Bangkok Gold Price Surges To Record High

[Naam]

Also, the value of gold has increased significantly in Thailand, not elsewhere, which means it's value is artificial in comparison to other what other countries are valuing their gold at. Presumably if you bought gold bullion in another country (where the rate is lower) and then brought it to Thailand and sold it here, you would make a profit based on the price differential, but I suspect, doing that, is illegal!

Are you out of your mind ??

The price of gold is an international standard, any small arbitrage would radpidly filled with gold trading or smuggling.

The current Thai price of gold is simply the international price expressed in baht.. as the baht as slid from when gold made its USD highs, its not setting a THB high.

how dare you doubting this saucy expertise LiL?

Edited July 15, 2008 by Naam

[Naam]

If u look at it bluntly, gold has not really been a good 'investment' for quite a while .... it moves up or down with the currency (for gold : us dollar) ... if gold was quoted in euros ... the story would be different ... the same can be said with oil !

Have you even looked at a gold chart in EUR or GBP ???

Gold in €UR:

[BPayette]

Does anybody know where I can sell a ring? I guess it's a good time to sell but I don't know where to start in BKK...kr

Chinatown, or your local pawn broker

[Tammi]

Bad headline. The price of gold hasn't 'surged'.

It has crept back to the level that it surged to in March 2008 (in response to the Bear Sterns shock, and from which it retreated very quickly) and has now gone just a touch higher to bring it to its record level in Thai currency.

Having said that, some of us are not surprised. Review the thread 'Get out of $dollars$ now' that started in July 2006, for instance.

Where can one find this thread? Unfortunately "get out of" are not recognised in the search because they are all words of under 5 letters. "$dollars$" brings me back to this thread.

BTW should one get out of dollars now?

Edited July 15, 2008 by Tammi

[BPayette]

US dollar will be replaced as the world's reserve currency within 3 years. Expect serious ramifications worldwide. Buy gold, silver, a powerful torch, lots of batteries, tinned food . . . and a Glock

You're probably correct...especially the last point, just make sure to buy lots of ammo too

[Samuian]

@ samuian

WHERE on Samui do you buy gold bars? i guess you live on samui anyway...

and how many grams is 1 bath of gold?

thanks

Yaowarat Goldshop in Nathon - first one in the one way road coming up from the pier going towards the "Amphoe" or "Joe'" left hand beginning of the "middle Road".

1 baht is 15.244 Gramms - bars, trinkets, ingots should be 99.9 % BEWARE! and Jewelry is only 96.5%

Check them out:

guess you can google yourself...

That's NOT correct. Didn;t you even read the info on the page for the link you posted?

"In Thailand all Thai Baht gold chains, Thai Baht gold necklaces, Thai Baht gold bracelets and other Thai Baht gold jewelry items termed " THAI BAHT GOLD " is known and recognized worldwide as 96.5% pure gold by product weight (23K) making it one of highest gold content jewelry products produced anywhere in the world today. Thailand Gold jewelry's - Thai Baht gold jewelry is always sold by actual product weight, in a weight unit known as "Baht", which is approximately 1/2 ounce or 15.16 grams."

I stand corrected - but I can't see what is wrong there?

One has to take everything with a pinch of salt - this linked page - it's a jewelry traders page, sorry supposed to be an example only!

Check out this link of The Goldtraders Association of Thailand: Click here:

The going Gramm weight conversion for 1 Baht is 15.244 on some page it states that "after processing" however it might be only 15.16 the difference seems minute at first glance but starts getting interesting if one purchases larger amounts!

However a fair (honest) trader will always sell according to the actual Gramm weight on the scales, Baht and Salueng are old terms still in use.

[Robbie Dye]

@ samuian

WHERE on Samui do you buy gold bars? i guess you live on samui anyway...

and how many grams is 1 bath of gold?

thanks

Most people I know seem to find that their ladies take the things to the pawn shop anyway, which I guess is safer than having a kid on a motrobike trying to take it off you by force! I recommend teeth fillings to keep it safe!

[Samuian]

@ samuian

WHERE on Samui do you buy gold bars? i guess you live on samui anyway...

and how many grams is 1 bath of gold?

thanks

Most people I know seem to find that their ladies take the things to the pawn shop anyway, which I guess is safer than having a kid on a motrobike trying to take it off you by force! I recommend teeth fillings to keep it safe!

