NoshowJones Posted December 9, 2022 Share Posted December 9, 2022 Anyone got any advice about buying gold? I know to go to China Town. As a beginner, what is the most I should spend at a time? How often should I buy? Should I rent a deposit box? Are there any topics about buying gold on this forum? Thanks. Link to comment Share on other sites More sharing options...
CharlieH Posted December 9, 2022 Share Posted December 9, 2022 MOVED to Banking 1 Link to comment Share on other sites More sharing options...
Popular Post Social Media Posted December 9, 2022 Popular Post Share Posted December 9, 2022 May be of interest. 2 1 2 2 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted December 9, 2022 Popular Post Share Posted December 9, 2022 Why do you want to buy Gold , as an investment , for your wife ,G/f , if for investment your better buying Gold bars ,well known brand , spend as much as you can afford,as often as you like ,but you should follow Gold on a reliable site. regards Worgeordie 3 2 1 Link to comment Share on other sites More sharing options...
Kwasaki Posted December 9, 2022 Share Posted December 9, 2022 (edited) I wouldn't buy gold again unless it was jewelry, chain say. I would buy however it if it was 12,000 for a baht gold when I last bought some. ???? Now it's so expensive I wish Thailand would do 9ct jewelry. Edited December 9, 2022 by Kwasaki 2 Link to comment Share on other sites More sharing options...
CharlieKo Posted December 9, 2022 Share Posted December 9, 2022 43 minutes ago, Kwasaki said: I wouldn't buy gold again unless it was jewelry, chain say. I would buy however it if it was 12,000 for a baht gold when I last bought some. ???? Now it's so expensive I wish Thailand would do 9ct jewelry. 9ct gold is not gold. I would buy bars of gold. You lose less when selling here in Thailand. 2 Link to comment Share on other sites More sharing options...
Kwasaki Posted December 9, 2022 Share Posted December 9, 2022 29 minutes ago, CharlieKo said: 9ct gold is not gold. I would buy bars of gold. You lose less when selling here in Thailand. Not on this planet. Link to comment Share on other sites More sharing options...
Ali Katz Posted December 9, 2022 Share Posted December 9, 2022 (edited) Point In my experience the bid/ask spread is low especially if you compare to Singapore etc. Point I believe the dealers' association invoked some kind of minimum investment a few years ago, maybe something like 100,000 baht. ICBW I personally recommend you investigate the gold shops on Charoen Krung, at a minimum a cultural experience. Oh, get your grams and bahts and exchange rates straight in your head beforehand. Edited December 9, 2022 by Ali Katz Link to comment Share on other sites More sharing options...
Popular Post rwill Posted December 9, 2022 Popular Post Share Posted December 9, 2022 Just be aware that the gold bars in the jewelry stores here are almost always 96.5% not 99.9%. 2 1 1 Link to comment Share on other sites More sharing options...
OneMoreFarang Posted December 9, 2022 Share Posted December 9, 2022 19 minutes ago, rwill said: Just be aware that the gold bars in the jewelry stores here are almost always 96.5% not 99.9%. I guess when the idea is to buy and sell in Thailand then that is perfectly fine. But how about if I would buy such a "Thai" gold bar here and later I would want to sell it in Europe. Could I sell it in Europe for the "correct" amount? If not, is it also possible to buy gold 99.9% in Thailand for a competitive price? 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post Hummin Posted December 9, 2022 Popular Post Share Posted December 9, 2022 3 minutes ago, OneMoreFarang said: I guess when the idea is to buy and sell in Thailand then that is perfectly fine. But how about if I would buy such a "Thai" gold bar here and later I would want to sell it in Europe. Could I sell it in Europe for the "correct" amount? If not, is it also possible to buy gold 99.9% in Thailand for a competitive price? If you going to buy gold for sale in europe, you buy legit gold coins. No tax I believe in Eu or most countries in the world, but better to check your destination to be sure. 3 Link to comment Share on other sites More sharing options...
Popular Post FriendlyFarang Posted December 10, 2022 Popular Post Share Posted December 10, 2022 1 hour ago, OneMoreFarang said: But how about if I would buy such a "Thai" gold bar here and later I would want to sell it in Europe. Could I sell it in Europe for the "correct" amount? Maybe paying tax and duties when importing it in the other country? Sell it here and take the money with you. 1 2 Link to comment Share on other sites More sharing options...
