Where Is Gold Going In This Market

[Naam]

And is it possible to buy gold bullions in Thailand ?

The point of reserve is gaurding against what could be Massive losses in Euro or Dollar terms in case of bank runs or dominos falling/ financial chaos in the west or globally. So a little expense moving money maybe needed but is worth it for the purpose and peace of mind.

Thailand is a great place to hold physical gold. There are gold shops everywhere! If there was a global crises or thsi banks were shut for some reason, ATMs not working; the chances are local gold shops would still be trading and at least enough bht could be exchange to buy essential goods during the crises period. (I'd still keep some physical cash on hand as well though).

The margins to trade are much lower than uk for example also. 350bht a bht weight, that's roughly 1.5% an oz compared to UK to purchase now is often 5-8% over spot. So what you've spend in transfers from EU you've instantly saved in purchase premium.

So today I went to look for Bullions. The first shop I entered in Central Pattaya had Bullions in the counter from 1-2-5-10 Baht and had an inscription 99,9% gold. They also had some 1 Baht bars with a Thai logo.

I asked the price for the 10 Baht gold bar and was told day price was 22.300 Buy and 22.200 Sell per Baht weight. When buy a 200 Baht per baht weight was added and selling price 100 Baht deducted.

Then I went to a few other gold shop in South Pattaya and the buying and selling price was identical and the trade margins identical except one shop where who calculated a trade margin of a whopping 600 Baht per baht weight. Probably thought I was Russian

But what I noticed at those shops was that their gold bars all had the inscription 96.5 % gold. When I asked them for the 99.9% they couildn't get or had to order.

So to be clear, the gold price announced at the entry of the shop and which is identical at all shops, is that the price for 96,5% or 99.9% gold?

Any recommendations as where to buy the bullions?

any big goldshop in Pattaya will order 999.9 fine gold for you. it takes 2-3 working days for delivery from BKK and you pay the prevailing price when ordering. i have never seen a goldshop in Thailand which publishes the price for fine gold, it's always 96.5 which is standard for most of Asia.

by the way, margins vary based on the unit weight. on a 10baht weight usually THB 100 per baht weight is added whereas THB 200-250 per baht weight is added when you buy ten 1bath weights. this added margin is still tiny when compared to European prices where a whopping 20-25% might be added when buying tiny (1-5g) "bars".

p.s. the small 1baht weight bars have a big advantage. it does not really pay to fake them and testing them is done in seconds for those who who want to be on the safe side. they can be easily slightly bent. should the core be Tungsten the bar will break. reason: Tungsten is very brittle whereas gold is highly malleable.

[cheeryble]

-because i consider gold to be some sort of insurance policy which (may) cover potential financial damage should certain factors cause the latter.

This is a sane use of gold (yes, there is such a thing though hard to realise in these parts).

-because Mrs Naam ordered me to do so and over many years it proved profitable to comply (not always but once in a while) with orders based on female intuition.

This of course overrides all normal decision processes.

You could argue that she's using Kahneman's System 1 and suggest System 2 but doubt it will get you anywhere.

[Naam]

-because i consider gold to be some sort of insurance policy which (may) cover potential financial damage should certain factors cause the latter.

This is a sane use of gold (yes, there is such a thing though hard to realise in these parts).

-because Mrs Naam ordered me to do so and over many years it proved profitable to comply (not always but once in a while) with orders based on female intuition.

This of course overrides all normal decision processes.

You could argue that she's using Kahneman's System 1 and suggest System 2 but doubt it will get you anywhere.

only very brave and/or stupid husbands argue with a wife after nearly 34 years of marriage. the not so brave, experienced and intelligent husbands use diplomacy such as "come to think of it dear... wouldn't it be prudent to sell that expensive car of yours and buy gold bullion instead? no? you mean our bullion stash is already rather adequate?"

[jbrain]

And is it possible to buy gold bullions in Thailand ?

The point of reserve is gaurding against what could be Massive losses in Euro or Dollar terms in case of bank runs or dominos falling/ financial chaos in the west or globally. So a little expense moving money maybe needed but is worth it for the purpose and peace of mind.

