Gold Shops Close In China Town

[george]

Gold shops close in China Town

BANGKOK: -- Gold shops along Yaowarat road all agreed to close during the Chinese New Year because gold prices in the global market are fluctuating heavily, Gold Traders' Association chairman Jitti Tangsithpakdi said on Monday.

This is the first time for gold shops in the China Town of Thailand to stop trading during the Chinese New Year.

Mr Jitti said traders are finding it difficult set the gold prices during this period, as gold shops earlier had to adjusted the prices more frequently and the prices were increased or decreased by around 400 baht each time.

He said many gold shops in Asia also closed during the Chinese New Year and they should reopen on Wednesday.

According to the chairman, many people went to gold shops to sell gold during the weekend, causing gold prices to rise sharply. He expected that around one billion baht of gold were sold by the general public.

Speculations on gold by various funds and financial institutions are causing gold prices to fluctuate because they are confident that gold still has high liquidity.

-- Bangkok Post 2009-01-26

[cloudhopper]

Gold shops close in China Town

According to the chairman, many people went to gold shops to sell gold during the weekend, causing gold prices to rise sharply.

The chairman must have a PhD in economics.

[taxexile]

The chairman must have a PhD in economics.

[george]

Gold shops in Yaowarat to close for two days

BANGKOK: -- Gold shops in China town of Yaowarat will suspend their business until Wednesday due to changing of world gold prices, Jitti Tangsitpakdi, president of Gold Traders' Association of Thailand, said Monday.

This is the first time that the gold shops closed their business during the Chinese New Year Festival, Jitti said. People usually bought gold ornaments during the festival.

"The world gold prices have been changing several times in a day. Our shops have to change the prices many times. So we decide to stop selling gold items on Monday and Tuesday," he said.

Gold markets in Asian countries have also closed during this time, he added.

The shops will be re-opened on Wednesday.

-- The Nation 2009-01-26

[Mason45]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

[Samuian]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

in 1992 it was 4300 ThB!

[gwynt]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

in 1992 it was 4300 ThB!

In 1992 EVERYTHING was cheaper by the amount that inflation has increased during the last 17 years

[Mali1964]

Can't they shut everywere that would upset the wife

[Mason45]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

in 1992 it was 4300 ThB!

In 1992 EVERYTHING was cheaper by the amount that inflation has increased during the last 17 years

Point taken gwynt but an crease of nearly 250% over the last 16 years suggests that inflation has been averaging 15.625% someone has been lining their pockets with gold...please excuse the pun.

[Orac]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

in 1992 it was 4300 ThB!

In 1992 EVERYTHING was cheaper by the amount that inflation has increased during the last 17 years

Point taken gwynt but an crease of nearly 250% over the last 16 years suggests that inflation has been averaging 15.625% someone has been lining their pockets with gold...please excuse the pun.

I would recheck your maths there - inflation is compounded so it would work out to about 6 % on average.

[Tyke]

Gold shops close in China Town

According to the chairman, many people went to gold shops to sell gold during the weekend, causing gold prices to rise sharply.

The chairman must have a PhD in economics.

Bought with gold

[tropo]

According to the chairman, many people went to gold shops to sell gold during the weekend, causing gold prices to rise sharply. He expected that around one billion baht of gold were sold by the general public.

Speculations on gold by various funds and financial institutions are causing gold prices to fluctuate because they are confident that gold still has high liquidity.

-- Bangkok Post 2009-01-26

I doubt the sale of US $28.5 million worth of gold is going to have much impact on the price of gold which is set by the world market, not the market in Bangkok.

When the price goes up it means that more people are buying than selling worldwide.

Edited January 26, 2009 by tropo

[dotcom]

I'm sure it has nothing to do with Gold spot being up $40.00 on Friday. It's over $900 today.

Kitco

[Johpa]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

[yosithezet]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

I was wondering the same thing.

[DaleBlue]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

I was wondering the same thing.

Although it is not very nice, however it is a fact that oversea Chinese are also known as "Jews of the East" for decades. Even by BBC http://news.bbc.co.uk/2/hi/asia-pacific/1514916.stm

Some 80 years ago, Thailand's King Rama VI called the Chinese the "Jews of the East". Across the region, they have faced much discrimination, often deeply resented for their wealth. In Manila, the community are often targeted by kidnappers.

Edited January 26, 2009 by DaleBlue

[hansnl]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

I wonder, what have the jews got to do with it?

[hansnl]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

I was wondering the same thing.

Although it is not very nice, however it is a fact that oversea Chinese are also known as "Jews of the East" for decades. Even by BBC http://news.bbc.co.uk/2/hi/asia-pacific/1514916.stm

Some 80 years ago, Thailand's King Rama VI called the Chinese the "Jews of the East". Across the region, they have faced much discrimination, often deeply resented for their wealth. In Manila, the community are often targeted by kidnappers.

