How to sell gold?

[Dazinoz]

1 hour ago, jaideedave said:

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.

yep, have had that happen a few times. I don't think they actually melt it, because if it does melt it's not gold. I have seen them use the torch but never seen it melt.

[VocalNeal]

3 minutes ago, Dazinoz said:

because if it does melt it's not gold.

No that's how they form it into bars and rings and necklaces.????

Edited August 19, 2023 by VocalNeal

[Dazinoz]

1 hour ago, RocketDog said:

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.

My first bullion investment was 4 x 100oz silver bars bought from a dealer in Singapore. It was delivered to me ok. Some years later I wanted some cash so decided to sell one of the 100oz bars. Took a Thai speaking friend and we hit Wallai Road, the "silver" road in Chiang Mai. Long story short no one wanted to buy it.

 

Tried to ship back to the dealer in Singapore but only able to find one courier that would do it at an exorbitant price for insurance. (was going to ship the 4 x 100oz bars back). I ended up booking a cheap hotel and flew to Singapore, sold the silver and flew back next day. Cheaper than the cost of shipping it back.

[Dazinoz]

3 minutes ago, VocalNeal said:

No that's how they form it into bars and rings and necklaces.????

Yes I know that but I was referring to the gas torch they use in the shops to test.

[AustinRacing]

4 hours ago, RocketDog said:

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.

 

You’re mistaken. Paper gold is better than jewelry. The commission is lower and you don’t risk having it laying around in case of theft. The pros in gold trading never buy jewelry gold. 

[Acharn]

5 hours ago, RocketDog said:

<snip>

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.

 

Well, yeah, but you have to take it to a specialized enterprise to exchange it for the currency of the country you're in. In the U.S. you can go to most jewellers, or pawn shops. What you can't do with gold is take it to your neighborhood 7-11 and buy a six-pack of beer. In Thailand, and, I suppose, India, you can get a publicly announced price that is the same at every gold store and pawn shop. In most other countries you can't. Gold is not money, and it has disadvantages when used as the "backing" for money.

[natway09]

Thai gold is all priced in Bht not grammes in Thai gold shops with the daily buying & selling price

usually clearly marked. The buying price is for the weight & extra charged for making ornamental or 

jewellery which when you sell 99% chance it is just melted down & re used..

The answer to your question is that both ornamental or bullion should get you the same selling price as advertised after weighing.

If they start telling you must make a deduction , walk away & go somewhere else.

It can be a good long term investment, ie: I have many Bht purchased for less than 9,000 Bht a Baht

Selling over 100 Baht is "notifiable" whatever that means. PP or ID needed at reputable stores

 

 

 

 

[Harsh Jones]

21 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?

It depends on the spread and what the price of gold has done in the meantime. 

 

The price of gold is completely rigged and it will most likely stay that way. Literally every asset you can think of has gone up with all of this inflation except gold. 

Edited August 20, 2023 by Harsh Jones

[KannikaP]

18 hours ago, RocketDog said:

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

That's good.

Was he not mumbling about where he came from in UK?    555

[MrJ2U]

21 hours ago, Peterphuket said:

 

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

Gold Shops need to fill out a form and will need a passport or Thai ID.

 

 

[Peterphuket]

1 hour ago, MrJ2U said:

Gold Shops need to fill out a form and will need a passport or Thai ID.

 

 

Again, not in my area!

[katie99]

On 8/19/2023 at 2:01 AM, 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

there can be 3 options : 

Selling it back at the original store: Some gold shops might offer a buy-back option where they purchase gold items they've sold previously. This could be convenient.

 

Selling it at other shops: Exploring other gold shops or dealers in the area could give you a better sense of the market value for your gold. 

 

Online platforms: In today's digital age, there are also online platforms where you can sell your gold. These platforms can connect you with potential buyers, and you might be able to get competitive offers.

[Dazinoz]

2 hours ago, MrJ2U said:

Gold Shops need to fill out a form and will need a passport or Thai ID.

 

 

NEVER had to do that in buying and selling at the gold shop I usually go to in Chiang Mai.