Thailand is a great place to hold physical gold. There are gold shops everywhere! If there was a global crises or thsi banks were shut for some reason, ATMs not working; the chances are local gold shops would still be trading and at least enough bht could be exchange to buy essential goods during the crises period. (I'd still keep some physical cash on hand as well though).

The margins to trade are much lower than uk for example also. 350bht a bht weight, that's roughly 1.5% an oz compared to UK to purchase now is often 5-8% over spot. So what you've spend in transfers from EU you've instantly saved in purchase premium.

So today I went to look for Bullions. The first shop I entered in Central Pattaya had Bullions in the counter from 1-2-5-10 Baht and had an inscription 99,9% gold. They also had some 1 Baht bars with a Thai logo.

I asked the price for the 10 Baht gold bar and was told day price was 22.300 Buy and 22.200 Sell per Baht weight. When buy a 200 Baht per baht weight was added and selling price 100 Baht deducted.

Then I went to a few other gold shop in South Pattaya and the buying and selling price was identical and the trade margins identical except one shop where who calculated a trade margin of a whopping 600 Baht per baht weight. Probably thought I was Russian

But what I noticed at those shops was that their gold bars all had the inscription 96.5 % gold. When I asked them for the 99.9% they couildn't get or had to order.

So to be clear, the gold price announced at the entry of the shop and which is identical at all shops, is that the price for 96,5% or 99.9% gold?

Any recommendations as where to buy the bullions?

any big goldshop in Pattaya will order 999.9 fine gold for you. it takes 2-3 working days for delivery from BKK and you pay the prevailing price when ordering. i have never seen a goldshop in Thailand which publishes the price for fine gold, it's always 96.5 which is standard for most of Asia.

by the way, margins vary based on the unit weight. on a 10baht weight usually THB 100 per baht weight is added whereas THB 200-250 per baht weight is added when you buy ten 1bath weights. this added margin is still tiny when compared to European prices where a whopping 20-25% might be added when buying tiny (1-5g) "bars".

p.s. the small 1baht weight bars have a big advantage. it does not really pay to fake them and testing them is done in seconds for those who who want to be on the safe side. they can be easily slightly bent. should the core be Tungsten the bar will break. reason: Tungsten is very brittle whereas gold is highly malleable.

Thank you for the detailed information, especially for the added info about Tungsten, as that was what was playing in the back of my head.

Do you have any recommendations as for which shop to use? Does Bank Gold in Soi Rungland sell the Bullions.

Is there an advantage for purchasing the 99.9% bars over the 96.5% ones? I assume the premium will be in proportion to the purity.

[lannarebirth]

-because i consider gold to be some sort of insurance policy which (may) cover potential financial damage should certain factors cause the latter.

This is a sane use of gold (yes, there is such a thing though hard to realise in these parts).

>-because Mrs Naam ordered me to do so and over many years it proved profitable to comply (not always but once in a while) with orders based on female intuition.

lockquote>

This of course overrides all normal decision processes.

You could argue that she's using Kahneman's System 1 and suggest System 2 but doubt it will get you anywhere.

only very brave and/or stupid husbands argue with a wife after nearly 34 years of marriage. the not so brave, experienced and intelligent husbands use diplomacy such as "come to think of it dear... wouldn't it be prudent to sell that expensive car of yours and buy gold bullion instead? no? you mean our bullion stash is already rather adequate?"

My Hero! BTW, you and the Mrs. be careful with the AU. Mrs. LRB is still keen on it and that probably doesn't bode well. She knows land well, God bless her.

[midas]

Bank runs and financial panic could spread across Europe after Cyprus proposed raiding people's savings for a new bail-out, Alistair Darling the former UK Chancellor said.

The country is currently deciding whether to make richer savers pay a bigger proportion of the bill but Mr Darling said the whole idea of taking money from ordinary savers is dangerous.

http://www.telegraph.co.uk/finance/financialcrisis/9939443/Darling-Cyprus-savings-raid-could-trigger-bank-runs-across-Europe.html

[midas]

it can’t be an April fool's day joke yet………….? <deleted> ????

