that hard to hide if you really want to. I find it hard to take a barrel oil down to local servo and sell, I find 5 bar gold bars very easy.

[Dazinoz]

2 hours ago, Ireland32 said:

Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

In my home country I would tend to agree with you. Don't ask me why but my trust factor is very low in Thailand.

[RocketDog]

23 hours ago, Barnabe said:

Because they serve completely different purposes, one is for speculation the other for disaster insurance.

 

OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

Spot on. Everything you said. 

[RocketDog]

2 hours ago, Ireland32 said:

And if a run on stocks good luck turning in those stock papers Worthless , I would buy gold in Chinatown and find a place like Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

[tweedledee2]

1 hour ago, RocketDog said:

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

You think burglars don't read. 

[Dazinoz]

21 minutes ago, tweedledee2 said:

You think burglars don't read. 

They maybe able to read but still have to find.

 

[natway09]

I have always used Thai Bht as the gold traders want a premium on USD or any other currency

[Lacessit]

On 1/17/2021 at 6:47 PM, Barnabe said:

Because they serve completely different purposes, one is for speculation the other for disaster insurance.

 

OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

The last time I bought gold here, the markup was 1000 baht on a 10 baht bar priced at 185,000 baht.

I'd agree any shop that actually accepted USD would be charging a hefty commission. Far better to exchange USD for baht at a money exchanger, most  don't have commissions and make their money by pitching their exchange rate a modest amount below the cross rate.

I do have to laugh when I see the exchange rates in the banks, they're dreaming if they think anyone would be stupid enough to accept them.

 

[RocketDog]

13 hours ago, tweedledee2 said:

You think burglars don't read. 

No defense is 100% effective.

 

I lock the doors to my car and house when I'm away even though I fully understand that locks can be picked. All safes can be broken by skilled burglars. Condoms are only about 99% effective. Even the best combat weapons jam at times. The good  vaccines are in the 90% range. My daughter's airbag hyper - extended her thumb and scratched her face when it deployed in a wreck. Masks are not 100% effective against infection. I could go on. 

 

You lose 100% of the battles you never fight. 

 

You make your bets and take your chances. Up to you. 

[Lacessit]

15 hours ago, RocketDog said:

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

IMO condos are much safer than houses. Any thief first has to negotiate 24 hour security, then internal security such as elevators that won't move without a keycard. They are in a building with 500 odd rooms, which room do they pick? How do they know there is anything of value behind the door? What if the occupant has a weapon? How much time do they have before another occupant raises the alarm?

Too much risk, too little potential reward. I've never heard of a condo burglary in Chiang Mai or Chiang Rai.

[RocketDog]

4 minutes ago, Lacessit said:

IMO condos are much safer than houses. Any thief first has to negotiate 24 hour security, then internal security such as elevators that won't move without a keycard. They are in a building with 500 odd rooms, which room do they pick? How do they know there is anything of value behind the door? What if the occupant has a weapon? How much time do they have before another occupant raises the alarm?

Too much risk, too little potential reward. I've never heard of a condo burglary in Chiang Mai or Chiang Rai.

Hotels have all the advantages you name but rooms are still burglarized. Condo rooms have limited places for concealment. Houses have a much more extensive area to search not including the grounds around them. Most house are also in populated areas with observant neighbors too.

 

Besides that, what do burglars look like when they commit crimes? They don't all wear black clothes with masks so how would neighbors identify them to raise the alert? When I lived in a condo I didn't know any of my neighbors and I certainly didn't scrutinize their visitors. 

 

Pros and cons to both. 

Living in a private jail cell is probably safest except for the guards of course ????. 

 

If where you live is primarily dependent on how well you can guard your assets it's better to keep metals in a real vault. Mine are in a private vault in Singapore. I made a visit there and inspected their premises for nearly two hours accompanied by two escorts who gave me the tour. Two escorts were required by vault rules. Access is available 7/24/365 through guarded portals. 

 

The best defense against robbery is to have nothing worth stealing but that sucks too. You make your bets and take your chances. Choices, choices. 

 

 

[Lacessit]

10 hours ago, RocketDog said:

Hotels have all the advantages you name but rooms are still burglarized. Condo rooms have limited places for concealment. Houses have a much more extensive area to search not including the grounds around them. Most house are also in populated areas with observant neighbors too.