[Dazinoz]

11 minutes ago, katie99 said:

Exploring other gold shops or dealers in the area could give you a better sense of the market value for your gold. 

Download this app and it's constantly updated for buy and sell prices for both bars and jewellery in Thailand. 

 

Edited August 20, 2023 by Dazinoz

[Peterphuket]

30 minutes ago, Dazinoz said:

Download this app and it's constantly updated for buy and sell prices for both bars and jewellery in Thailand. 

 

That's a bit difficult to download, available for IOS?

[Dazinoz]

1 hour ago, Peterphuket said:

That's a bit difficult to download, available for IOS?

Yes I have it on iPhone. You need to be in Thai Apple Store. 

[MrJ2U]

5 hours ago, Peterphuket said:

Again, not in my area!

 

Where's that, some ally? 

Edited August 20, 2023 by MrJ2U

[MrJ2U]

4 hours ago, Dazinoz said:

I usually go to in Chiang Mai.

I guess there above the law. 

Edited August 20, 2023 by MrJ2U

[Dazinoz]

1 minute ago, MrJ2U said:

Well then.  Your dealing with an unsrupolous gold shop most likely. 

Lol. All the gold shops I have dealt with in Wararot Market area don’t require. If you think unscrupulous good for you. I have been dealing with the main one for years and is a big shop. 

[Peterphuket]

5 minutes ago, MrJ2U said:

Well then.  Your dealing with an unsrupolous gold shop most likely. 

No, a shop who don't like to pay to much tax.

[Peterphuket]

3 hours ago, Dazinoz said:

Yes I have it on iPhone. You need to be in Thai Apple Store. 

I understand, but I'm a foreigner....how to give the Thai name in for this app?

[Dazinoz]

6 minutes ago, Peterphuket said:

I understand, but I'm a foreigner....how to give the Thai name in for this app?

I am a foreigner too and been using it for years. Honestly don’t remember using a Thai name for it. Don’t you have a Thai friend who can help you? Or use Google translate. 
 

this is settings in app translated

Edited August 20, 2023 by Dazinoz

[Dazinoz]

11 minutes ago, Peterphuket said:

I understand, but I'm a foreigner....how to give the Thai name in for this app?

Oh. You mean to get the app?

 

goto Thai store type in gold prices and look for image of app. 

Edited August 20, 2023 by Dazinoz

[Dazinoz]

23 minutes ago, MrJ2U said:

I guess there above the law. 

Do you honestly think the law is adhered to everywhere and at all times in Thailand?

[MrJ2U]

24 minutes ago, Dazinoz said:

Do you honestly think the law is adhered to everywhere and at all times in Thailand?

It not like a speeding ticket.

 

It's to prevent money laundering or fencing stolen goods.  

 

Hopefully your getting such a good deal that it's worth risking your visa,being arrested, and getting deported. 

 

 

 

[charliebadenhop]

My greatest apologies if this has been posted already, but I could not find it!!

 

I have been on this forum for 7 or 8 years now and I have never talked about investing, and I do not claim to be an expert, but here is my experience-

 

BUYING gold is only good if the price of gold goes up. Yes? 

In a down market you can only lose money in the short term by “buying” gold and having this gold in your possession .

 

So to me, buying gold (as you folks have been talking about it) should not get past the stage of being a hobby.

And indeed numerous people here might engage in buying gold as a kind of hobby.

All well and good. Absolutely good!

 

To get to where you can make a good return on your capital I would think one would need to trade through an online broker.

You buy and sell gold without ever “owning” any gold and at times you might buy and sell in a half days time, and maybe buy short and then sell, all in a days time or a months time, with the important point being that you can buy “short” and therefore make some profit in a down market if you are clever enough. 

 

Yes?

 

For me, my drug of choice has been forex trading, over the last few years, and by using the "candlestick reading” method my partner and I have done well for ourselves. 

As long as my partner and I both stay emotionally stable I don’t really see any downside from here on out because 1. We have already made enough money to cover any potential short term losses (which we WILL have from time to time), and 2. We are using a well thought out method which we have tweaked and this method is used by many, if not all, professional traders.