However, the way the Chinese do business is not always earning much praise.

[Pierrot]

I wonder, what have the jews got to do with it?

However, the way the Chinese do business is not always earning much praise.

When you tolerate derogative comments against Chinese on an almost daily basis, it's no surprise to me to see anti semitism showing its ugly head.

[taxexile]

unbelievable !!

a topic about gold shops closing for chinese new year turns into a slagfest against the jews and the chinese.

havent you knobs got anything better to do.

[DaleBlue]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

I was wondering the same thing.

Although it is not very nice, however it is a fact that oversea Chinese are also known as "Jews of the East" for decades. Even by BBC http://news.bbc.co.uk/2/hi/asia-pacific/1514916.stm

Some 80 years ago, Thailand's King Rama VI called the Chinese the "Jews of the East". Across the region, they have faced much discrimination, often deeply resented for their wealth. In Manila, the community are often targeted by kidnappers.

However, the way the Chinese do business is not always earning much praise.

Sad but true.

Some of the very know Chinese are: Thaksin, Sondhi, Mark, etc.

Some of the half Chinese are: . . . .

Anyone wants to praise the way they do business?

[samgrowth]

Gold in Bangkok was 7,000 baht mid 2000 when I first met my wife to be and over that time it's gone up 100% + but not even a whimper from the Jews of Asia until now, as soon as the price of gold starts fluctuating they can't shut up shop quick enough.

So is it you have issues with Jews or issues with Chinese?

I was wondering the same thing.

Although it is not very nice, however it is a fact that oversea Chinese are also known as "Jews of the East" for decades. Even by BBC http://news.bbc.co.uk/2/hi/asia-pacific/1514916.stm

Some 80 years ago, Thailand's King Rama VI called the Chinese the "Jews of the East". Across the region, they have faced much discrimination, often deeply resented for their wealth. In Manila, the community are often targeted by kidnappers.

However, the way the Chinese do business is not always earning much praise.

Sad but true.

Some of the very know Chinese are: Thaksin, Sondhi, Mark, etc.

Some of the half Chinese are: . . . .

Anyone wants to praise the way they do business?

Who do you mean half Chinese? Watch your back if you are refering to him.

[TAWP]

I have heard Chinese people refer to Chinese people from a few regions as the jews of China. It isn't mean exactly like you seem to think it is meant, as being good with money is considered a good thing by many...

In anyway, the term is very widespread...

[samgrowth]

I have heard Chinese people refer to Chinese people from a few regions as the jews of China. It isn't mean exactly like you seem to think it is meant, as being good with money is considered a good thing by many...

In anyway, the term is very widespread...

Are you a mind reader? How do you know what am I thinking when refering to Jews of the East.

To me, The Jews of the East are God's choosen people; to liberate and lead the people of SE Asia.

Without them, the people of this region are still slave of the Farang.

[taxexile]

To me, The Jews of the East are God's choosen people; to liberate and lead the people of SE Asia.

Without them, the people of this region are still slave of the Farang.

roll up roll up , its stand up comedy night , its cabaret time !!!! , its jokers wild !!!

[Firefan]

Hmm...if currency exchange shops are smart enough to update the price during the day - would it not make sense for shops that make their living on GOLD to have a constant feed giving them the gold market price constantly(no matter whether volatile or not)? Oh well....TIT....

Cheers!

[TAWP]

I have heard Chinese people refer to Chinese people from a few regions as the jews of China. It isn't mean exactly like you seem to think it is meant, as being good with money is considered a good thing by many...

In anyway, the term is very widespread...

Are you a mind reader? How do you know what am I thinking when refering to Jews of the East.

To me, The Jews of the East are God's choosen people; to liberate and lead the people of SE Asia.

Without them, the people of this region are still slave of the Farang.

As that isn't what they are referring too, I was correct in my assumption that it's not what you are thinking...

[dr_Pat_Pong]

[cclub75]

Gold shops close in China Town

According to the chairman, many people went to gold shops to sell gold during the weekend, causing gold prices to rise sharply.

The chairman must have a PhD in economics.

And 2 PhD for the reporter. Nation has a different story.

Anyway, the bottom line : both are playing on words.

http://thaicrisis.wordpress.com/2009/01/26...nt-shops-close/

[bangon04]

Hmm...if currency exchange shops are smart enough to update the price during the day - would it not make sense for shops that make their living on GOLD to have a constant feed giving them the gold market price constantly(no matter whether volatile or not)? Oh well....TIT....

Cheers!

Such a shame for the gold shops to lose so much business in these hard economic times. Surely it would be better for them to just SELL gold at these high prices, and then only allow people to sell it back to them when the price goes back down to a level they are comfortable with. That way the shops could stay open and not spoil the new year spirit of goodwill to all men. Why can't the average Thai person accept this?