 

Besides that, what do burglars look like when they commit crimes? They don't all wear black clothes with masks so how would neighbors identify them to raise the alert? When I lived in a condo I didn't know any of my neighbors and I certainly didn't scrutinize their visitors. 

 

Pros and cons to both. 

Living in a private jail cell is probably safest except for the guards of course ????. 

 

If where you live is primarily dependent on how well you can guard your assets it's better to keep metals in a real vault. Mine are in a private vault in Singapore. I made a visit there and inspected their premises for nearly two hours accompanied by two escorts who gave me the tour. Two escorts were required by vault rules. Access is available 7/24/365 through guarded portals. 

 

The best defense against robbery is to have nothing worth stealing but that sucks too. You make your bets and take your chances. Choices, choices. 

 

 

I can remember being mortified by a policeman who interviewed me in my home in Australia collecting witness statements on a burglary in a house nearby. When I asked him if we should take more precautions, he looked around and said " Don't worry, you've got nothing worth stealing".

I'm willing to bet I could hide a 10 baht gold bar in a 35 sqm condo well enough that no burglar would find it if they searched for 2 hours.

Hotels have people checking in and out on a daily basis, condos have far less than that so strangers stick out like a sore thumb to security.

Edited January 19, 2021 by Lacessit

[cmjc]

Thanks to those who replied to my initial question.

 

Any tips to add for first time buying Thai gold in a shop?

 

Anyboby care to recommend one in Chiang Rai? I'd prefer one who is a branch of the Bkk China town gold shops, if there is one.

 

TIA

Edited January 19, 2021 by cmjc
Sp

[Dazinoz]

10 hours ago, cmjc said:

Thanks to those who replied to my initial question.

 

Any tips to add for first time buying Thai gold in a shop?

 

Anyboby care to recommend one in Chiang Rai? I'd prefer one who is a branch of the Bkk China town gold shops, if there is one.

 

TIA

Cant remember the chain but the "red" shops I usually but from. Now I use the same one in Chiang Mai.

 

I have a Thai app that gives me the current prices in Thailand which I look at just before entering shop. Price in store should be the published price plus maybe a commission. The shop I use charge 200 baht per baht weight upto 5 baht. (btw I am talking bars here not jewellery). Bars 5 baht and above they do not charge commissions only the published price. But remember if you buy, say, 7 baht you will not pay commission on the 5 baht bar but you will on the 2 x 1 bars. I was very surprised when I sold 5 baht or greater bars back to them I did not pay commission. Other stores will charge more commission so ask total price before buying or selling and if too much commission shop around.

 

Like I mentioned I now mostly use 1 shop in Chiang Mai. A couple months ago I wanted to sell 1 baht so went to a local gold shop in Big C of the same "red" chain. They charged 300 commission but wanted passport, filed some of the bar and also tried to melt it, then I had to fill out and sign a form. Some time later I took a 5 baht bar to sell at my usual. All they did was weigh it and gave me the cash. No melting, no passport, no forms.

 

Hope this help.

[Lacessit]

1 hour ago, Dazinoz said:

 

Like I mentioned I now mostly use 1 shop in Chiang Mai. A couple months ago I wanted to sell 1 baht so went to a local gold shop in Big C of the same "red" chain. They charged 300 commission but wanted passport, filed some of the bar and also tried to melt it, then I had to fill out and sign a form. Some time later I took a 5 baht bar to sell at my usual. All they did was weigh it and gave me the cash. No melting, no passport, no forms.

 

.

Melting or filing may be a check to detect a tungsten forgery, although a hardness meter would be the best non-destructive method for that. Hardness meters are quite expensive, so it's a cheap way of checking. Possibly they had been stung with a forgery before.

Edited January 20, 2021 by Lacessit

[Dazinoz]

9 minutes ago, Lacessit said:

Melting or filing may be a check to detect a tungsten forgery, although a hardness meter would be the best non-destructive method for that. Hardness meters are quite expensive, so it's a cheap way of checking. Possibly they had been stung with a forgery before.

Yep it is. Often see it done on jewellery as only melted down but never really seen it done on bars as mine when I sell back are still in plastic wrapper as new. 