 

Here is the deal…. We regularly “win” on 60% of our trades and lose on 40% of our trades, and these percentages hold up very well over the long run. (The minimum number of trades for these percentages to work out is 100) And the way we set things up, a “gain” makes us twice as much as a “loss”. So we make 10% of our overall capital invested for each win, and we lose 5% of our overall capital on each loss. Learning the candlestick reading method well enough to be successful takes a good deal of study and trial and error, and I have no problem saying that we were very definitely losers in our first two years, and we needed enough money, and eventually enough confidence, to ride out the storm, which we just barely did. But the last two years or so has been lovely clear sailing overall.     Just saying…..

 

All the best, to all of you here,

Charlie

[Toolong]

I'm no Rockefeller, but just bought some gold bars on advice from very reputable place in Yaowarat, at the 96 point something purity. 10 baht, weighs approx 2 kgs (?).

 

 

So someone on this thread mentioned that 99.9 purity gold bar was good to sell worldwide, but sold here only by the kilo in bars. ????

 

Anybody with thoughts on that? 

 

 

[soi3eddie]

7 hours ago, Toolong said:

I'm no Rockefeller, but just bought some gold bars on advice from very reputable place in Yaowarat, at the 96 point something purity. 10 baht, weighs approx 2 kgs (?).

 

 

So someone on this thread mentioned that 99.9 purity gold bar was good to sell worldwide, but sold here only by the kilo in bars. ????

 

Anybody with thoughts on that? 

 

 

I was looking to buy some physical gold earlier this year (as a safety mechanism in case the SHTF). Ideally wanted 99.99% as easily tradeable worldwide. Could only find 1kg bars in Thailand (Yaowarat area). In the end decided to go for 96.5% as smaller bars and are more easily tradeable in Thailand. Issues with global trading are carrying physical out of Thailand and into another country (questions/confiscation/taxation by customs). So, was quite happy with 96.5% in the end to keep in Thailand. Since purchase, price increased at one point by 400 Baht, now down 200 Baht. Didn't buy to make money but simply as a safety option in case of banking collapse. Very happy to have done this. No regrets. Could still fall or rise. Simply don't care as easily sold.

 

[Dazinoz]

11 hours ago, MrJ2U said:

Hopefully your getting such a good deal that it's worth risking your visa,being arrested, and getting deported. 

The area I go to is a very popular area in Chiang Mai there are literally dozens of golds shops side by side in the same street. Mainly dealt with one but also a couple of the others and none ever asked for ID to buy or sell. So looks like the whole street is corrupt and breaking the law according to you.

 

And if it is illegal it's the shop committing the offence, not me. Really not going to lose sleep over risking my visa, being arrested or deported.

[Toolong]

4 hours ago, soi3eddie said:

I was looking to buy some physical gold earlier this year (as a safety mechanism in case the SHTF). Ideally wanted 99.99% as easily tradeable worldwide. Could only find 1kg bars in Thailand (Yaowarat area). In the end decided to go for 96.5% as smaller bars and are more easily tradeable in Thailand. Issues with global trading are carrying physical out of Thailand and into another country (questions/confiscation/taxation by customs). So, was quite happy with 96.5% in the end to keep in Thailand. Since purchase, price increased at one point by 400 Baht, now down 200 Baht. Didn't buy to make money but simply as a safety option in case of banking collapse. Very happy to have done this. No regrets. Could still fall or rise. Simply don't care as easily sold.

 

Very interesting comments, soi3eddie, thank you. ????

Yes, I also feared there might be the issue of problems arising if one wanted to take 99.99% bars out of Thailand. (But then, there are also probs taking the 96.5% bars out too, aren't there? I dunno for sure.....I need to familiarize myself with the laws about that.)

 

And like you, my motivation for buying the gold was as a safety option in case the SHTF & banks went under, not so much as a way to make money. And as you say, it's easily sold.

 

Thanks for your reply. Helpful. ????