Hummin Posted December 10, 2022 Share Posted December 10, 2022 (edited) 6 minutes ago, FriendlyFarang said: Maybe paying tax and duties when importing it in the other country? Sell it here and take the money with you. Nothing to gain on selling gold in other countries, because gold prices is international. If you have quality local design jewelry, there can be money made in Europe depending what buyers is willing to pay above the gold value of course. Edited December 10, 2022 by Hummin 1 Link to comment Share on other sites More sharing options...
nobodysfriend Posted December 10, 2022 Share Posted December 10, 2022 19 hours ago, NoshowJones said: Anyone got any advice about buying gold? I know to go to China Town. As a beginner, what is the most I should spend at a time? How often should I buy? Should I rent a deposit box? Are there any topics about buying gold on this forum? Thanks. My wife has some Kruegerrand gold coins that she inherited from her mother in law . I think she would sell them ( they are in a safebox in a Chiang Mai bank ) , if the price is right ... 1 Link to comment Share on other sites More sharing options...
Popular Post Tropposurfer Posted December 10, 2022 Popular Post Share Posted December 10, 2022 I have some gold bullion as a long term stable investment, in the bank in Aussie and elsewhere here in LOS. I would not buy Thai gold myself. Note: its very important what mine and manufacturer you buy as gold manufactured in some nations does not have the purity and therefore the value as gold smelted and sold from AAA manufacturers, and if you want to move it offshore you won't get the best return on it. Thai and most Asian smelted gold is of the lesser valued bullion on the world market. The price of gold was/is rising overall, over the year and at a good rate - longer term investment wise. There's a reason the Chinese LOVE gold bullion. Partly because it is a portable wealth and can be simply picked up and taken anywhere and sold. Mostly I invested in gold mining shares (Australia), my dad was a shareholder and I saw how he made a very good profit from buying and holding shares for years e.g hundreds of percent. You can hold shares in any nation or earth, well, pretty much, and reside here and they are safe and as secure as any 'blue-chip' share can be. Do your investigating of the mining companies profiles first if this idea interests you. Shares allow you to diversify through where and what mining companies you invest in and, generally speaking looking across the decades the return is greater over a shorter period with shares than than bullion (except for the occasional spike in prices). You can buy shares through a broker, remotely from here, independently online easily enough. Bullion is a traditional, and mostly believe, stable, portable method of wealth management/investment. Diamond was one of these types of material 'object' investment strategies also. 2 2 Link to comment Share on other sites More sharing options...
Popular Post Dazinoz Posted December 10, 2022 Popular Post Share Posted December 10, 2022 I have bought and sold a lot of gold here in Thailand. Some jewellery for the gf and lots bars to keep. I would definitely stay away from the jewellery as there is a premium on manufacturing cost and if you exchanged, say 1 baht necklace, you can pay a spread of around 3000THB. Gold bars are mostly only 100THB per baht weight. Most places also charge a commission or called something else and that can vary considerably so shop around. The gold shop I deal with is in Wororot Market in Chiang Mai. They charge 200THB per baht for bars less than 5 baht. 5 baht and above you only pay for the current published price. I don't know how they make their money on larger bars. I did sell a 1 baht bar in Phuket many years ago and one dealer wanted to charge me 5000THB as a commission. Fortunately I had a Thai friend with me and we went shopping around and ended up with a MUCH lower commission. As someone mention the gold is 96.5% so probably harder to sell outside Thailand. Best to find a dealer with a good commission and stick with them. My dealer recognises me when I go in now. I keep my gold at home very well hidden as I couldn't find a bank with safety deposit boxes in Chiang Mai. I am sure there is but could not be bothered looking. And bank branches just close sometimes. I received a letter my branch where I opened the account saying it had closed and my new branch was xxx. If I had gold stored there I would hope be transferred but, hey, this is Thailand. Good luck. 3 2 Link to comment Share on other sites More sharing options...
nobodysfriend Posted December 10, 2022 Share Posted December 10, 2022 16 minutes ago, Dazinoz said: I couldn't find a bank with safety deposit boxes in Chiang Mai. SCB Tha Pae gate has . 1 Link to comment Share on other sites More sharing options...
Phnom Penh Trader Posted December 10, 2022 Share Posted December 10, 2022 Buy Kruggerands 24 carat gold coins. 2 Link to comment Share on other sites More sharing options...
NoshowJones Posted December 10, 2022 Author Share Posted December 10, 2022 1 hour ago, nobodysfriend said: My wife has some Kruegerrand gold coins that she inherited from her mother in law . I think she would sell them ( they are in a safebox in a Chiang Mai bank ) , if the price is right ... I have been told that a deposit box is very hard to rent in Thailand, even in Bangkok, especially for a farang. 1 Link to comment Share on other sites More sharing options...