 

But hey its their business not mine.

[RocketDog]

16 hours ago, Lacessit said:

I can remember being mortified by a policeman who interviewed me in my home in Australia collecting witness statements on a burglary in a house nearby. When I asked him if we should take more precautions, he looked around and said " Don't worry, you've got nothing worth stealing".

I'm willing to bet I could hide a 10 baht gold bar in a 35 sqm condo well enough that no burglar would find it if they searched for 2 hours.

Hotels have people checking in and out on a daily basis, condos have far less than that so strangers stick out like a sore thumb to security.

No doubt it is possible to hide a bar with enough effort. Remember that metal detectors are commonly available here; it's easy to overlook that but it certainly changes the picture of the hypothetical burglar has one.

 

It's simply a matter of square footage. The smaller the area the less searching is needed. That's all I'm saying. 

Being a home owner I can access electrical boxes, plumbing, etc.  I can even chop a hole in the wall or the floor and plaster it over. These things would be frowned on if you're renting.

 

But yes, it's always possible to hide limited amounts anywhere; having more area just makes it easier. That's just logical. I see no gain in debating that. One shouldn't make a decision on where to live based on where to hide things IMO. 

 

Very few people have or store metals anyway. Those with significant holdings use a private vault. 

 

[Poet]

It would be handy if there was some form of gold that could never be forged or diluted with cheaper metals, required no storage costs, could be completely hidden, was retrievable at anytime with a password, could be instantly bought or sold at the full market rate, and instantly sent anywhere in the world with no worries about getting it through customs.

[Dazinoz]

23 minutes ago, Poet said:

It would be handy if there was some form of gold that could never be forged or diluted with cheaper metals, required no storage costs, could be completely hidden, was retrievable at anytime with a password, could be instantly bought or sold at the full market rate, and instantly sent anywhere in the world with no worries about getting it through customs.

And I have some of that too. But as the saying goes don't put all your eggs in one basket.

[cmjc]

10 hours ago, Dazinoz said:

Cant remember the chain but the "red" shops I usually but from. Now I use the same one in Chiang Mai.

 

I have a Thai app that gives me the current prices in Thailand which I look at just before entering shop. Price in store should be the published price plus maybe a commission. The shop I use charge 200 baht per baht weight upto 5 baht. (btw I am talking bars here not jewellery). Bars 5 baht and above they do not charge commissions only the published price. But remember if you buy, say, 7 baht you will not pay commission on the 5 baht bar but you will on the 2 x 1 bars. I was very surprised when I sold 5 baht or greater bars back to them I did not pay commission. Other stores will charge more commission so ask total price before buying or selling and if too much commission shop around.

 

Like I mentioned I now mostly use 1 shop in Chiang Mai. A couple months ago I wanted to sell 1 baht so went to a local gold shop in Big C of the same "red" chain. They charged 300 commission but wanted passport, filed some of the bar and also tried to melt it, then I had to fill out and sign a form. Some time later I took a 5 baht bar to sell at my usual. All they did was weigh it and gave me the cash. No melting, no passport, no forms.

 

Hope this help.

 

Thanks for your useful post ????

 

1) Is it possible from the bars' stamping/hallmark to determine whether they are from a China Town dealer, or does each outlet make it's own?

 

2) Filing would reduce the bar's weight a tad, so that'd be problematic. Though I do understand their need to verify authenticity. Were you credited for the weight before it was filed away?

 

3) I wonder what the form was you signed when you sold?

 

4) I don't use credit cards, never have; so when buying how does one transfer the dosh safely? Presumably, I get my bank to credit the shop's bank account? Does the shop give you a invoice +before+ transfering the metal, so the buyer can at least prove what was agreed +before+ comitting the cash to the shop's account? Or does it just work on trust?

 

Thank you ????

 

 

Edited January 20, 2021 by cmjc

[cmjc]

4 hours ago, Poet said:

It would be handy if there was some form of gold that could never be forged or diluted with cheaper metals, required no storage costs, could be completely hidden, was retrievable at anytime with a password, could be instantly bought or sold at the full market rate, and instantly sent anywhere in the world with no worries about getting it through customs.

 

Ah... you hint at "Monopoly tokens", Bitcoin etc. which in my view are real fool's-gold, just begging to be ripped off.

