Gold Prices in Thailand Hit New High as Baht Weakens

[snoop1130]

 

BANGKOK, Sept 20 (TNA) – Thai gold prices surged to a new high today following the weakening of the Thai Baht, which hit its lowest point in the past 10 months.

 

Gold traders are closely watching whether the prices will continue to decline or remain stable, depending on the government’s efforts to build confidence and the direction of US Federal Reserve’s interest rate adjustments.

 

Mr. Jitti Tangsitpakdi, President of the Gold Traders Association, stated that a significant influx of gold sellers was seen today. In the morning session, gold prices rose three times, increasing by a total of 250 baht.

 

Full story: Thai News Agency 2023-09-20

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[stoner]

try sell the gold outside of thailand see what happens. 

[freeworld]

20 minutes ago, stoner said:

try sell the gold outside of thailand see what happens. 

Why would anyone want to..

 

The same trying to sell diluted foreign gold here and see what happens.

[stoner]

13 minutes ago, freeworld said:

Why would anyone want to..

 

The same trying to sell diluted foreign gold here and see what happens.

thai gold is less than 24k. 

Edited September 20, 2023 by stoner

[CharlieKo]

3 hours ago, stoner said:

try sell the gold outside of thailand see what happens. 

Have you tried or just making assumptions?

[soi3eddie]

I bought Thai gold in March and I'm lovin' it! Purchased as a safety in case of SHTF. Wanted 99.99% but that was only available in 1kg bars. Bought small bars of 96.5% which is tradeable just about anywhere in Thailand (and possibly elsewhere in SEA).

 

[mania]

7 hours ago, stoner said:

thai gold is less than 24k. 

Yes different gold bullion's & coins have different purity's. BUT that does not mean it has less gold

 

A Kruggerand or US Eagle may be only 91.67% / 22k purity versus Canadian Maple 99.99% / 24k but both will be minted to contain 1 troy oz of gold

 

Yes the lower % purity coin will end up weighing a bit more but if both were refined to remove the additional alloys used to hardened the coins or jewelry the same total amount of pure gold would be in each.

 

Meaning two different purity 1 oz coins like mentioned above both have 1 troy oz of pure gold in them

 

So basically for instance the standard weight of both the Krugerrand and eagle are 1.09 troy oz compared to 1 troy oz for the maple leaf. This extra 0.09 troy oz accounts for the alloy in the gold Krugerrand and gold eagle coins, which brings their total gold content to the same as the gold maple leaf – 1 troy ounce.

Edited September 20, 2023 by mania

[hotchilli]

9 hours ago, stoner said:

try sell the gold outside of thailand see what happens. 

Gold is Thailands second currency, when things get tight sell the necklace.

[underbob]

My understanding is that Thailand does not want to have its gold measured by international standards most other countries abide by (TIT) so if you try to sell it outside Thailand, it will be greatly discounted

[mania]

40 minutes ago, underbob said:

My understanding is that Thailand does not want to have its gold measured by international standards most other countries abide by (TIT) so if you try to sell it outside Thailand, it will be greatly discounted

Sorry you misunderstand

Gold is Gold period & is priced by World Spot Price period

People confuse purity % with value or weight in baht vs weight in Troy etc etc

 

Thai gold does not mean mined in Thailand anymore than USA or Canadian gold means it was mined in the US or Canada. Same goes for Silver or any precious metal

 

 

Edited September 20, 2023 by mania

[bignok]

10 minutes ago, mania said:

Sorry you misunderstand

Gold is Gold period & is priced by World Spot Price period

People confuse purity % with value or weight in baht vs weight in Troy etc etc

14 carat gold in west is not worth much for resale.

[mania]

5 minutes ago, bignok said:

14 carat gold in west is not worth much for resale.

well it is worth exactly the same as all gold once it is normalized...meaning X amount of gold x spot price

If you mean it take a lot more 14k weight to make a troy ounce compared to 22k well yes of course

 

Because 14k is 58.5% gold & 22k is 91.67% gold

Edited September 20, 2023 by mania

[stoner]

3 hours ago, mania said:

Yes different gold bullion's & coins have different purity's. BUT that does not mean it has less gold

 

A Kruggerand or US Eagle may be only 91.67% / 22k purity versus Canadian Maple 99.99% / 24k but both will be minted to contain 1 troy oz of gold

 

Yes the lower % purity coin will end up weighing a bit more but if both were refined to remove the additional alloys used to hardened the coins or jewelry the same total amount of pure gold would be in each.

 

Meaning two different purity 1 oz coins like mentioned above both have 1 troy oz of pure gold in them

 

So basically for instance the standard weight of both the Krugerrand and eagle are 1.09 troy oz compared to 1 troy oz for the maple leaf. This extra 0.09 troy oz accounts for the alloy in the gold Krugerrand and gold eagle coins, which brings their total gold content to the same as the gold maple leaf – 1 troy ounce.

oh i get it.......but most of that is not the gold in question. 

