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Where Is Gold Going In This Market

churchill
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Naam Star Member

Naam

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Given Gartman's trading record - Expect a decline from here ! :rolleyes:

don't worry Churchill! any decline will be immediately compensated by the Indians who will buy 25% more... starting from tomorrow (because today Eid al-Fitr is celebrated). then there is also the rumour that the central bank of Iceland wants to switch its reserves, which consist 95% of whale oil, into gold.

:ph34r:

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Kwasaki Star Member

Kwasaki

Posted
Posted
Given Gartman's trading record - Expect a decline from here ! :rolleyes:

don't worry Churchill! any decline will be immediately compensated by the Indians who will buy 25% more... starting from tomorrow (because today Eid al-Fitr is celebrated). then there is also the rumour that the central bank of Iceland wants to switch its reserves, which consist 95% of whale oil, into gold.

:ph34r:

So if Iceland do that they will be able to pay back England what they owe then.:)

While I'm on gold 1 bht bars today 01/09/54 are @ 25,850 if you want to buy + a goldsmith charge but if you want to sell back to a shop will they give the 25,750 price.?

Naam Star Member

Naam

Posted
Posted
Given Gartman's trading record - Expect a decline from here ! :rolleyes:

don't worry Churchill! any decline will be immediately compensated by the Indians who will buy 25% more... starting from tomorrow (because today Eid al-Fitr is celebrated). then there is also the rumour that the central bank of Iceland wants to switch its reserves, which consist 95% of whale oil, into gold.

:ph34r:

So if Iceland do that they will be able to pay back England what they owe then.:)

While I'm on gold 1 bht bars today 01/09/54 are @ 25,850 if you want to buy + a goldsmith charge but if you want to sell back to a shop will they give the 25,750 price.?

there is no goldsmith charge on bars. the difference (whatever the shop is demanding) is their profit, which is actually peanuts compared to bid/ask in other countries.

churchill Platinum Member

churchill

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  • Author
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:rolleyes: :rolleyes:

The SPDR Gold Trust (GLD) may have sought to defuse conspiracy theorists by opening up its massive London gold vault to CNBC, but instead it opened up a new line of inquiry.'

http://www.ft.com/intl/cms/s/0/d90e9d80-d4ac-11e0-a7ac-00144feab49a.html#axzz1Wi6k7oJ8

and then see 'We’re happy to announce that we found the bar, but just not in the GLD data. The bar currently belongs to ETF Securities'

http://screwtapefiles.blogspot.com/2011/09/zero-hedge-zj6752.html

Has somebody shot themselves in the foot ? :blink:

churchill Platinum Member

churchill

Posted
  • Author
Posted

:rolleyes: :rolleyes:

The SPDR Gold Trust (GLD) may have sought to defuse conspiracy theorists by opening up its massive London gold vault to CNBC, but instead it opened up a new line of inquiry.'

http://www.ft.com/intl/cms/s/0/d90e9d80-d4ac-11e0-a7ac-00144feab49a.html#axzz1Wi6k7oJ8

and then see 'We’re happy to announce that we found the bar, but just not in the GLD data. The bar currently belongs to ETF Securities'

http://screwtapefiles.blogspot.com/2011/09/zero-hedge-zj6752.html

Has somebody shot themselves in the foot ? :blink:

:lol:

There's a vault with gold somewhere -- but whose vault, and whose gold?

http://www.gata.org/node/10372

midas Ruby Member

midas

Posted
Posted

:rolleyes: :rolleyes:

The SPDR Gold Trust (GLD) may have sought to defuse conspiracy theorists by opening up its massive London gold vault to CNBC, but instead it opened up a new line of inquiry.'

http://www.ft.com/intl/cms/s/0/d90e9d80-d4ac-11e0-a7ac-00144feab49a.html#axzz1Wi6k7oJ8

and then see 'We’re happy to announce that we found the bar, but just not in the GLD data. The bar currently belongs to ETF Securities'

http://screwtapefiles.blogspot.com/2011/09/zero-hedge-zj6752.html

Has somebody shot themselves in the foot ? :blink:

:lol:

There's a vault with gold somewhere -- but whose vault, and whose gold?

http://www.gata.org/node/10372

on the other hand it could be a Capricorn one type situation B)

http://www.imdb.com/title/tt0077294/plotsummary

churchill Platinum Member

churchill

Posted
  • Author
Posted

Euro Bonds backed by Gold ?

'Romano Prodi, writing in Italian newspaper Il Sole 24 Ore in August, proposed the creation of a euro bond backed by member states' gold reserves.'

http://old.news.yahoo.com/s/nm/20110902/bs_nm/us_gold_europe

:rolleyes:

ECB Doesn’t Rule Out “PIIGS” Gold as Collateral for Gold Backed Eurobonds, Sends Gold Soaring

http://www.zerohedge.com/news/ecb-doesn’t-rule-out-“piigs”-gold-collateral-gold-backed-eurobonds-sends-gold-soaring

Kwasaki Star Member

Kwasaki

Posted
Posted
Given Gartman's trading record - Expect a decline from here ! :rolleyes:

don't worry Churchill! any decline will be immediately compensated by the Indians who will buy 25% more... starting from tomorrow (because today Eid al-Fitr is celebrated). then there is also the rumour that the central bank of Iceland wants to switch its reserves, which consist 95% of whale oil, into gold.

