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Gold Price Could Reach 28,700 - 28,900 Baht Before Chinese New Year : YLG


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By Thammarat Thadaphrom

    

BANGKOK (NNT) - YLG Bullion International Company has predicted that the local gold price could climb within the range of 28,700 baht to 28,900 baht, despite negative effects from the US Federal Reserve signaling a benchmark rate increase during its meeting this week.

 

The projection was made by YLG CEO Pawan Nawawattanasap, who surmised that people usually gift gold during the Chinese New Year, thereby driving gold prices closer to within the ceiling range. She also said prices are being supported by several positive factors, such as demand in safe haven investments following heavy contractions in both the US stock market and the crypto market.

 

She added that gold prices are being affected by tensions between the United States and Russia over Ukraine, despite the possibility of the US central bank signaling an interest rate hike to curb inflation.

Pawan nevertheless said local gold prices will likely stabilize due to the baht being able to maintain a rate above 33 to the dollar.

 

These factors contribute to global gold prices at the end of January settling at around 1,809 to 1,849 dollars per ounce, while local gold prices should be between 28,250-28,900 baht per 1 baht weight.

The results of the US Federal Reserve meeting can be expected within the next couple of days.

 

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-- © Copyright NNT 2022-01-26
 

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Genius..... we're already there

 

Gold Price by GTA / Gold price as announced by the Gold Trade Association

 Date 25/01/2522 at 10:32 a.m. (2nd time) per baht (baht)
Gold bullion 96.5% sold out 28,800.00
  buy 28,700.00
Jewelry 96.5% sold out 29,300.00
  tax base 28,182.44
 
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3 hours ago, Neeranam said:

It's gone up 5% since I sold my ingots in 2012. It can't even keep up with inflation, dying asset.

The first time I come to Thailand, around 1998, 1 baht gold was 5000 thb.

Now nearly 6 times more.

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2 hours ago, Tubulat said:

The first time I come to Thailand, around 1998, 1 baht gold was 5000 thb.

Now nearly 6 times more.

I first bought when I got married in 2001, 6,000 baht. 

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3 minutes ago, pacovl46 said:

 

It most certainly is not a dying asset! It’s a long term investment. Take a gold price chart of the last hundred years and connect only the low points and you’ll see that it is a steady upward trajectory. Of course if you sold yours at the height of a financial crisis where the price is at its highest and after which the price will obviously go down a bit again and compare it to now it doesn’t seem like a good investment. But after each price hike the gold price never went down below what it was before the crisis, which means if you had bought your gold in 2003 when the price for one Baht was at 6250 and you sold it in 2012 at 33000 the profit margin was roughly at 500%. If you had bought your gold in 2014 when it was at 1300 dollars per ounce you’d have made a nice lump sum because now it is at 1800 dollars an ounce again and it will definitely go over 2000. You can also compare the price before covid and after covid. Obviously there will be ups and downs, but if you keep it long enough you’ll make a profit.

Right, I guess having been in that market for 10/20 years isn't really long enough to judge.  I am thinking of buying some more, as a hedge. 

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7 hours ago, Neeranam said:

It's gone up 5% since I sold my ingots in 2012. It can't even keep up with inflation, dying asset.

Timing is often a fluke (I 1st bought at 12,600 - I think around that time)

 

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On 1/26/2022 at 10:20 AM, Neeranam said:

Right, I guess having been in that market for 10/20 years isn't really long enough to judge.  I am thinking of buying some more, as a hedge.

20 years is definitely long enough. As I’ve said, in 2003 the price of gold was a quarter of what it is today. By the way, don’t buy shares, buy physical gold because shares can go up in smoke, physical gold wont! 

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