 

I can forsee a simple way to trash their value overnight, but if you cannot, give it some thought.

 

[Poet]

9 hours ago, cmjc said:

 

Ah... you hint at "Monopoly tokens", Bitcoin etc. which in my view are real fool's-gold, just begging to be ripped off.

 

I can forsee a simple way to trash their value overnight, but if you cannot, give it some thought.

 

I have been hearing this for over a decade.

Perhaps you mean government action to restrict and seize crypocurrencies, as happened to gold in the United States in 1933 and Australia in 1959:

https://theconversation.com/how-the-us-government-seized-all-citizens-gold-in-1930s-138467

The difference is that crypto is far easier to move beyond government reach. If, as now appears likely, govenments start printing money even faster and massively increasing taxes to pay for 2020, it will require them to exert even more onerous control over their economies. We will naturally see the value of metals and crypto increase as families rush to find ways to protect their savings.

For practical reasons, crypto is likely to be favored over metals, as we saw when Venezuela fell apart in 2017 and Bitcoin boomed. Gold is still far, far more popular worldwide but in other controlled economies, such as China, the trend is clearly towards Bitcoin. I believe the scene is primed for a significant lurch towards crypto as the populations of the US and EU receive their first post-Covid tax shocks.

After over a decade in the wild, I am satisfied that Bitcoin's structural integrity is robust. It is also the only truly hard asset, with a mathematical limit on how many Bitcoins can ever exist. That is not true of gold or silver, and it certainly is not true of what passes for "money" these days.

 

Edited January 20, 2021 by Poet

[cmjc]

2 hours ago, Poet said:

I have been hearing this for over a decade.

Perhaps you mean government action to restrict and seize crypocurrencies, as happened to gold in the United States in 1933 and Australia in 1959:

https://theconversation.com/how-the-us-government-seized-all-citizens-gold-in-1930s-138467

The difference is that crypto is far easier to move beyond government reach. If, as now appears likely, govenments start printing money even faster and massively increasing taxes to pay for 2020, it will require them to exert even more onerous control over their economies. We will naturally see the value of metals and crypto increase as families rush to find ways to protect their savings.

For practical reasons, crypto is likely to be favored over metals, as we saw when Venezuela fell apart in 2017 and Bitcoin boomed. Gold is still far, far more popular worldwide but in other controlled economies, such as China, the trend is clearly towards Bitcoin. I believe the scene is primed for a significant lurch towards crypto as the populations of the US and EU receive their first post-Covid tax shocks.

After over a decade in the wild, I am satisfied that Bitcoin's structural integrity is robust. It is also the only truly hard asset, with a mathematical limit on how many Bitcoins can ever exist. That is not true of gold or silver, and it certainly is not true of what passes for "money" these days.

 

Not just US and Au, but also Fr and Blighty (in 1940 HMS Emerald etc), but that is for another thread... let's stay on-topic here ????

[Dazinoz]

13 hours ago, cmjc said:

 

Thanks for your useful post ????

 

1) Is it possible from the bars' stamping/hallmark to determine whether they are from a China Town dealer, or does each outlet make it's own?

 

2) Filing would reduce the bar's weight a tad, so that'd be problematic. Though I do understand their need to verify authenticity. Were you credited for the weight before it was filed away?

 

3) I wonder what the form was you signed when you sold?

 

4) I don't use credit cards, never have; so when buying how does one transfer the dosh safely? Presumably, I get my bank to credit the shop's bank account? Does the shop give you a invoice +before+ transfering the metal, so the buyer can at least prove what was agreed +before+ comitting the cash to the shop's account? Or does it just work on trust?

 

Thank you ????

 

 

Ok, did a big long reply to your questions last night then the forums cashed and I lost everything. So will try again.

 

1) A lot of places seem to have their own stamp. The dealer I buy from does. But recently I sold a 10 baht bar back to them and bought 1 x 5 baht and 3 x 1 baht bars. The 5 was their stamp but the 3 x 1s were random. Seems to be a bit easier to sell back to original dealer.

 

2) The bar is weighed before filing and if genuine they pay the full amount. The time I mentioned was the first time I saw a dealer filing a bar. Usually with jewellery they try melt it as jewellery is normally melted down again. I though that bars were just put back for sale especially if still in protective plastic wrap.