The rule of law in the entire Western financial world is apparently vaporizing faster than the spent fuel at Fukushima

National planning Cyprus-style solution - Greens

http://www.voxy.co.nz/politics/national-planning-cyprus-style-solution-greens/5/150410

[churchill]

From Martin Armstrong, about Cyprus situation:

Two Years Ago this Plan to Seize Bank Accounts was Proposed | Armstrong Economics

Cyprus – Germany’s Crisis | Armstrong Economics

Edited March 20, 2013 by churchill

[mania]

From Martin Armstrong, about Cyprus situation:

Two Years Ago this Plan to Seize Bank Accounts was Proposed | Armstrong Economics

Cyprus Germanys Crisis | Armstrong Economics

From your 1st link this jumps out & I agree.

This whole build up has nothing to do with immigration or terrorism.

It has to do with crowd control.

Especially in a heavily armed country like America.

They see something coming & have their reasons for thinking it is coming.

Homeland Security does not need 1.6 billion of hollow point bullets that are illegal nor more than

2700 tanks to patrol our streets if they really cared about the people and were true REPRESENTATIVES.

Consider the magnitude of 1.6 billion rounds of ammo.

Like Forbes Magazine said

"at the height of the Iraq War the Army was expending less than 6 million rounds a month. Therefore 1.6 billion rounds would be enough to sustain a hot war for 20+ years. In America."

That said I have read various folks over the last two years state that things like this

taxing of savings, raiding of pensions was coming but always thought it would be impossible.

Now I see things like this & wonder how far they will go.

None really thought any of this QE BS was ever going to fix anything.

We all knew it was a kicking of the ever growing larger can further down the road.

A controlled crash of sorts. A pause button

All it is really achieving is letting the elites get their parachutes packed & on.

Once they are safe the rest will eat sh!t & like it because the only hand that will

be feeding them is the ones riding around in those tanks with the hollow points.

I hope I am wrong

Edited March 20, 2013 by mania

[Naam]

any big goldshop in Pattaya will order 999.9 fine gold for you. it takes 2-3 working days for delivery from BKK and you pay the prevailing price when ordering. i have never seen a goldshop in Thailand which publishes the price for fine gold, it's always 96.5 which is standard for most of Asia.

by the way, margins vary based on the unit weight. on a 10baht weight usually THB 100 per baht weight is added whereas THB 200-250 per baht weight is added when you buy ten 1bath weights. this added margin is still tiny when compared to European prices where a whopping 20-25% might be added when buying tiny (1-5g) "bars".

p.s. the small 1baht weight bars have a big advantage. it does not really pay to fake them and testing them is done in seconds for those who who want to be on the safe side. they can be easily slightly bent. should the core be Tungsten the bar will break. reason: Tungsten is very brittle whereas gold is highly malleable.

Thank you for the detailed information, especially for the added info about Tungsten, as that was what was playing in the back of my head.

Do you have any recommendations as for which shop to use? Does Bank Gold in Soi Rungland sell the Bullions.

Is there an advantage for purchasing the 99.9% bars over the 96.5% ones? I assume the premium will be in proportion to the purity.

i can't really recommend a shop, don't even know the name of the shop where i buy. it's a rather big shop located on Pattaya Klang (left side when coming from Sukumvit) a few hundred meters before one turns into Soi Buakaow.

the premium on 999 isn't too bad but depends on the quantity ordered in BKK. the premium for small biscuits is roughly 5.5% above 965, out of that 3.6% are based on the difference 965/999, the rest is (i guess) higher refining cost and handling.

fine gold has an advantage over 965 only if you are planning to take it out of Asia, especially out of Thailand.

p.s. in Thailand 999 is not sold in Baht weights but in grams or ounces! in Hong Kong 999 is mostly available in "Taels" (37.5 grams).

[jbrain]

any big goldshop in Pattaya will order 999.9 fine gold for you. it takes 2-3 working days for delivery from BKK and you pay the prevailing price when ordering. i have never seen a goldshop in Thailand which publishes the price for fine gold, it's always 96.5 which is standard for most of Asia.

by the way, margins vary based on the unit weight. on a 10baht weight usually THB 100 per baht weight is added whereas THB 200-250 per baht weight is added when you buy ten 1bath weights. this added margin is still tiny when compared to European prices where a whopping 20-25% might be added when buying tiny (1-5g) "bars".

p.s. the small 1baht weight bars have a big advantage. it does not really pay to fake them and testing them is done in seconds for those who who want to be on the safe side. they can be easily slightly bent. should the core be Tungsten the bar will break. reason: Tungsten is very brittle whereas gold is highly malleable.

