Baht becoming ridiculously strong

[farangkinok]

On 9/9/2024 at 2:20 PM, Peterphuket said:

With the positive implication that the gold price should also go up, but it doesn't look like that.

The gold price HAS been going up ... against the U.S. dollar. Since the beginning of the year, the U.S. dollar price of gold has gone from around $2,000 to about $2,600. The problem is that the U.S. dollar has been crashing (down over 10% since April) against the Thai Baht, so the Thai gold price hasn't really been going anywhere since then. 

[farangkinok]

On 9/9/2024 at 5:35 PM, Peterphuket said:

It was about 4 weeks ago that everything pointed to the gold price in the USA going up, so I drove to the gold shop that Monday morning to buy gold for my Thai money
And what turned out after the next day it only went down.

 

You bought gold for the long term to preserve your purchasing power. A similar thing happened in Canada in the early 2000s. Gold was going up in price significantly against the US dollar but not against the Canadian dollar, which frustrated many Canadian gold investors. Eventually the price of gold broke out and rose manyfold over the years against the Canadian dollar as well. 

Edited September 19 by farangkinok

[chiang mai]

On 9/15/2024 at 9:26 PM, david555 said:

 

 

For those on the monthly transfers they need proof  it comes  from abroad transfer

The bank transfers prove that!

[Cameroni]

42 minutes ago, soalbundy said:

What I don't understand is that the Euro has risen against the dollar (ok due to dollars weakness) but fallen against the baht

 

I would explain that this way:

 

The two currencies actually were in tandem from Jan 2020 to July 2021. However, the Euro then went on a deep nosedive, the Euro actually also fell against the Baht, just not as much. Against the Baht the Euro recovered much more quickly, which makes sense as Thailand's currency is much weaker than the USD, not as a snapshot but as a whole I mean.

 

However, since July there has been a dichotomy, where the Euro rose against the USD but fell against the Baht. I wonder if that can be explained by the Thai people putting in place a new government, expecting more tourism from visa changes and things like this. But it is interesting.

 

https://in.marketscreener.com/quote/currency/EURO-THAI-BAHT-EUR-THB-88940/graphics-comparison/

 

Generally though, since the Euro fell harder against the USD, it is presumably normal that it would rebound a bit harder against the USD.

Edited September 19 by Cameroni

[david555]

On 9/19/2024 at 11:03 AM, chiang mai said:

The bank transfers prove that!

of course ...., i only mentioned that it need to come from abroad . Only sometimes example  Wise use wrong label and you need to ask your bank for a credit advise doc., as else your I.O. could refuse the transfer as non foreign transfer

[swissie]

On 9/19/2024 at 10:49 AM, farangkinok said:

The gold price HAS been going up ... against the U.S. dollar. Since the beginning of the year, the U.S. dollar price of gold has gone from around $2,000 to about $2,600. The problem is that the U.S. dollar has been crashing (down over 10% since April) against the Thai Baht, so the Thai gold price hasn't really been going anywhere since then. 

Many a times I have stressed this point here. If your "home currency" is not the US$, every investment denominated in US$ (including Gold) means that one is actually holding 2 speculative positions. The "primary" investment AND the US$.

[Chivas]

So is Sterling currently at two and half year high against the Benchmark USD the one that matters

 

Thankfully the adults are in charge in the UK now  😁

[lastchance]

The Thai stock market is also up roughly 15% since it's low in the beginning of August, which was also when this baht tear began.

[Chivas]

Sterling continues its march northwards against the benchmark Dollar....Geddon Sir Keir 🚀

 

Just a huge pity that the Baht is  going for glory against the same USD on the opposite side of the pairings lol

 

32.69 in real time...ouch

Edited September 25 by Chivas

[SiamAndy]

23 hours ago, Chivas said:

Sterling continues its march northwards against the benchmark Dollar....Geddon Sir Keir 🚀

 

Just a huge pity that the Baht is  going for glory against the same USD on the opposite side of the pairings lol

 

32.69 in real time...ouch

31.xx by December tourist season if not sooner.

[Chivas]

4 hours ago, SiamAndy said:

31.xx by December tourist season if not sooner.

 

Dropped further this morning 32.60 real time

[farangkinok]

(Sept 26, 2024) USD has not been this weak against the Thai Baht since March of 2022. In the chart below each bar represents one month's price activity.  

 

Edited September 26 by farangkinok

[mstevens]

On 9/25/2024 at 6:11 PM, Chivas said:

Sterling continues its march northwards against the benchmark Dollar....Geddon Sir Keir 🚀

 

Just a huge pity that the Baht is  going for glory against the same USD on the opposite side of the pairings lol

 

32.69 in real time...ouch

 

Just had a look at the latest rate : 1 United States Dollar equals 32.35 Thai Baht.

 

Ouch alright, seems the baht just gets stronger and stronger!

[Chivas]

10 hours ago, mstevens said:

 

Just had a look at the latest rate : 1 United States Dollar equals 32.35 Thai Baht.

 

Ouch alright, seems the baht just gets stronger and stronger!

 

Yep situation getting worse

Sterling/Baht interbank real time currently now down to 43.43 at time of post

 

 

[david555]

36,15 Thb. to Euro say Google just now (E.U. time 13'17 h. )

Yep situation getting worse

Edited September 27 by david555

[david555]

35,96 Thb for 1 Euro say Google just now 12'17 (E.U. Time)

😔

Edited October 18 by david555

[Pattaya57]

Rates on the street in Pattaya, worst I've seen it in about 4 years or so. And this is after the Thai Central Bank dropped interest rates by 0.25% on Wednesday (which should have weakened the baht)

 

Edited October 18 by Pattaya57

[david555]

some  reason for the money decline worldwide  ?

https://www.amsterdamgold.com/charts

Edited October 18 by david555

[Celsius]

Soon Thai peasants will be able to buy a condo in Sydney for 500,000 baht.