:ph34r:

So if Iceland do that they will be able to pay back England what they owe then.:)

While I'm on gold 1 bht bars today 01/09/54 are @ 25,850 if you want to buy + a goldsmith charge but if you want to sell back to a shop will they give the 25,750 price.?

there is no goldsmith charge on bars. the difference (whatever the shop is demanding) is their profit, which is actually peanuts compared to bid/ask in other countries.

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

12DrinkMore Platinum Member

12DrinkMore

Posted
Posted

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

You receive the buying price. Just go and ask at the shop.

flying Ruby Member

flying

Posted
Posted

Gold as expected running up on bad jobs report.

With the labor day 3 day weekend coming it will be interesting to see how it opens

on Tuesday 9/6/11

May blow take out recent new highs

flying Ruby Member

flying

Posted
Posted

As the US price rose by 50 dollars, why has the thai price only risen by 400 thb this morning??

this seems incongruant.

Is the 'no weeeknd bullion sales' 'rule' still in effect?

ef

No idea as I am not there but perhaps they have not yet posted todays ( Friday USA ) prices in Thailand (Saturday )

due to the no weekend rule you mentioned.

400 thb sounds closer to Thursdays rise in the US

But if you look here you will see in THB the price per baht of gold is 27060.60 THB

multiply that by 2.07 will get you close & it seems to correspond

Kwasaki Star Member

Kwasaki

Posted
Posted

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

You receive the buying price. Just go and ask at the shop.

Yeah but asked in the shop I bought it from and they didn't want to buy and said they didn't know anyone that would, hence the question, wanted some info about the situation never sold gold bars before, jewellery never a problem.

midas Ruby Member

midas

Posted
Posted

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

You receive the buying price. Just go and ask at the shop.

Yeah but asked in the shop I bought it from and they didn't want to buy and said they didn't know anyone that would, hence the question, wanted some info about the situation never sold gold bars before, jewellery never a problem.

are you saying they or anyone else were not willing to buy it from you at any price?

That doesn't sound right?

flying Ruby Member

flying

Posted
Posted
But if you look here you will see...
not much.. :annoyed:

as of today (Saturday) Thai Gold Traders Association quotes Gold Bar 96.5% sale THB 26,600 per Baht weight. here we go:

http://phuketindex.com/update-gold-e.htm

THB 26000 (965) = THB 27,565 (999)*2*1.015625 = THB 55,991/29.75 = USD 1,882/ounce = where's the beef? :whistling:

:lol: :lol:

Sorry I see I left the link out.

But yes that is the link I used too.

12DrinkMore Platinum Member

12DrinkMore

Posted
Posted

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

You receive the buying price. Just go and ask at the shop.

Yeah but asked in the shop I bought it from and they didn't want to buy and said they didn't know anyone that would, hence the question, wanted some info about the situation never sold gold bars before, jewellery never a problem.

Did you ask why?

Maybe they had a liquidity issue, or are just not interested in buying something that they cannot easily sell and with such a low profit margin? With the current gold volatility the shop could easily make a loss.

But you have highlighted a small issue for those buying solid stuff they can handle and play around with at home. The small local gold shops may not be prepared to buy it back, after all, they are not true market makers with an obligation to buy and sell the stuff.

Kwasaki Star Member

Kwasaki

Posted
Posted

Yeah OK I paid 150 bht on each baht of gold I did not mind that.

I was after an answer on what happens when you want to sell them, will there be a difference to what is the selling price for the day.

You receive the buying price. Just go and ask at the shop.

Yeah but asked in the shop I bought it from and they didn't want to buy and said they didn't know anyone that would, hence the question, wanted some info about the situation never sold gold bars before, jewellery never a problem.

are you saying they or anyone else were not willing to buy it from you at any price?

That doesn't sound right?

Thankyou for your input, no price was offered, haven't tried other shops yet but I will, I was wondering if anyone on here knew what happen when selling gold bars, I thought it was the best forum thread to ask to get an answer to my question.

I am now wondering why I cannot get a straight out answer.

12DrinkMore Platinum Member

12DrinkMore

Posted
Posted

I am now wondering why I cannot get a straight out answer.

Probably because nobody was expecting a gold shop to refuse to buy gold it had previously sold. Like you I have never heard of any issues selling gold chains back to the gold shops, but the spread was a lot bigger than the minuscule 150 Baht you referred to.

However, you are essentially expecting the impossible from TV, you have only tried one gold shop and maybe the next one will buy the metal. The obvious person to give you the answer would have been the owner of the gold shop.

Try another shop and see what happens.

12DrinkMore Platinum Member

12DrinkMore

Posted
Posted

They should do a chart showing those with >100 tonnes of independently audited & verified gold ;)

Is there a central bank that is externally audited and the metal content verified? I doubt it.

These are the "you trust us, we know what we're doing" boys, all fiercely defending their independence.

midas Ruby Member

midas

Posted
Posted

Thankyou for your input, no price was offered, haven't tried other shops yet but I will, I was wondering if anyone on here knew what happen when selling gold bars, I thought it was the best forum thread to ask to get an answer to my question.

I am now wondering why I cannot get a straight out answer.

" I was wondering if anyone on here knew what happen when selling gold bars " ?

before you go to any shop you should have previously done your research on the Internet to find out what the selling and buying prices are to give you an idea of what you are likely to be offered.

In any case I would be taking it around the least half a dozen shops even just to compare the offers. Where are you?

If you're in Bangkok go to Chinatown and see if you get a better experience.

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