Well, if you bring anyone who can make it away with the safe on foot past the.... you're welcome!

The other way is that nowadays one can buy gold, own it per Certificate and not have to store it him/herself.

I always said to my ex-wife: "don't sell it, keep it!" now, 4 years after our divorce, she called me and said: "Oh' now I know what you wanted to say all this time!"

And still surprised that I haven't sold yet...

Well, this is how many of us are woven...

Edited July 15, 2008 by Samuian

[Seneque]

If u look at it bluntly, gold has not really been a good 'investment' for quite a while .... it moves up or down with the currency (for gold : us dollar) ... if gold was quoted in euros ... the story would be different ... the same can be said with oil !

My word is : move away from the us dollar and u will be fine ... we are moving towards the very end of a cycle ...

I can't believe it when i see shops around in chiangmai (mainly antiques!) still quoting prices in US dollar ... The us dollar is not a standard any more (i won't please US people, but that's a fact)

Thanks for sage advice. (KIDDING). If you think the dollar isn't a standard anymore you're out of your mind. It's wishful thinking and extremely naiive. (I'm not American, by the way). Plus you're way off the topic on this post so ZIP IT charlatan.

It is so refreshing to be amongst civilised people ... I ain't going to argue with you, you probably are just another grumpy, unhappy human being.

[srisatch]

Wife went to the gold shop in Chiang Mai:

Sorry we don't buy gold at the moment..only sell..Comes home "What do I do? Cannot eat it" Unpleasant husband says: :"Why not? Eat all other kinds of money" Ha ha

[thatguy]

just to further confuse the issue,

this from the ybaz website:

" Thais use a unique unit of measurement for weighing gold, the "baht" which is precisely 15.244 grams before the gold is worked or 15.16 grams after. Most gold shops will display on their windows the current buying and selling price of a "baht" of gold bullion of 96.5% purity. Gold can also be measured in "satangs" and "salungs". 100 satangs = 1 baht and 25 satangs = 1 salung.

1 baht in approximately half an ounce of gold (1 troy ounce = 31.1034768 grams) so a rough and ready way to calculate the value is to divide the price of gold in ounces by 2."

[Jai Dee]

Gold ornament price sees slight hike today

The Gold Traders Association of Thailand announces today (July 29th) that a gold ornament of 15.2 grams, is bided at 14,538.44 baht and offered at 15,250 baht. At the same time, a gold bar is bought at 14,750 baht and sold at 14,850 baht.

At the same time, gold price in the United States of America is 927.60 US dollars per ounce, higher than 926.60 US dollars per ounce. Gold price in SHBC bank in the US is 929.00 US dollars per ounce, lower than 929.50 US dollars per ounce.

Source: Thai National News Bureau Public Relations Department - 29 July 2008

[VegasVic]

Bad headline. The price of gold hasn't 'surged'.

It has crept back to the level that it surged to in March 2008 (in response to the Bear Sterns shock, and from which it retreated very quickly) and has now gone just a touch higher to bring it to its record level in Thai currency.

Having said that, some of us are not surprised. Review the thread 'Get out of $dollars$ now' that started in July 2006, for instance.

A more accurate headline would have been "gold currently enjoying a deadcat bounce" It appears the dead cat bounce didn't last very long though, as gold is already on the way back down. I hope that some of you that were still holding the precious metal took this opportunity to bail out of gold!

[Replogle]

Bad headline. The price of gold hasn't 'surged'.

It has crept back to the level that it surged to in March 2008 (in response to the Bear Sterns shock, and from which it retreated very quickly) and has now gone just a touch higher to bring it to its record level in Thai currency.

Having said that, some of us are not surprised. Review the thread 'Get out of $dollars$ now' that started in July 2006, for instance.

A more accurate headline would have been "gold currently enjoying a deadcat bounce" It appears the dead cat bounce didn't last very long though, as gold is already on the way back down. I hope that some of you that were still holding the precious metal took this opportunity to bail out of gold!

The real question is where do people park one's wealth. It's easy to make predictions based on a two week trend. Those exiting gold positions entirely may in fact be in desperate need of cash. Who knows?