NoshowJones Posted December 10, 2022 Author Share Posted December 10, 2022 15 hours ago, Ali Katz said: Point In my experience the bid/ask spread is low especially if you compare to Singapore etc. Point I believe the dealers' association invoked some kind of minimum investment a few years ago, maybe something like 100,000 baht. ICBW I personally recommend you investigate the gold shops on Charoen Krung, at a minimum a cultural experience. Oh, get your grams and bahts and exchange rates straight in your head beforehand. Where is Charoen Krung, in Bangkok? What does ICBW stand for? Link to comment Share on other sites More sharing options...
Popular Post OneMoreFarang Posted December 10, 2022 Popular Post Share Posted December 10, 2022 19 minutes ago, NoshowJones said: I have been told that a deposit box is very hard to rent in Thailand, even in Bangkok, especially for a farang. One option, just go there and you have a box within a few minutes. Safe Deposit Box Services | JWD Store It! 1 3 Link to comment Share on other sites More sharing options...
Lacessit Posted December 10, 2022 Share Posted December 10, 2022 I have bought and sold Thai gold, only here. It's best to buy from an established gold shop. Like others, I have found renting a safe deposit here just too difficult. The burglar that could find my gold would have to be very imaginative. Most shops charge a commission, there's not much profit to be had without a substantial price movement. I have gold and silver holdings in Australia, can't say I have seen a trader selling silver bullion here. 1 Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted December 10, 2022 Share Posted December 10, 2022 7 hours ago, Dazinoz said: .........I couldn't find a bank with safety deposit boxes in Chiang Mai. I am sure there is but could not be bothered looking........ Er.....there's a contradiction here........ 1 1 Link to comment Share on other sites More sharing options...
allanos Posted December 10, 2022 Share Posted December 10, 2022 Timing is everything. Although the gold price is volatile, to make meaningful profits one needs to buy the dips. Essentially, the gold price today is where it was ten years ago, so not much of an investment return for someone who bought in 2012. There is an argument that it is a store of value. This may be true, but there's an opportunity cost from holding it, which tends to be forgotten about. There is no coupon on gold. Undoubtedly, there will be a price spike at some stage in the future. Best to be holding shares, in that case, which are highly leveraged to the gold price, and where the real money is made. 1 Link to comment Share on other sites More sharing options...
Dazinoz Posted December 10, 2022 Share Posted December 10, 2022 (edited) 1 hour ago, PETERTHEEATER said: Er.....there's a contradiction here........ I tried a few banks and none had boxes and none knew where they were available so I have up the search. Edited December 10, 2022 by Dazinoz Link to comment Share on other sites More sharing options...
timendres Posted December 10, 2022 Share Posted December 10, 2022 8 hours ago, NoshowJones said: I have been told that a deposit box is very hard to rent in Thailand, even in Bangkok, especially for a farang. In BKK: https://cblockers.com/ 1 Link to comment Share on other sites More sharing options...
Kwasaki Posted December 10, 2022 Share Posted December 10, 2022 36 minutes ago, allanos said: Timing is everything. Although the gold price is volatile, to make meaningful profits one needs to buy the dips. Essentially, the gold price today is where it was ten years ago, so not much of an investment return for someone who bought in 2012. There is an argument that it is a store of value. This may be true, but there's an opportunity cost from holding it, which tends to be forgotten about. There is no coupon on gold. Undoubtedly, there will be a price spike at some stage in the future. Best to be holding shares, in that case, which are highly leveraged to the gold price, and where the real money is made. I don't remember gold in 2012 being 30,000 +. 2 Link to comment Share on other sites More sharing options...
timendres Posted December 10, 2022 Share Posted December 10, 2022 8 hours ago, NoshowJones said: What does ICBW stand for? I could be wrong. 1 Link to comment Share on other sites More sharing options...
pikao Posted December 10, 2022 Share Posted December 10, 2022 8 hours ago, Phnom Penh Trader said: Buy Kruggerands 24 carat gold coins. Krugerrands are not 24 Karat and most gold shops here don't like them/touch them Link to comment Share on other sites More sharing options...
timendres Posted December 10, 2022 Share Posted December 10, 2022 1 minute ago, Kwasaki said: I don't remember gold in 2012 being 30,000 +. It popped just over $1,900 per ounce in August 2011. However, USDTHB was 29.90, so the price for one baht of gold here would have been roughly 28,000 THB. Currencies make gold interesting. While gold was experiencing a decline in price in USD, in other currencies it was either flat or actually up (up a lot in some weak currencies). I never think of gold as an "investment". It is not. Gold is an insurance policy against insane governments or central banks. You should own an amount that can help you survive a crisis. It can help with inflation over the long term, but I think there are better vehicles for that purpose. 1 Link to comment Share on other sites More sharing options...
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