Buying Gold.

[NoshowJones]

On 12/11/2022 at 8:31 PM, BangkokHank said:

Here's where I buy my gold:

 

https://www.huasengheng.com

 

They have a branch in the Seacon Square shopping mall on Srinakarin Road - and probably elsewhere as well, but this is the branch that I use. They are very reputable - and are always full of customers buying and selling both gold jewelry as well as gold bars.

 

I only buy the 5 baht gold bars, which have their own logo, purity and weight stamped on them, so it's very easy to sell the bars back to them. They have a miniscule spread between the buying and selling price for these gold bars - a 50 baht difference between the buying and selling price on a ca. 30,000 baht price during the week, and a 100 baht difference on the weekends. So a five baht bar would cost 147,750 baht right at this moment, and if you were to sell that same bar right now you would get 147,250 baht (due to it being a weekend now.) The price changes by the minute according to the world gold price.

 

I buy gold not to make money, but to try to preserve the purchasing power of my money during these tumultuous times.

Does this gold shop allow you to pay by bank transfer with app? or must it be cash?

[BangkokHank]

4 hours ago, NoshowJones said:

Does this gold shop allow you to pay by bank transfer with app? or must it be cash?

Good question, but I never even thought of asking because my bank has a branch one floor above them. So I always withdrew the cash from my bank and brought it to the gold shop. The next time I go there, I will ask them and let you know.

[chalawaan]

If you're investing go to Bullionvault.com

don't buy from Thai gold shops!

 

 

[NoshowJones]

2 hours ago, BangkokHank said:

Good question, but I never even thought of asking because my bank has a branch one floor above them. So I always withdrew the cash from my bank and brought it to the gold shop. The next time I go there, I will ask them and let you know.

That's great thanks.

[BangkokHank]

12 hours ago, NoshowJones said:

That's great thanks.

I just visited the gold shop and asked your question. So yes, it is possible to buy gold there through a bank transfer. But you will still need to bring your passport with you for identification (as I must do every time I buy gold in cash), and, if I understood correctly, you also need to bring your bank book (presumably the one from which the transfer will be made). The man there said that you will be provided with a QR code for your purchase, and then you make the purchase in the way that you buy anything else with a QR code.

 

Good luck.

[NoshowJones]

5 minutes ago, BangkokHank said:

I just visited the gold shop and asked your question. So yes, it is possible to buy gold there through a bank transfer. But you will still need to bring your passport with you for identification (as I must do every time I buy gold in cash), and, if I understood correctly, you also need to bring your bank book (presumably the one from which the transfer will be made). The man there said that you will be provided with a QR code for your purchase, and then you make the purchase in the way that you buy anything else with a QR code.

 

Good luck.

I have just sent you a PM.

[NoshowJones]

On 4/28/2023 at 12:14 PM, BangkokHank said:

I just visited the gold shop and asked your question. So yes, it is possible to buy gold there through a bank transfer. But you will still need to bring your passport with you for identification (as I must do every time I buy gold in cash), and, if I understood correctly, you also need to bring your bank book (presumably the one from which the transfer will be made). The man there said that you will be provided with a QR code for your purchase, and then you make the purchase in the way that you buy anything else with a QR code.

 

Good luck.

I bought two ingots at the branch I told you about at Soi 10 in lower Sukhumvit Road and they said cash only. Well this is Thailand where different Banks, IO offices etc all have their own rules, now it seems so do gold shops.

I am going back next month to buy more ingots, thanks a lot for your help.

[BangkokHank]

On 5/23/2023 at 1:29 PM, NoshowJones said:

I bought two ingots at the branch I told you about at Soi 10 in lower Sukhumvit Road and they said cash only. Well this is Thailand where different Banks, IO offices etc all have their own rules, now it seems so do gold shops.

I am going back next month to buy more ingots, thanks a lot for your help.

Actually that shop at the mouth of Sukhumvit Soi 10 is NOT a branch of the dealer that I recommended to you. It has a very similar - but not identical - name. (Two of the three words in the name are the same. Maybe those two words mean "gold dealer" in Chinese.) Still, it seems to be a reputable dealer, so it should be fine. Good luck.

[owl sees all]

On 5/23/2023 at 1:29 PM, NoshowJones said:

I bought two ingots at the branch I told you about at Soi 10 in lower Sukhumvit Road and they said cash only. Well this is Thailand where different Banks, IO offices etc all have their own rules, now it seems so do gold shops.

I am going back next month to buy more ingots, thanks a lot for your help.

Can't have enough. Have to safeguard yourself.

 

Trouble is brewing everywhere in the world it seems. And a lot of the west's banking problems are being hidden.

[NoshowJones]

I have just bought gold from Damini  Co  Ltd in Pattaya as Liang Seng Heng Gold shop in Bangkok did not have any 99.9% small gold blocks.

My question is there are adverts from Damini advertising that they have the best gold prices in Pattaya, so as a newbie with buying gold, I thought gold prices were the same all over the country, so is it possible for me to get the same gold cheaper in, say Chinatown than from Damini?

[Bill97]

On 6/23/2023 at 1:46 PM, NoshowJones said:

have just bought gold from Damini  Co  Ltd in Pattaya as Liang Seng Heng Gold shop in Bangkok did not have any 99.9% small gold blocks.

Damini had 99.99%?  What sizes?

 

[NoshowJones]

On 7/2/2023 at 10:07 AM, Bill97 said:

Damini had 99.99%?  What sizes?

 

I do not have access just now, I will get back to you soon on it.

[NoshowJones]

On 7/2/2023 at 10:07 AM, Bill97 said:

Damini had 99.99%?  What sizes?

 

PM sent.

[BenStark]

On 6/23/2023 at 1:46 PM, NoshowJones said:

My question is there are adverts from Damini advertising that they have the best gold prices in Pattaya, so as a newbie with buying gold, I thought gold prices were the same all over the country, so is it possible for me to get the same gold cheaper in, say Chinatown than from Damini?

Gold prices are fixed, all over the world, and Thailand is not different to that.

 

Anyone who claims he sells gold at a cheaper price than other shops, I wouldn't tough with a 10 meter barge pole.

 

You know how much you paid for your gold, so it would take only 1 minute to check online what the price was at Hua Seng Heng.

 

Liang Seng Heng is a goldsmith, not the same as Hua Seng Heng which is the most credible gold dealer in Thailand

[Kwasaki]

5 minutes ago, BenStark said:

Gold prices are fixed, all over the world, and Thailand is not different to that.

 

Anyone who claims he sells gold at a cheaper price than other shops, I wouldn't tough with a 10 meter barge pole.

 

You know how much you paid for your gold, so it would take only 1 minute to check online what the price was at Hua Seng Heng.

 

Liang Seng Heng is a goldsmith, not the same as Hua Seng Heng which is the most credible gold dealer in Thailand

Gold bought in 2005 is still around my Mrs neck from time to time but she does not ever want to sell it so what's it all about Alfie. ????

[treetops]

On 7/3/2023 at 11:01 AM, BenStark said:

Anyone who claims he sells gold at a cheaper price than other shops, I wouldn't tough with a 10 meter barge pole.

They're just using a lower spread between buying and selling prices hoping to make up with volume what they lose out on on individual trades.  Same as some currency exchanges offer a better deal than others.  As long as you do you make sure you're buying what you think there's no reason not to touch them.