Thai Gold

[threelegcowboy]

All,

Anyone have experience selling back gold to the shops in Thailand. In relation to what the current price is, a percent of profit for the shops can be calculated.

Can anybody tell me what percent they are making on buy-back gold.

thx

LLL

[lomatopo]

All,

Anyone have experience selling back gold to the shops in Thailand.  In relation to what the current price is, a percent of profit for the shops can be calculated.

Can anybody tell me what percent they are making on buy-back gold.

thx

LLL

<{POST_SNAPBACK}>

Most every shop has their prices posted somewhere in the shop. There is a "buy" price and a "sell" price. Note that these prices are from the perspective of the shop, and not you the customer. So the 'buy' price is the price the shop will buy gold (back) from you, and the 'sell' price is the price you will pay to buy gold from the shop. Note that the 'sell' price does not include any uplift for "workmanship", the extra fee you pay, presumably to cover the labor involved in fashioning the item.

These prices are more or less universal, and more or less controlled by the government. These prices are published daily in most newspapers, including The Bangkok Post and The Nation.

Yesterday's prices (16 Nov. 2005) were:

buy 9,100 baht

sell 9,200 baht

so the premium (vig), would be ~ 1% exclusive of the workmanship fee. I have no experience so I do not know if the workmanship fee is recoverable.

[lopburi3]

What you sell has no workmanship value as it will not be of standard weight and must be remade to be sold. They will weight the item and you will be paid for the exact weight (normally wear will have lost some gold).