Gold Price Plunges

[george]

Gold price plunges

BANGKOK: -- During the Chinese New Year, gold on Thailand’s local market has plunged to its lowest price in the past four years.

Rumours that the International Monetary Fund plans to sell its gold reserves to fund its projects in developing countries has caused the gold price to plummet on the local market.

The local gold price has fallen by more than 800 baht a one gold baht/bar (15.244 grams) to less than 7900 baht per gold baht/bar.

“This is the lowest price in the past four years. During the Chinese New Year, gold price usually falls by 200 to 300 baht per gold baht/bar,” the Gold Traders Association’s president, Jitti Tangsidhisak, told TNA.

The rumours have also depressed the international gold price which dropped from 450 US dollars an ounce to 415.

The baht’s appreciation against the US dollar also has put pressure on the local gold prices since the beginning of the year.

The local gold market is likely to be highly active now because of the low price and the Chinese New Year celebrations, when gold accessories are bought and given as gifts, said Mr. Jitti.

The ruling Thai Rak Thai’s victory in Sunday’s election is good news for the local gold market, he said.

Mr. Jitti also urged the new government to complete its plans to set a gold standard of 96.5% for pure gold to protect the quality of gold products manufactured in Thailand.

He also urged the new government to promote new technology in the design of gold accessories. This would make Thai products more competitive that neighbours.

--TNA 2005-02-08

[Jai Dee]

I hope my teeruk doesn't get wind of this one...

She might "encourage" me to buy her some more... for "investment"!

[Erwin1011]

Mine did. I'm spending hours walking past gold shops. Her mother told her 2 weeks ago that NOW was the time to buy gold.

[Phil Conners]

I never saw gold bars for sale, are they generally available here? Might not be a bad idea for a little speculation.

Edited February 8, 2005 by madsere

[astral]

The local gold price has fallen by more than 800 baht a one gold baht/bar (15.244 grams) to less than 7900 baht per gold baht/bar.

“This is the lowest price in the past four years................"

Is that right?

I have never seen the price as high as 8800 per baht wt.

It has been hovering around 8000 baht for months.

[buadhai]

Before you invest in gold, check out the historical prices.

[Jai Dee]

[The Coder]

Before you invest in gold, check out the historical prices.

<{POST_SNAPBACK}>

I don't get it, according to that chart, in the past 4 years gold has risen steadily and sharply from the $200US per ounce range to the $400US range. How can this be the best buying opportunity in the last 4 years???

And by the way Jai Dee, great cartoon!!! Classic.

[buadhai]

Just think, you could have bought it in 1980 when it was on the way up to US$600 an ounce. Your net gain over the last 25 years would have been zilch.

[Phil Conners]

Thanks for the heads-up/warning. I'm one of the lucky few with a wife who has a complete disinterest in gold so I don't follow the development on the gold front. (she likes diamonds though)

[astral]

(she likes diamonds though)

<{POST_SNAPBACK}>

Now there is another artifically controlled market!!!!

[frenchFARANGbkk]

Gold price plunges

BANGKOK: -- During the Chinese New Year, gold on Thailand’s local market has plunged to its lowest price in the past four years.

Rumours that the International Monetary Fund plans to sell its gold reserves to fund its projects in developing countries has caused the gold price to plummet on the local market.

The local gold price has fallen by more than 800 baht a one gold baht/bar (15.244 grams) to less than 7900 baht per gold baht/bar.

“This is the lowest price in the past four years. During the Chinese New Year, gold price usually falls by 200 to 300 baht per gold baht/bar,” the Gold Traders Association’s president, Jitti Tangsidhisak, told TNA.

The rumours have also depressed the international gold price which dropped from 450 US dollars an ounce to 415.

The baht’s appreciation against the US dollar also has put pressure on the local gold prices since the beginning of the year.

The local gold market is likely to be highly active now because of the low price and the Chinese New Year celebrations, when gold accessories are bought and given as gifts, said Mr. Jitti.

The ruling Thai Rak Thai’s victory in Sunday’s election is good news for the local gold market, he said.

Mr. Jitti also urged the new government to complete its plans to set a gold standard of 96.5% for pure gold to protect the quality of gold products manufactured in Thailand.

