Goldshop without money

[CH1961]

Due the gold rate today, I tried to sell 4 Baht bought last year. 

 

Sorry, don't have enough money. 

Can buy only 1 Baht. 

 

Tried another branch of same company ... can not make, have only money for 1 Baht. 

 

Ok, transfer to my bank account. 

 

Sorry, can not make same rate, have to reduce. 

 

<deleted>

 

Do they have order to block on rising rates? 

 

Was one of the big gold companies with branches in most shopping malls. 

 

[FritsSikkink]

There are a lot of people selling, attached a picture first but noticed it was from a forbidden source. Long queues at the gold shops.

 

Edited March 7, 2022 by FritsSikkink

[userabcd]

Is it 1 piece of 4 baht? if not then you could sell in 4 different shops.

 

Do you still have the receipt from the gold shop it was originally purchased and sell it back to the same shop upon producing their receipt?

 

Do you know any Thais, maybe they could try on your behalf.

 

The gold price is up now and there are many sellers and the gold shops don't want to lose out in the future when the price drops again, maybe wait until the panic over.

Edited March 7, 2022 by userabcd

[CH1961]

48 minutes ago, userabcd said:

Is it 1 piece of 4 baht? if not then you could sell in 4 different shops.

 

Do you still have the receipt from the gold shop it was originally purchased and sell it back to the same shop upon producing their receipt?

I have the receipt and showed the ladies. 

Yes it was a shop from the same company I bought it. 

4 Baht in 1 Baht bullions. 

 

I guess you sre right, they just want to sell when rate is high.

And not to buy in these days ????

 

Anyway, in future I will avoid all these pain and go online. 

[matchar]

Can anyone explain how selling gold jewellery works here? Do you get a better rate if you sell it back to the same company it was bought from?

I received a 1 baht gold necklace with the condo I bought a few years ago and haven't got around to selling it yet...it still has the tags on.

[david555]

29 minutes ago, CH1961 said:

I have the receipt and showed the ladies. 

Yes it was a shop from the same company I bought it. 

4 Baht in 1 Baht bullions. 

 

I guess you sre right, they just want to sell when rate is high.

And not to buy in these days ????

 

Anyway, in future I will avoid all these pain and go online. 

Of course the gold price now has an effect on them  look the gold price for western gold bullion (999) as Thai gold  ( 96,xx %) anyway all related

 Gold Price per Kilo   (USD)

AmsterdamGold | Buy gold bars. Secure, trustworthy and discrete 59108 € /Kg

Edited March 7, 2022 by david555

[WEBBYB808]

Are any of you ever shocked at the scams that are perpetrated  here?  There is no honor!

[ChrisP24]

Frustrating, but it's easy enough to sell 1 baht at a time.  Or just go get some coffee and hang out nearby (where they can clearly see you) and try again right after you see someone buy gold, so then you both know they have money. ????

 

One would think they make money from the buy-sell spread and thus should be seeking volume, but evidently something else is going on.  Maybe they just have too much inventory and no good channel to move more excess.

Edited March 7, 2022 by ChrisP24

[Liverpool Lou]

1 hour ago, WEBBYB808 said:

Are any of you ever shocked at the scams that are perpetrated  here?  There is no honor!

What's the "scam" that you seem to be accusing the shop of perpetrating in this thread?

[Liverpool Lou]

14 minutes ago, ChrisP24 said:

...just go get some coffee and hang out nearby (where they can clearly see you) and try again right after you see someone buy gold, so then you both know they have money. 

You think that he can demand that the shops buys his gold just because they've made a sale to another customer? 

 

You don't really think that a chain of gold shops is short of money, do you?  They're just restricting the quantities of gold that they want to buy per customer, by the sound of it.

Edited March 7, 2022 by Liverpool Lou

[AwwYesNice1]

Many gold shop don't buy back at peak prices and don't think they are obligated to do so either.

 

Try bitcoin.

[david555]

1 hour ago, Liverpool Lou said:

You think that he can demand that the shops buys his gold just because they've made a sale to another customer? 

 

You don't really think that a chain of gold shops is short of money, do you?  They're just restricting the quantities of gold that they want to buy per customer, by the sound of it.

It could also be that because of the high price of gold now and many people selling gold they like to limit, or spreading the intake of it . Also maybe keeping just a limited amount of cash in the shop for paying out...

[WEBBYB808]

2 hours ago, Liverpool Lou said:

What's the "scam" that you seem to be accusing the shop of perpetrating in this thread?

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

[Regyai]

Nature of the beast I'd have thought - when the price is high no one's buying, but lots are selling

 

maybe the gold shops have taken a leaf out of the Thai insurers 'guide book' 

 

and don't want to roll with the punches that inevitably come as part and parcel of their business

[bbko]

7 hours ago, WEBBYB808 said:

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

They are not obligated or under contract to buy any and all gold that walks in the door.

[PJ71]

16 hours ago, CH1961 said:

1 Baht bullions. 

LOL

[1FinickyOne]

7 hours ago, WEBBYB808 said:

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

small change.. do you remember any of the banking crisis in the USA? 

[ChrisP24]

11 hours ago, Liverpool Lou said:

You think that he can demand that the shops buys his gold just because they've made a sale to another customer? 

 

You don't really think that a chain of gold shops is short of money, do you?  They're just restricting the quantities of gold that they want to buy per customer, by the sound of it.

