How to sell gold?

[topswijaya]

Dear all,

 

For example, you buy gold now, then several weeks/months later you need cash. How to sell gold you bought at Yaowarat-road gold shops?

Sell it back at the store you bought or sell it at other shops?

Thanks

[Denim]

Ideally back to the shop you bought it from but any genuine gold shop will give you just as much.

[EVENKEEL]

3 hours ago, topswijaya said:

Dear all,

 

For example, you buy gold now, then several weeks/months later you need cash. How to sell gold you bought at Yaowarat-road gold shops?

Sell it back at the store you bought or sell it at other shops?

Thanks

Just ask any Thai lady how. They're professionals at selling the gold foreigners buy.

[topswijaya]

Do you need to bring passport?

 

[topswijaya]

If you buy it now, then for whatever reason you you want to sell it in 1 minute, how much is your loss?

[Peterphuket]

33 minutes ago, topswijaya said:

Do you need to bring passport?

 

 

33 minutes ago, topswijaya said:

Do you need to bring passport?

 

On Yaowarat road most of the shops asking passports, here local they don't ask, but they recognized me by face.

[charliebadenhop]

From what I have read, seems like buying gold is a good way to either lose money, or make very little. You should never be selling gold because you need some cash. Never!

 

 

[klauskunkel]

41 minutes ago, topswijaya said:

If you buy it now, then for whatever reason you you want to sell it in 1 minute, how much is your loss?

Buying price is different from selling price. Your loss is that difference. How did you survive in life without understanding basics? 

[proton]

9 minutes ago, charliebadenhop said:

From what I have read, seems like buying gold is a good way to either lose money, or make very little. You should never be selling gold because you need some cash. Never!

 

 

I still have some I bought at 6k for one baht, not a good idea to sell then?

[soi3eddie]

Ideally sell back to the shop purchased from although most shops will buy. Likely that your passport will be needed. Hua Seng Heng in Yaowarat have a website with current prices. Typically 50-100 Baht difference between buying and selling price. They have live Gold Price in USD too.

https://www.huasengheng.com/

 

[RocketDog]

12 minutes ago, charliebadenhop said:

From what I have read, seems like buying gold is a good way to either lose money, or make very little. You should never be selling gold because you need some cash. Never!

 

 

Uhhhhh.?

So let's say one buys gold jewelry as a hedge against monetary collapse or gross swings.

Let's say they bought locally, did so without any form of ID asked or given, which is very common and very important to remaining anonymous.

Then let's say they decide to change it into local currency because cutting/shaving coins or bars is just  silly to buy eggs.

They may get more or less currency than they paid for it but still enough to buy their eggs at an international exchange rate for that currency VS gold.

Why is that a mistake in your estimate?

'Seems' like good planning to me.

I agree that owning gold for investment gains, especially paper gold, is unwise. But for some it's just planning for changes that are apparently  inevitable. I call that prudent.

To the OP:

A huge advantage of living here is buying and selling gold without any identification or records. That is impossible in most countries, including USA. I love it!

You pay the shop a margin when you buy or sell, so in that sense you will always take a loss when converting cash to gold to cash. Taking it to the same shop as you bought it means they might give you some preference but at least it's easier.

Two things are for sure though: gold is not colored paper, and everybody everywhere recognizes the value, portability, and security of precious metals.

It is an asset class not to be ignored.

 

[Dazinoz]

36 minutes ago, charliebadenhop said:

From what I have read, seems like buying gold is a good way to either lose money, or make very little. You should never be selling gold because you need some cash. Never!

 

 

You must be one of them there xpurts in investin.

 

Bought and sold gold in Thailand many times and MADE money (profit).

[Dazinoz]

1 hour ago, topswijaya said:

If you buy it now, then for whatever reason you you want to sell it in 1 minute, how much is your loss?

My comments here refer to Thai gold bars and not jewellery.

 

There is a standard spread of 100 baht between buy and sell prices but some shops may vary.

 

Also can depend on the amount of gold in the transaction. The main gold shop i deal with in Chiang Mai charges (commission) 200 baht per baht weight on gold bars up to 4 baht weight. 5 and above there is no commission. The spread is always charged. Like anything in Thailand  shop around and be careful.