 

 

[jacko45k]

10 hours ago, freeworld said:

Why would anyone want to..

 

The same trying to sell diluted foreign gold here and see what happens.

I assure you gold bought in Thailand can be sold in other countries. 

[mania]

43 minutes ago, stoner said:

oh i get it.......but most of that is not the gold in question. 

 

 

Ah but it is ????

That is what I was explaining ...Gold is gold there is no Thai gold, German gold, Canadian gold etc etc

 

There is X amount of gold & that is what counts times the weight of it times the World spot price per troy ounce

 

Thai gold does not mean it is gold mined from Doi Suthep ????

 

It is just pure gold from where ever that was then melted & fashioned into either jewelry or bars etc in Thailand.

 

Except in Thailand they do of course charge a small fabrication charge if you choose jewelry over bullion.

That is why you usually see two prices in front of gold shops or on their LCD price panel

 

 

[PJ71]

6 minutes ago, mania said:

Except in Thailand they do of course charge a small fabrication charge if you choose jewelry over bullion.

That is why you usually see two prices in front of gold shops or on their LCD price panel

The reason for the 'spread' is how the gold shops make money.

 

Back in the day when people came over for a 2 week holiday and fell in love and did not want to go home, they would buy gold on their visa card, i would buy off them heavily discounted with cash and then sell back to the shop.

 

 

[Irish star]

16 hours ago, stoner said:

try sell the gold outside of thailand see what happens. 

My jeweler  said he will buy it all No Problem , in San Francisco Bay Area 

Edited September 21, 2023 by Irish star

[Irish star]

6 hours ago, underbob said:

My understanding is that Thailand does not want to have its gold measured by international standards most other countries abide by (TIT) so if you try to sell it outside Thailand, it will be greatly discounted

Nope 

[Irish star]

12 hours ago, CharlieKo said:

Have you tried or just making assumptions?

You can use the ASSUME lesson here

[Irish star]

16 hours ago, stoner said:

try sell the gold outside of thailand see what happens. 

Are you Stoned 

[stoner]

54 minutes ago, Irish star said:

Are you Stoned 

no i'm too busy selling to your jeweler. 

[NoshowJones]

8 hours ago, jacko45k said:

I assure you gold bought in Thailand can be sold in other countries. 

Of course it can if it's 99.9%

[connda]

I love it when a news article looks at one day of trading and thinks they have the entire picture when all they have is a one day's slice of information.

For some reason their is a real push to claim the THB is tanking.  Why?

Gold moves with the debasement of the reserve currency (USD) as well as to Geo-political and regional destabilization.  Swings in the prices are normal and they swing both ways.  You look at the trend line as well as inflation statistics.  And best to look at 'real' inflation as opposed to government stats which are monkeyed with to make the government looks as though they are controlling inflation - the are not!  Look at the trend.  The Trend Is Your Friend.

Where to get 'real' inflation and CPI stats?  Shadow Stats.  Fyi.  I can only get this site to run properly in Chrome.
 

[Artisi]

20 hours ago, stoner said:

thai gold is less than 24k. 

Only just - 96.5%

Edited September 21, 2023 by Artisi

[khunjake]

Gold is a terrible investment. Globally priced in USD, Its at the same price it was 12 years ago compared to the S&P 500 up 330%. Go gold! ????

[Bandersnatch]

3 hours ago, khunjake said:

Gold is a terrible investment. Globally priced in USD, Its at the same price it was 12 years ago compared to the S&P 500 up 330%. Go gold! ????

5 years ago I bought a million Baht of gold bricks. The price then was ฿18,000 per Baht. Today I just sold 3 Baht for close to ฿33,000 each.  
 

My investment strategy is simple, I keep the original million baht in gold. If the price goes up I sell, if it goes down I buy. I never sell at the top or buy at the bottom but if I can sell or buy at least one Baht brick and still keep my million Baht in gold I do.

 

 

 

 

Edited September 21, 2023 by Bandersnatch

[sammieuk1]

I'm still trying to find the struggling Baht in this fairytale story ????

[Toolong]

A bit tangential, forgive me, but based on personal situation I find myself in after recent purchase of (a relatively modest amount) Thai gold bar bullion, I'm wondering how others who also make such purchases of physical gold keep it & keep it secure. Some may think it wisest to pay for a bank locker.....others may have 10 ton safes, etc., but some, like me, may prefer to.....well, let's say.......'make their own arrangements'.....so to speak.....in a manner once very familiar to our human ancestors!

 

Of course I'm NOT expecting anyone to reveal anything at all about their own circumstances that would reveal too much or allow even the tiniest modicum of risk.....simply to answer my query (you might even think I'm out of order in asking.....I get that!) so perhaps I'll distill it into a single safe-enough, unintrusive question: do you think the bank lockers rentable in Thai banks are an ok deal, security-wise? Which, apart from the fairly reasonable cost of renting, present no greater risk of loss in a potential failure/collapse of the bank itself? 

 

Or not?