Gold Shines as 2025 Beacon for Thailand's Financial Security

[snoop1130]

File photo for reference only

 

Gold’s cultural and financial significance in Thailand is receiving renewed attention as the world steps into 2025. Known traditionally in Thai culture as a symbol of wealth and prosperity, gold remains central to celebrations like weddings and birthdays, ensuring robust consumer demand. This demand has propelled Thailand ahead in the ASEAN market, marking two consecutive quarters of growth in 2024.

 

Globally, financial inclusion is a critical objective, with gold assuming a pivotal role. Its accessibility to savings, credit, and payment systems drives economic growth and security, encouraging investments and the establishment of businesses. Thailand emerged as a strong performer in financial inclusivity, achieving a 95.6% bank account penetration by 2021, surpassing regional averages in savings and digital payments.

 

Yet, access to credit services in Thailand lags behind, prompting a surge in informal lending, now reaching 30%. Addressing this gap, innovative measures like digitised gold trading through mobile platforms such as the Pao Tang app have been introduced. This shift to online gold trading saw a striking growth, with a 70% rise in new trading accounts reported by YLG Bullion.

 

 

Gold’s role extends beyond financial mechanisms, bridging inclusion gaps in rural regions. It proves vital in supporting rural communities, often serving as collateral at pawnshops for urgent financial needs. During the 2020 pandemic, gold provided a safety net, with households selling significant quantities for financial relief.

 

The reliability of gold as a store of value amidst global uncertainties is underscored by consumer trust, with a notable 67% viewing it as protection against inflation and currency volatility. As central banks acknowledge its importance in reinforcing balance sheets, gold's attractiveness and average returns—especially in early-year trading—remain strong.

 

Thus, as 2025 unfolds, gold offers Thailand not just cultural continuity but a robust financial tool, reinforcing economic security and a more inclusive financial ecosystem amidst looming uncertainties.

 

-- 2024-12-12

 

 

[John Drake]

What happens when I try to take it out of the country or bring it into the country?

[StayinThailand2much]

They've certainly hoarded a lot of gold.

[Old Curmudgeon]

On 12/13/2024 at 2:05 PM, John Drake said:

What happens when I try to take it out of the country or bring it into the country?

 

1. Take it out, I don't know, but that's an excellent question.

 

2. Try to bring it in, I have a little experience.

    Bought a simple, gold ring in Singapore.

    22K international standard gold -- not Thai "baht" gold.

    (Much easier to sell 22K anywhere in the world, than sell Thai "baht" gold.)

    Jewelry store offered to ship it to my house.  Good idea.

    But Thai customs & excise got real interested.

    A little ring, only 25,000 baht -- that's not much.

    I said "forget it" to the customs & excise boys:

    "Send it back.  Shipment refused."

    Yes, I paid shipping to return, but A LOT less than duty and tax to bring it in.

    The ring is waiting at the store -- will pick up next time I'm in Singapore.

    And this time will wear it on my finger.

  

    Paid the tuition, learned the lesson.

 

 

 

  

 

[John Drake]

1 hour ago, Old Curmudgeon said:

 

1. Take it out, I don't know, but that's an excellent question.

 

2. Try to bring it in, I have a little experience.

    Bought a simple, gold ring in Singapore.

    22K international standard gold -- not Thai "baht" gold.

    (Much easier to sell 22K anywhere in the world, than sell Thai "baht" gold.)

    Jewelry store offered to ship it to my house.  Good idea.

    But Thai customs & excise got real interested.

    A little ring, only 25,000 baht -- that's not much.

    I said "forget it" to the customs & excise boys:

    "Send it back.  Shipment refused."

    Yes, I paid shipping to return, but A LOT less than duty and tax to bring it in.

    The ring is waiting at the store -- will pick up next time I'm in Singapore.

    And this time will wear it on my finger.

  

    Paid the tuition, learned the lesson.

 

 

 

  

 

 

Thought so. Wonder what happens when people try to bring in things like Gold Eagles? Or Platinum and Silver Eagles? The Gold Eagle, for example, only has a face value of US$50, legal tender.