Best Way To Buy Gold In Los?

[jaideeguy]

I'm thinking of stashing away a little gold [if the $**t hits the fan, in these unpredictable times] and am confused by the Thai baht measure of gold vs the international oz measurement. Obviously the transaction in Thai baht gold would be easier, but I'm just wondering if the middlemen [gold shop surcharges] would be significant.

Any real numbers that anyone can throw at me??? price in a gold shop vs buying gold elsewhere??

[jaideeguy]

Google has just taught me that Thai baht gold is 96.7% and gold bullion by the troy ounce is 99.9%...that confuses more in calculating troy oz prices vs Thai baht prices.

Brings another question to mind....if the Thai baht gold price is pegged to the world price, is there a time lag in prices here or is it instantaneous??

[Rabeang]

Head to chinatown and buy gold bars. You can get them in various weights and you have the option of Baht measurements or Troy Ounces. Most of the bars are 99.9% gold. Just make sure they are marked 999

[jaideeguy]

"Head to chinatown and buy gold bars. You can get them in various weights and you have the option of Baht measurements or Troy Ounces. Most of the bars are 99.9% gold. Just make sure they are marked 999 "

and at the london/world price or more?? I se the BKK Post daily quotes with a 100THB charge between buy and sell. and non negotable??

[dageshi]

jaideguy physical gold in coin or bar format always has some kind of premium over the spot price, it can vary from 5% to much higher depending on the type of coin and how in demand it's in. It's been reported in numerous places around the internets that it's been difficult to get ahold of "money" like gold aka coins or small gold bars for the last 4-5 months and when it is available there are substantial spreads over spot, spot which is usualy set daily by the london gold fix. So do not be surprised if you do find small bars that they carry significant premium over spot. However best way is to find at least 2 or 3 places go around and see if you can get prices on similar products, if you do, I'd be interested to know what they're asking for. On a side note, if you are going to buy and you have the option it's best to go for internationally recognised 1oz coins, krugerrands, american eagles, whatever they are easiest to come to resell because they are well known and therefore easily accepted, but that being said your not likely to have problems with small bars either but if they come from a major refiner like Johnson Mathey or Pamp Swiss, Credit Suisse, this would be better.

[flying]

and at the london/world price or more?? I se the BKK Post daily quotes with a 100THB charge between buy and sell. and non negotable??

Anywhere in world you will pay a premium over spot.

The only folks buying at the stock market quoted price are buying more than 100 ounces at a time on the comdex which is not physical holding of gold. Unless they request it at the monthly redemtion.

Here in the USA you pay 50-75 more than Market Spot prices per ounce.

Here is an example

Ampex

PS:

1 baht = 15.1 grams = .482 troy ounces

2 baht = 30.2 grams = .965 troy ounces

Edited December 7, 2008 by flying

[gregb]

Google has just taught me that Thai baht gold is 96.7% and gold bullion by the troy ounce is 99.9%...that confuses more in calculating troy oz prices vs Thai baht prices.

Brings another question to mind....if the Thai baht gold price is pegged to the world price, is there a time lag in prices here or is it instantaneous??

The Thai Gold Traders Association (http://www.goldtraders.or.th/) sets the price at least once a day based on the international market price, and may update it as many times a day as necessary to track the international exchanges.

They make prices for both 96.5% and 99.9% gold, although few retail gold shops carry the 99.9% bars. Those are mostly limited to the gold investment firms around town.

Also, a Thai 96.5% gold bar is equivalent to 15.244 grams. When they sell you jewelry however, they use 15.16 grams, even though both are called a baht and no distinction is made in price.

For purchasing, if you walk into a retail shop and ask for a number of 10 baht gold bars, you'll generally be charged 200 - 300 baht over the spot price per baht weight. The advantage is you walk out with your physical gold immediately. On the other hand, if you are resident and you sign up with a gold trading investment firm, you can buy at the posted spot price, but lately have to wait a few weeks to take delivery of your gold because of serious shortages.

Which one you prefer is largely a matter of choice and whether you are a resident or infrequent traveler to Thailand.