Thank you for the detailed information, especially for the added info about Tungsten, as that was what was playing in the back of my head.

Do you have any recommendations as for which shop to use? Does Bank Gold in Soi Rungland sell the Bullions.

Is there an advantage for purchasing the 99.9% bars over the 96.5% ones? I assume the premium will be in proportion to the purity.

i can't really recommend a shop, don't even know the name of the shop where i buy. it's a rather big shop located on Pattaya Klang (left side when coming from Sukumvit) a few hundred meters before one turns into Soi Buakaow.

the premium on 999 isn't too bad but depends on the quantity ordered in BKK. the premium for small biscuits is roughly 5.5% above 965, out of that 3.6% are based on the difference 965/999, the rest is (i guess) higher refining cost and handling.

fine gold has an advantage over 965 only if you are planning to take it out of Asia, especially out of Thailand.

p.s. in Thailand 999 is not sold in Baht weights but in grams or ounces! in Hong Kong 999 is mostly available in "Taels" (37.5 grams).

Thanks again.

Is it possible that the shop you mention is actually just past Soi Buakhoaw as that is where I went first and had the 99.9% bullions on display in all weights.

They had an inscription " Bullion " in English and had a handwritten sticker 1-2-5 or 10 Bht.

Would you advise buying the 96.5% or insist going for the inetrnational 99.9% version

[Naam]

any big goldshop in Pattaya will order 999.9 fine gold for you. it takes 2-3 working days for delivery from BKK and you pay the prevailing price when ordering. i have never seen a goldshop in Thailand which publishes the price for fine gold, it's always 96.5 which is standard for most of Asia.

by the way, margins vary based on the unit weight. on a 10baht weight usually THB 100 per baht weight is added whereas THB 200-250 per baht weight is added when you buy ten 1bath weights. this added margin is still tiny when compared to European prices where a whopping 20-25% might be added when buying tiny (1-5g) "bars".

p.s. the small 1baht weight bars have a big advantage. it does not really pay to fake them and testing them is done in seconds for those who who want to be on the safe side. they can be easily slightly bent. should the core be Tungsten the bar will break. reason: Tungsten is very brittle whereas gold is highly malleable.

Thank you for the detailed information, especially for the added info about Tungsten, as that was what was playing in the back of my head.

Do you have any recommendations as for which shop to use? Does Bank Gold in Soi Rungland sell the Bullions.

Is there an advantage for purchasing the 99.9% bars over the 96.5% ones? I assume the premium will be in proportion to the purity.

i can't really recommend a shop, don't even know the name of the shop where i buy. it's a rather big shop located on Pattaya Klang (left side when coming from Sukumvit) a few hundred meters before one turns into Soi Buakaow.

the premium on 999 isn't too bad but depends on the quantity ordered in BKK. the premium for small biscuits is roughly 5.5% above 965, out of that 3.6% are based on the difference 965/999, the rest is (i guess) higher refining cost and handling.

fine gold has an advantage over 965 only if you are planning to take it out of Asia, especially out of Thailand.

p.s. in Thailand 999 is not sold in Baht weights but in grams or ounces! in Hong Kong 999 is mostly available in "Taels" (37.5 grams).

Thanks again.

Is it possible that the shop you mention is actually just past Soi Buakhoaw as that is where I went first and had the 99.9% bullions on display in all weights.

They had an inscription " Bullion " in English and had a handwritten sticker 1-2-5 or 10 Bht.

Would you advise buying the 96.5% or insist going for the inetrnational 99.9% version

perhaps i'm wrong as far as the location is concerned because i always use my wife's driver when buying gold. not driving myself is the reason that locations become blurred. as mentioned, 999 is advisable when you plan taking it out of Asia.

[muchogra]

What does it matter if it's 96.5 or 99.9 if you reside in Thailand and be able to sell any time. Just make sure you are paying for the 96.5 and not the 99.9 when you buy.

99.9 really? I think in HK, they trade gold calling it four 9's which probably means 99.99. At the shops, they sell 99 gold which probably means 99. I went shopping in HK a few times and own quite a few.