[sikishrory]

Sometimes the silly little gold things that you bend open and closed when wearing gold snap and you have to sell them.

I just walked in not saying much and they weigh and show you price.

Pretty easy really.

Although I have heard hua seng heng will only buy hua seng heng branded gold.

[khunPer]

10 hours ago, topswijaya said:

Sell it back at the store you bought or sell it at other shops?

Thanks

Yes, both options are possible, but your selling price is lower than the shop's listed gold price.

Best gold to buy for investment is bars; I think they are available from 1 baht (baht weight, 15.3 gram) value.

[soi3eddie]

7 minutes ago, khunPer said:

Yes, both options are possible, but your selling price is lower than the shop's listed gold price.

Best gold to buy for investment is bars; I think they are available from 1 baht (baht weight, 15.3 gram) value.

Cast bars at Hua Heng Seng have no premium either. 96.5 Purity are available in 1, 2, 5, 10, 20 and 50 Baht weights depending on whether minted or cast.

If wanting 99.99 purity (vs 96.5) then they only seem to be readily available in 1 Kilo bars! (certainly my experience around Yaowarat).

 

 

 

 

Edited August 19, 2023 by soi3eddie

[RocketDog]

1 hour ago, Dazinoz said:

You must be one of them there xpurts in investin.

 

Bought and sold gold in Thailand many times and MADE money (profit).

He mumbled something about reading. So he didn't claim to an expert.

That's good.

[RocketDog]

19 minutes ago, khunPer said:

Yes, both options are possible, but your selling price is lower than the shop's listed gold price.

Best gold to buy for investment is bars; I think they are available from 1 baht (baht weight, 15.3 gram) value.

I go with jewelry simply because it is so much more liquid than bars or coins. There's a jewelry shop on every corner.

In America I bought bars and coins.

1 hour ago, Dazinoz said:

You must be one of them there xpurts in investin.

 

Bought and sold gold in Thailand many times and MADE money (profit).

He mumbled something about reading. So he didn't claim to an expert.

That's good.

[Dazinoz]

1 minute ago, RocketDog said:

I go with jewelry simply because it is so much more liquid than bars or coins. There's a jewelry shop on every corner.

Much larger dealer margin on jewellery when selling to buying. Learnt that from buying/selling for gf. I have had no trouble selling bars in Chiang Mai.

[RocketDog]

Just now, Dazinoz said:

Much larger dealer margin on jewellery when selling to buying. Learnt that from buying/selling for gf. I have had no trouble selling bars in Chiang Mai.

You are correct. I pay a price for liquidity. If you've read other threads here you know that large bars and coins are simply not as liquid outside of resort town areas.

Many jewelry shops don't sell either. I think they are afraid of buying fake gold plated tungsten. Drilling your bar before buying it will upset you too. Some shops sell the silly little one and two gram bars(?), but those are useless to me for storing value.

 

On the other hand I don't mind at all if they smash with pliers some links on necklace to do a chemical test.

I marvel at people buying gold bars on ebay. ????

[Dazinoz]

1 minute ago, RocketDog said:

You are correct. I pay a price for liquidity. If you've read other threads here you know that large bars and coins are simply not as liquid outside of resort town areas.

Many jewelry shops don't sell either. I think they are afraid of buying fake gold plated tungsten. Drilling your bar before buying it will upset you too. Some shops sell the silly little one and two gram bars(?), but those are useless to me for storing value.

 

On the other hand I don't mind at all if they smash with pliers some links on necklace to do a chemical test.

I marvel at people buying gold bars on ebay. ????

I have only dealt in Chiang Mai and mostly the same shop in Wararot Market. I have walked in with a 5 Baht bar and said want to sell. They weigh and transfer money to my bank account. In an out in less than 5 minutes. Also did most of my gf jewellery purchases and sales same shop. Never dealt with gold shops outside CM but can understand your reasoning.

 

At one stage I was looking at returning to Australia and asked around about changing to 99.9% gold "approved" by the LMBA. Some places wont accept gold bars or coins not certified by the LMBA. Apparently the shop did it but needed to be arranged. Never got to that point.

