Depositing gold at Hua Seng Heng

[CallumWK]

I have decided to purchase a significant amount of gold bars tomorrow, with the intention to beat the 2% bank interests. I guess that will not be too difficult.

The gold will be bought in 5 baht gold bars, 96%.

So I have the option to store it at home, rent a safety box somewhere, or leave it at Hua Seng Heng. The latter option is free, you don't pay any storage costs, get a certificate for the stored gold, and you can sell over the phone in case you want to sell part of it in the future.

Would the latter option be recommended, or which option would you suggest?

 

[mania]

It is probably fine either way but......There is an old saying for precious metals that goes....

"IF YOU DON’T HOLD IT THEN YOU DON’T OWN IT"

 

Many reasons why but the original reason for holding metals is many don't trust paper (fiat currency etc etc) so why would someone want a certificate.

 

Secondly many claims of companies that supposedly hold things leasing them out for various reasons.

 

But in your case your using gold as a hedge & trying to beat inflation or better the 2% bank rates so again probably fine for you in any case

[Phillip9]

 

Gold has more than doubled over the last ten years.  Every time its done that before, it's declined over the next 10 years.  The time to buy gold is when no one is worried about inflation.  The time to sell gold is when everyone is worried about inflation.

[Foxx]

33 minutes ago, Phillip9 said:

 

Gold has more than doubled over the last ten years.  Every time its done that before, it's declined over the next 10 years.

 

Simply not true.  For example,

Jan 2000 - US$284
Jan 2010 - US$1078 (more than double)
Jan 2020 - US$1580 (not down)

[Phillip9]

42 minutes ago, Foxx said:

 

Simply not true.  For example,

Jan 2000 - US$284
Jan 2010 - US$1078 (more than double)
Jan 2020 - US$1580 (not down)

Correct, I should have said almost every time.

[CallumWK]

Thanks for your replies, but it seems you all missed the point of my thread.

I wasn't asking investing advice, but rather, would it be safe to deposit the purchased gold at Hua Seng Heng?

[CalifornianInThailand]

So, what did you end up learning about the risks of depositing gold at Hua Seng Heng? And did you end up depositing it there? If not, where did you decide to store it, and why? You asked a good question, so curious as to what you learned and how you weighed the pros and cons.

[CallumWK]

On 3/16/2025 at 4:10 AM, CalifornianInThailand said:

So, what did you end up learning about the risks of depositing gold at Hua Seng Heng? And did you end up depositing it there? If not, where did you decide to store it, and why? You asked a good question, so curious as to what you learned and how you weighed the pros and cons.

 

I didn't store it at Hua Seng Hen, although I'm sure it would be safe, as they have a excellent reputation for 70 years already.

Also I was mistaken by the volume by weight gold has, and found that 75 baht of gold in 5 baht bars, fits in the front pocket of your jeans, so easy to store anywhere

[cdemundo]

On 12/28/2024 at 8:23 AM, CallumWK said:

Thanks for your replies, but it seems you all missed the point of my thread.

I wasn't asking investing advice, but rather, would it be safe to deposit the purchased gold at Hua Seng Heng?

Discussion group, once you start a topic it's subject to tangents.

Can't be helped.

[cdemundo]

7 minutes ago, CallumWK said:

 

I didn't store it at Hua Seng Hen, although I'm sure it would be safe, as they have a excellent reputation for 70 years already.

Also I was mistaken by the volume by weight gold has, and found that 75 baht of gold in 5 baht bars, fits in the front pocket of your jeans, so easy to store anywhere

Another point, easy to fit in your pocket, easy to fit in the pocket of a thief.

Something to consider.

[CallumWK]

8 minutes ago, cdemundo said:

Another point, easy to fit in your pocket, easy to fit in the pocket of a thief.

Something to consider.

 

Another point, it is written on your forehead that you have gold in your pocket, or anywhere. Right?

Sounds as some are really paranoid, can't be helped

[cdemundo]

8 minutes ago, CallumWK said:

 

Another point, it is written on your forehead that you have gold in your pocket, or anywhere. Right?

Sounds as some are really paranoid, can't be helped

Sounds as though some are really hostile.

How does any thief find their target?

[CallumWK]

1 minute ago, cdemundo said:

How does any thief find their target?

 

By coincidence, or in some cases by insider information