Wouldn't it be nice if people here take some pictures of their holdings and show them here? Next time I take my holdings out from my deposit boxes, I may take some pictures and post them here. Some 1-ounce gold coins studded with diamonds which my wife paid more than B20,000 a piece more than 20 years ago mean nothing to me till I find a buyer. Wouldn't you say?

[farang000999]

Man gold has gotten barely a bounce out of this Cyprus stuff. Looks like the market is very bearish towards our beloved non-productive savior.

I am now entering back into my negative/bearish, gold is a scam mindset.

[midas]

Man gold has gotten barely a bounce out of this Cyprus stuff. Looks like the market is very bearish towards our beloved non-productive savior.

I am now entering back into my negative/bearish, gold is a scam mindset.

http://www.gekkosblog.com/

[midas]

Spanish Firm Markets Mattress With Built-In Safe

http://globaleconomicanalysis.blogspot.com/

[Naam]

Man gold has gotten barely a bounce out of this Cyprus stuff. Looks like the market is very bearish towards our beloved non-productive savior.

I am now entering back into my negative/bearish, gold is a scam mindset.

this "Cyprus stuff" is not over yet.

[Jayman]

Man gold has gotten barely a bounce out of this Cyprus stuff. Looks like the market is very bearish towards our beloved non-productive savior.

I am now entering back into my negative/bearish, gold is a scam mindset.

this "Cyprus stuff" is not over yet.

Has barely just started... the banks are still closed (on holiday)

[churchill]

[midas]

Man gold has gotten barely a bounce out of this Cyprus stuff. Looks like the market is very bearish towards our beloved non-productive savior.

I am now entering back into my negative/bearish, gold is a scam mindset.

this "Cyprus stuff" is not over yet.

Has barely just started... the banks are still closed (on holiday)

you are so right ...............!!!

The country's banks remained closed through tomorrow, and officials now say the closure could be extended until Tuesday. But Germany's finance minister last night issued a much more dire warning: Cypriot banks may never reopen. Wolfgang Schäuble's key statement, per the BBC:

"The ECB (European Central Bank) has made it clear that without a reform program for Cyprus the aid can't continue. Two big Cypriot banks are insolvent if there are no emergency funds from the European Central Bank. Someone has to explain this to the Cypriots and I think there's a danger that they won't be able to open the banks again at all."

http://www.newser.com/story/164749/cyprus-banks-might-never-reopen-warns-germany.html

Edited March 21, 2013 by midas

[midas]

ROFL......................!!!So there it is out in the open.....

The ECB is after Cyprus Gold.....

The Cypriot central bank may contribute 560 million euros using gold reserves, ANA said.

http://www.bloomberg.com/news/2013-03-20/cyprus-seeks-new-funding-plan-as-bank-closure-extended.html

Edited March 21, 2013 by midas

[Naam]

ROFL......................!!!So there it is out in the open.....

The ECB is after Cyprus Gold.....

The Cypriot central bank may contribute 560 million euros using gold reserves, ANA said.

http://www.bloomberg.com/news/2013-03-20/cyprus-seeks-new-funding-plan-as-bank-closure-extended.html

can it get more stupid ridiculous? the ECB and consorts are beggared to shell out billions and the beggar can keep his gold without using it to lower his debt?

"Mr Bankmanager, sorry i can't pay my mortgage and i need an additional loan. but it goes without saying that my wife will keep her jewelry and i keep my precious coin collection!"

[Morakot]

ROFL......................!!!So there it is out in the open.....

The ECB is after Cyprus Gold.....

The Cypriot central bank may contribute 560 million euros using gold reserves, ANA said.

http://www.bloomberg.com/news/2013-03-20/cyprus-seeks-new-funding-plan-as-bank-closure-extended.html

can it get more stupid ridiculous? the ECB and consorts are beggared to shell out billions and the beggar can keep his gold without using it to lower his debt?

"Mr Bankmanager, sorry i can't pay my mortgage and i need an additional loan. but it goes without saying that my wife will keep her jewelry and i keep my precious coin collection!"

The reality of casino capitalism. If doesn't work out, we'll just print some more of these "I-promises-to-pay" notes.