 

3) I don't know what the form was as it was first time it has happened to me. It was only 1 baht so I did not worry.

 

4) I have never used a credit card to buy gold, only cash. Most I ever bought in one transaction was 10baht. I just go to bank half a block away and get the cash or deposit it on a sale. Very busy area of Chiang Mai so feel relatively safe doing so. I once sold a 5 baht bar in Phuket and the dealer did not have enough cash so paid some and transferred the balance to my account. I was a little uneasy but turned out ok. This same transaction was my first sale and pointed out to me the need to ask commission fees and shop around. The first dealer wanted 1000baht per baht weight to buy even though it was a 5 baht bar. after a visit to a few more shops I managed to get commission down to 300baht/baht. Bit of a difference from 1500 baht commission to 5000baht. But hey, I was a farang in Patong Beach, easy target.

 

As I suggested get an app and check it before entering store. This is the one I use from the Thai app store.

 

Edited January 21, 2021 by Dazinoz

[cmjc]

12 hours ago, Dazinoz said:

Ok, did a big long reply to your questions last night then the forums cashed and I lost everything. So will try again.

 

1) A lot of places seem to have their own stamp. The dealer I buy from does. But recently I sold a 10 baht bar back to them and bought 1 x 5 baht and 3 x 1 baht bars. The 5 was their stamp but the 3 x 1s were random. Seems to be a bit easier to sell back to original dealer.

 

2) The bar is weighed before filing and if genuine they pay the full amount. The time I mentioned was the first time I saw a dealer filing a bar. Usually with jewellery they try melt it as jewellery is normally melted down again. I though that bars were just put back for sale especially if still in protective plastic wrap.

 

3) I don't know what the form was as it was first time it has happened to me. It was only 1 baht so I did not worry.

 

4) I have never used a credit card to buy gold, only cash. Most I ever bought in one transaction was 10baht. I just go to bank half a block away and get the cash or deposit it on a sale. Very busy area of Chiang Mai so feel relatively safe doing so. I once sold a 5 baht bar in Phuket and the dealer did not have enough cash so paid some and transferred the balance to my account. I was a little uneasy but turned out ok. This same transaction was my first sale and pointed out to me the need to ask commission fees and shop around. The first dealer wanted 1000baht per baht weight to buy even though it was a 5 baht bar. after a visit to a few more shops I managed to get commission down to 300baht/baht. Bit of a difference from 1500 baht commission to 5000baht. But hey, I was a farang in Patong Beach, easy target.

 

As I suggested get an app and check it before entering store. This is the one I use from the Thai app store.

 

Many thanks for your persistence in posting. I did notice the forum wobble. I'll type this reply on my notepad.

 

1) Hallmarks: 
I understand it is always best to buy +and sell back to+ the same dealer, which is why I want to buy from a China Town dealer. So the same hallmark +on all bars+ is important for me, I assume to avoid hassle, and suspicion.

 

2) Filing your bar: Oh good, that's fair. I'd also want to write down the weight myself.

 

3) Form filling: My guess it was just a simple proof of purchase, with some form of your ID., so you can show it wasn't half-inched. Excessive data collection is a concern, especially for when the bullets begin to fly, we don't want the Thai Govnt requisitioning all gold in the land, as has happened in several other nations, as noted earlier. (Perhaps there will be another thread about that possibility?

 

4) Paying Cash: Blimey you're a brave chap carrying over a quarter of a million baht in your pocket in CM. But I hear even Aussie Grannies make mince-meat of hungry crocodiles.

 

My Recce:

I asked around seven gold shops today, and most expected cash/credit card. I had to press for them to offer a bank account number to pay into. One mentioned using fax!

 

I also discovered the following:

 

Staff are surprisingly dim about bullion (like I am) I received a lot of befuddled expressions when I asked them to tell me how they sell and buy gold bars.

Of the seven; only one had a single 5 baht bar in stock, the rest had weenie 0.5 baht size, and some had 1 baht size, but most had +none at all+, just trinket gold for ladies, woofters, and wrestlers.

 

Staff also became vague when answering questions about commission, and +all+ charged commission on selling 5 baht bars (900baht-1000baht). I was looking for the merchant you mentioned which waived the commission when you buy a 5 baht bar.