[jaideedave]

3 hours ago, topswijaya said:

If you buy it now, then for whatever reason you you want to sell it in 1 minute, how much is your loss?

In my experience usually only a couple hundred baht per gram.Of course it all depends on the market price for that day and time.

[Regyai]

12 minutes ago, jaideedave said:

In my experience usually only a couple hundred baht per gram.Of course it all depends on the market price for that day and time.

per Baht surely

[Lemsta69]

3 hours ago, charliebadenhop said:

You should never be selling gold because you need some cash.

Well if you get into a pickle and need the spindoolies what else are you going to do? Sell a kidney?

Edited August 19, 2023 by Lemsta69

[jaideedave]

19 minutes ago, Dazinoz said:

I have only dealt in Chiang Mai and mostly the same shop in Wararot Market. I have walked in with a 5 Baht bar and said want to sell. They weigh and transfer money to my bank account. In an out in less than 5 minutes. Also did most of my gf jewellery purchases and sales same shop. Never dealt with gold shops outside CM but can understand your reasoning.

 

At one stage I was looking at returning to Australia and asked around about changing to 99.9% gold "approved" by the LMBA. Some places wont accept gold bars or coins not certified by the LMBA. Apparently the shop did it but needed to be arranged. Never got to that point.

Last spring I sold some 5 baht bars at a shop on Pattaya Klang Rd. They recognized the marks I assume. A cursory look and out came the cash. He sent his Mrs to the bank for more.

He wanted to just transfer to my account but in that case I was buying USD with it so I required cash.

I sold a bar once at the gold shop at Big C South Pattaya. I couldn't believe my eyes but the girl brought out a torch and melted in right in front of me. 1st and last time for that place.

 

[jaideedave]

17 minutes ago, Regyai said:

per Baht surely

correct, per baht

[ChaiyaTH]

3 hours ago, charliebadenhop said:

From what I have read, seems like buying gold is a good way to either lose money, or make very little. You should never be selling gold because you need some cash. Never!

 

 

You must be a joker right, the 20-year average return alone has been 8.65%, to not even speak of the returns you would get when money crashes, which is the sooner or the later.

 

Perhaps you confused remembering it right and the word gold was cash and the word buying a savings account. That is indeed a good way to be losing money.

Edited August 19, 2023 by ChaiyaTH

[RocketDog]

32 minutes ago, Dazinoz said:

I have only dealt in Chiang Mai and mostly the same shop in Wararot Market. I have walked in with a 5 Baht bar and said want to sell. They weigh and transfer money to my bank account. In an out in less than 5 minutes. Also did most of my gf jewellery purchases and sales same shop. Never dealt with gold shops outside CM but can understand your reasoning.

 

At one stage I was looking at returning to Australia and asked around about changing to 99.9% gold "approved" by the LMBA. Some places wont accept gold bars or coins not certified by the LMBA. Apparently the shop did it but needed to be arranged. Never got to that point.

Good to know, thanks.

I looked into shipping my USA bars to Thailand but DHL, fedex, and others just won't do it now. They sight too much risk and I understand. They were shipped to me from Canada way back when.

 

I must note that boarding and traveling with jewelry raises fewer eyebrows than ingots or coins would do.

Personally I keep most of it in a vault in Singapore, which close by too. Check out Silver Bullion in Singapore.

It strikes me that having it is one problem, liquidating it another; both have separate issues unless it's strictly an investment.

[RocketDog]

Just now, ChaiyaTH said:

You must be a joker right, the 20-year average return alone has been 8.65%, to not even speak of the returns you would get when money crashes, which is the sooner or the later.

So clearly there are two camps : investors and value preservers.

 

Since I retired my focus had changed from growing assets to preserving them from inflation and the other miseries/risks of fiat currency.

 

Different strokes for different folks.

[ChaiyaTH]

4 minutes ago, RocketDog said:

So clearly there are two camps : investors and value preservers.

 

Since I retired my focus had changed from growing assets to preserving them from inflation and the other miseries/risks of fiat currency.

 

Different strokes for different folks.

There is no two camps at all, it is good for both.