Edited March 22, 2013 by Morakot

[midas]

Arizona could soon approve gold, silver as legal tender

RELATED: Missouri lawmakers debate U.S. gold, silver coins use as legal tender

http://www.mineweb.com/mineweb/content/en/mineweb-political-economy?oid=182807&sn=Detail

Edited March 22, 2013 by midas

[Naam]

President Barack Obama, presently in the Middle East, is confident obtaining permission from Bibi Netanyahu and Hamas to introduce the jewish-islamic ShekelDinar. backed by thin air and lukewarm farts collected in Guantanamo. The Fed will issue Treasury Bonds denominated in ShekelDinars which will replace existing UST held by creditors outside the Yewnighted States. A decision to set the exchange rate USD/SHD at 1,000,000:1 still has to pass the House and the Senate.

Wall Street punters are applauding Obama's move.

http://www.naams-bullsh.org

[churchill]

Ha Ha Naam ... you forgot to mention deep sea or astroid mining or earthquakes

more down to earth

India looks likely to harvest bumper wheat crop in 2013

http://articles.economictimes.indiatimes.com/2012-11-05/news/34925283_1_wheat-crop-directorate-of-wheat-research-wheat-stockpiles

and I expect that even farmers in India have heard of bank deposits being Taxed ...I wonder where they will invest their hard earned cash

However much the Indian Government tries to con them to buy something else

and what do you know just around the corner

Gold buying seen reviving in April wedding season

http://www.livemint.com/Money/fELq8vJeWazvxrq5e62IiK/Gold-buying-seen-reviving-in-April-wedding-season.html

and all those hedge fund shorts .... not even considering Grillo or chaos in Cyprussia

Texas May Start Hoarding Gold

http://finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gold-secession-next-192407075.html

The end of gold ?

http://crookedtimber.org/2013/03/21/the-end-of-gold/

Edited March 22, 2013 by churchill

[Naam]

Ha Ha Naam ... you forgot to mention deep sea or astroid mining or earthquakes

more down to earth

India looks likely to harvest bumper wheat crop in 2013

http://articles.economictimes.indiatimes.com/2012-11-05/news/34925283_1_wheat-crop-directorate-of-wheat-research-wheat-stockpiles

and I expect that even farmers in India have heard of bank deposits being Taxed ...I wonder where they will invest their hard earned cash

However much the Indian Government tries to con them to buy something else

and what do you know just around the corner

Gold buying seen reviving in April wedding season

http://www.livemint.com/Money/fELq8vJeWazvxrq5e62IiK/Gold-buying-seen-reviving-in-April-wedding-season.html

and all those hedge fund shorts .... not even considering Grillo or chaos in Cyprussia

what exactly are you trying to tell us Mr Prime Minister? please spell it out for us ignorants although i guess the gist what you mean.

by the way, the favourite pastime of farmers in India since a few years is committing suicide because many of them are indebted and saddled with loan shark loans charging (similarly to Thailand) 15-20% interest per month. and even most those farmers who are debt free don't worry about bank accounts because they have none and just enough cash to sustain themselves till the next harvest.

India's demand for gold is indeed relatively high, but it's the growing middle class which buys gold, not the farmers. the big shots have already all the gold they require and go for profit in real estate and the stock market.

[churchill]

My point a good harvest means more cash from bottom up .... as you say no banks accounts so where to invest ?

'India's demand for gold is indeed relatively high, but it's the growing middle class which buys gold, not the farmers. the big shots have already all the gold they require and go for profit in real estate and the stock market.'

Where is your information that the Middle class already have all the gold they require ?

[Naam]

My point a good harvest means more cash from bottom up .... as you say no banks accounts so where to invest ?

'India's demand for gold is indeed relatively high, but it's the growing middle class which buys gold, not the farmers. the big shots have already all the gold they require and go for profit in real estate and the stock market.'

Where is your information that the Middle class already have all the gold they require ?

read again! i said the middle class buys, the big shots have.

[churchill]

My point a good harvest means more cash from bottom up .... as you say no banks accounts so where to invest ?

'India's demand for gold is indeed relatively high, but it's the growing middle class which buys gold, not the farmers. the big shots have already all the gold they require and go for profit in real estate and the stock market.'

Where is your information that the Middle class already have all the gold they require ?

read again! i said the middle class buys, the big shots have.

Sorry Naam , looking for my glasses