Am I right in presuming the commission is levied when buying AND again when selling?

I'll have another look around, and this time I'll write down what I'm asking, and their replies, to ensure we comprehend each other. I'll get them to quote for a specific amount selling, and then buying it back from me, down the line.

 

I don't have a mobile phone, but there will be some Thai Gold App for notebooks too, so I'll get one once I've found a reputable shop to deal with.

 

Today I found three gold shops that were branches of Bkk China Town dealers, and there will be more to find.

 

The shops who were out of stock of bullion didn't seem sure when they would have more stock, "Next month" was the usual response.

 

 

Edited January 21, 2021 by cmjc
Sp

[Dazinoz]

13 hours ago, cmjc said:

Many thanks for your persistence in posting. I did notice the forum wobble. I'll type this reply on my notepad.

 

1) Hallmarks: 
I understand it is always best to buy +and sell back to+ the same dealer, which is why I want to buy from a China Town dealer. So the same hallmark +on all bars+ is important for me, I assume to avoid hassle, and suspicion.

 

2) Filing your bar: Oh good, that's fair. I'd also want to write down the weight myself.

 

3) Form filling: My guess it was just a simple proof of purchase, with some form of your ID., so you can show it wasn't half-inched. Excessive data collection is a concern, especially for when the bullets begin to fly, we don't want the Thai Govnt requisitioning all gold in the land, as has happened in several other nations, as noted earlier. (Perhaps there will be another thread about that possibility?

 

4) Paying Cash: Blimey you're a brave chap carrying over a quarter of a million baht in your pocket in CM. But I hear even Aussie Grannies make mince-meat of hungry crocodiles.

 

My Recce:

I asked around seven gold shops today, and most expected cash/credit card. I had to press for them to offer a bank account number to pay into. One mentioned using fax!

 

I also discovered the following:

 

Staff are surprisingly dim about bullion (like I am) I received a lot of befuddled expressions when I asked them to tell me how they sell and buy gold bars.

Of the seven; only one had a single 5 baht bar in stock, the rest had weenie 0.5 baht size, and some had 1 baht size, but most had +none at all+, just trinket gold for ladies, woofters, and wrestlers.

 

Staff also became vague when answering questions about commission, and +all+ charged commission on selling 5 baht bars (900baht-1000baht). I was looking for the merchant you mentioned which waived the commission when you buy a 5 baht bar.

Am I right in presuming the commission is levied when buying AND again when selling?

I'll have another look around, and this time I'll write down what I'm asking, and their replies, to ensure we comprehend each other. I'll get them to quote for a specific amount selling, and then buying it back from me, down the line.

 

I don't have a mobile phone, but there will be some Thai Gold App for notebooks too, so I'll get one once I've found a reputable shop to deal with.

 

Today I found three gold shops that were branches of Bkk China Town dealers, and there will be more to find.

 

The shops who were out of stock of bullion didn't seem sure when they would have more stock, "Next month" was the usual response.

 

 

I don't make it obvious when I get my cash to buy or sell and, as mentioned, there is a lot people around and I feel safe enough.

 

I am still not sure of the gold shop chain but they are everywhere. The one I deal with has 1s, 2s, 5s, 10s and 20 baht bars all the time.

 

Once the app or the person who updated the app made a mistake and the price of gold went up 2000baht/baht. I took screen shot and went looking to see what had happened. US gold prices hadn't changed so I guessed an error. On going back to the app it had been corrected. Later that day I went to local Big C that has a smaller gold shop of the chain. More of a joke i went in and asked and showed them the screen cap. "Oh thats Bangkok price". I just said seriously. They said yes so I just walked out. The app show Thailand prices not just Bangkok.

 

Personally I feel you are being ripped off paying 900 to 1000 baht commission on a 5 baht bar. I pay nothing. And yes, commission if charged, is on buying and selling.

 

I don't know how much gold you intend to buy but maybe worth a 2 day holiday to Chiang Mai, obviously after restrictions lifted which should be very soon, and buy your bars here. I can send you scan of shop I use in Worarot Market in China Town in Chiang Mai. At present my gf with me and card is with the hidden gold. For obvious reasons she doesn't know where hidden or how much.