Yah but the whole dynamic of avoiding losing face can also work in one's favor, if done with a smile......

 

[NanLaew]

8 hours ago, WEBBYB808 said:

11 hours ago, Liverpool Lou said:

What's the "scam" that you seem to be accusing the shop of perpetrating in this thread?

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

It's a gold shop. It's a business same as a used car tent. The used car tent owner isn't obliged to buy your car at your desired price or even the 'blue book' price. Get real.

 

Sheesh.

[david555]

8 hours ago, WEBBYB808 said:

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

I understand your point ....but on the flip side they are not forced to buy .....selling or buying in any bussines is  a mutual agreement between 2 party .

 

Sell as said by previous reply 1 baht at a time/ shop.

 

That is probably also why you bought 4x 1 baht pieces and not a 1 big piece ....as so you can sell just what you like so  and not the complete . 

 

Edited March 8, 2022 by david555

[Cake Monster]

11 hours ago, ChrisP24 said:

Frustrating, but it's easy enough to sell 1 baht at a time.  Or just go get some coffee and hang out nearby (where they can clearly see you) and try again right after you see someone buy gold, so then you both know they have money. ????

 

One would think they make money from the buy-sell spread and thus should be seeking volume, but evidently something else is going on.  Maybe they just have too much inventory and no good channel to move more excess.

With the present Economic climate, and the huge amount of Household Debt, many people have also " Pawned " back their Gold to the shops, in order to get their hands on more Money.

These people are then required to make a monthly payment to the Gold Shop, in order that their Gold is not sold

The Shops should b Cash rich right now, but are just not buying back at a high price.

[RafPinto]

I have the solution:

 

Find a good girl and meet her parents;

Offer it as sinsod. You bought it much cheaper and now you can show off that you five them near 31000Baht/per baht gold as part of the marriage deal.

You will be the king in the village.

[RafPinto]

8 minutes ago, Cake Monster said:

With the present Economic climate, and the huge amount of Household Debt, many people have also " Pawned " back their Gold to the shops, in order to get their hands on more Money.

These people are then required to make a monthly payment to the Gold Shop, in order that their Gold is not sold

The Shops should b Cash rich right now, but are just not buying back at a high price.

A high price could be a cheap price in a few weeks.

A few months ago at 27000, it looked expensive and now over 30000, those 27k look cheap.

Who knows where we will be in a couple of months.

Same in Europe with used cars. Who would have thought that a used car is going up in value and I am not talking about a collector's car.

[BritManToo]

1 hour ago, RafPinto said:

Who would have thought that a used car is going up in value

Almost everyone since they agreed not to make any more.

[CH1961]

4 hours ago, PJ71 said:

1 Baht bullions

LOL

You do not know the difference Baht/Baht. 

Do you? 

Edited March 8, 2022 by CH1961
spelling

[Liverpool Lou]

12 hours ago, WEBBYB808 said:

15 hours ago, Liverpool Lou said:

What's the "scam" that you seem to be accusing the shop of perpetrating in this thread?

Not having money to purchase  the gold at the high cost or limiting how much they buy, they obviously,  as mentioned,  lose money buying it at the cost, and are offering to buy it at a lower cost than its worth., attempting to scam the people because  they dont want to pay the actual value price 

Nonsense.  Gold shops are not short of money, they're just doing what they are entitled to do, i.e. buy what they want when they want, they're not obliged to buy gold and offering to buy any at a price they consider suitable.   That is not a scam, no one has to accept their offer.

[topt]

2 hours ago, BritManToo said:

Almost everyone since they agreed not to make any more.

In the UK used existing model prices have gone up a lot due in part to shortage of chips for new cars and long lead times for new orders.

https://www.thisismoney.co.uk/money/cars/article-10572721/Used-car-prices-soar-record-highs-big-family-models-demand.html

 

[BritManToo]

26 minutes ago, Liverpool Lou said:

Nonsense.  Gold shops are not short of money, they're just doing what they are entitled to do, i.e. buy what they want when they want, they're not obliged to buy gold and offering to buy any at a price they consider suitable.   That is not a scam, no one has to accept their offer.

Thais see gold as cash .....

The danger to the gold shops .............. if enough of the shops stop buying it back, the Thais won't buy any more of it.

Edited March 8, 2022 by BritManToo

[Liverpool Lou]

5 minutes ago, BritManToo said:

Thais see gold as cash .....

The danger to the gold shops .............. if enough of the shops stop buying it back, the Thais won't buy any more of it.

Yes, but, in reality, that is never going to happen.   

[WEBBYB808]

6 hours ago, Liverpool Lou said:

Nonsense.  Gold shops are not short of money, they're just doing what they are entitled to do, i.e. buy what they want when they want, they're not obliged to buy gold and offering to buy any at a price they consider suitable.   That is not a scam, no one has to accept their offer.

Gold prices are sold and bought at the the set price by banks and gold futures.  There is a set price and spot price that should be honored by the Troy weight of precious metal.  You certainly wouldn't  walk into a gold shop and say youll pay 28000 for 1 baht when the price is 30k. So why would you allow yhe reverse. This is price gouging and manipulation  by the gold shops.  True in some countries people pay more for precious metals because  of the art that went into it, but thats where you can barter, and I would never pay more than market value.  Its bought and sold by weight here, and for a business to say they dont have the money to buy it at set prices is clearly unprofessional.   But you sound like you are all about the barter and being taken advantage  of.