He also urged the new government to promote new technology in the design of gold accessories. This would make Thai products more competitive that neighbours.

--TNA 2005-02-08

<{POST_SNAPBACK}>

Can this happen again?

Because I want to buy but it's now 9300 !!! Should I wait?

Thanks!

[Noel]

Gold price plunges

BANGKOK: -- During the Chinese New Year, gold on Thailand’s local market has plunged to its lowest price in the past four years.

Rumours that the International Monetary Fund plans to sell its gold reserves to fund its projects in developing countries has caused the gold price to plummet on the local market.

The local gold price has fallen by more than 800 baht a one gold baht/bar (15.244 grams) to less than 7900 baht per gold baht/bar.

“This is the lowest price in the past four years. During the Chinese New Year, gold price usually falls by 200 to 300 baht per gold baht/bar,” the Gold Traders Association’s president, Jitti Tangsidhisak, told TNA.

The rumours have also depressed the international gold price which dropped from 450 US dollars an ounce to 415.

The baht’s appreciation against the US dollar also has put pressure on the local gold prices since the beginning of the year.

The local gold market is likely to be highly active now because of the low price and the Chinese New Year celebrations, when gold accessories are bought and given as gifts, said Mr. Jitti.

The ruling Thai Rak Thai’s victory in Sunday’s election is good news for the local gold market, he said.

Mr. Jitti also urged the new government to complete its plans to set a gold standard of 96.5% for pure gold to protect the quality of gold products manufactured in Thailand.

He also urged the new government to promote new technology in the design of gold accessories. This would make Thai products more competitive that neighbours.

--TNA 2005-02-08

<{POST_SNAPBACK}>

Can this happen again?

Because I want to buy but it's now 9300 !!! Should I wait?

Thanks!

<{POST_SNAPBACK}>

From today's Pattaya Mail

Gold prices to further rise due to speculation

Gold prices in the domestic market are expected to rise further due to speculation by hedge funds, but they will not exceed Bt 10,000 per one baht in gold weight, according to the President of the Gold Traders Association, Chitti Tangsitpakdi.

Chitti said on Sunday that the current gold prices now stand at around Bt 9,200 per one baht in weight, slightly lower than its record high of Bt 9,250 recently, and a sharp rise from Bt 7,650 earlier this year.

He said it was possible that the local gold prices could increase, but they would not reach Bt 10,000 per one baht weight within this year.

Speculation by hedge funds pushed the gold prices on the global market to rise unrealistically, said Chitti.

He said current gold prices were, however, not too expensive because the price used to be as high as US$700 per ounce at an earlier time when the global economy boomed and demand for gold was high. Now, world gold prices stand at around US$470 per ounce, with a chance that the prices on the overseas market would advance to US$500 per ounce. He believes that the price of gold will be volatile for a short term, and that prospective buyers should be cautious and buy only small amounts because the price could fall in the future. (TNA)

Source: http://www.pattayamail.com/current/business.shtml#hd6

[AlexLah]

Hmmmm..... this is weird, I expected the price of gold to go up to 10.000 Bath around february next year.

Ok I will do some investigation on the net why suddenly this pricefall happened.

OK lah

[Mali_in_CM]

"Mr. Jitti also urged the new government to complete its plans to set a gold standard of 96.5% for pure gold to protect the quality of gold products manufactured in Thailand."

Now there'sd a concept.

Either he doesn't understand the terminology, or can't do the math, or both.

Anyway, it should be about $500/oz by next spring. So, depending on the baht rate, about 10,000 B/B.

[simcity]

Can this happen again?

Because I want to buy but it's now 9300 !!! Should I wait?

Thanks!

<{POST_SNAPBACK}>

Buy now! as soon as the dollar or the bath lose momentum , the gold will rise !

[Kido]

I have few kilos to sell at 420,000Bt Per kg, any buyers?

[LivinLOS]

Seems under valued.. Is it that hard to sell Gold in Thailand ???

If your serious I might be able to arrange thier sale (that doesnt mean I would be turning up with x amounts times bars you posses)..

I would need to know hallmark, weight, fineness, serial numbers.

Edited October 22, 2005 by LivinLOS