Sell Gold In Thailand

[gosompoi]

I was wondering if any had any suggestions on how best to sell gold in Thailand. I have about a Kilo of 24k that due to current market prices would like to sell. Anything I need to be aware of and suggestions would helpful.

[BOOKEMDANO]

Well, just as a comparison; if you were selling 1000 grams of 24k gold in the UK you would expect to pocket around £24,130. Each gram is estimated at a curent market value of £24.13 pence so, if I were you, I wouldn't expect anything less than 1,158,000 baht for the 1000 grams you have in your possesion right now.

By the way, where 'do' you live exactly

[flying]

in what form is the gold?

In any case spot closed today was $1212 per oz

I your case roughly 35.27 oz or $42,420 USD or 1,366,348.16 THB

But that supposes no premium at all. You could do possibly better but I have no recommends for Thailand only the USA

Chok Dee

[nakachalet]

gosompoi

are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?

i am almost certain that you do not have the 1 kg of 99.999 gold....

prove me wrong, if you will.... and i'll humbly apologize.... :jap:

[nakachalet]

<br>gosompoi<br><br>are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?<br><br>i am almost certain that you do not have the 1 kg of 99.999 gold....<br><br>prove me wrong, if you will....  and i'll humbly apologize.... <img src="http://static.thaivisa.com/forum/public/style_emoticons/default/jap.gif" class="bbc_emoticon" alt=":jap:"><br>

<br><br><br>

[nakachalet]

gosompoi

just take your 1 kilo gold in any shape or form.... to any one of the gold shops around JAOW-WA-RARGE....

after their authentication and acid test....

you'll be offered a price.... if you don't like their offers.... just thank them and go on to the second, third, fourth shop....

by then you should have a pretty good idea of how much gold is in your possession and how much is it worth that particular day....

good luck and have fun.... getting your cash.... nowadays, not too many people can get their hands on 1 kilogram of pure gold.... congrats.... :jap:

[ESB7]

Although a smaller amount, I found the Thais wont touch foreign gold, and likewise Thai gold is frowned upon in Europe

[Brian67]

<BR>Although a smaller amount, I found the Thais wont touch foreign gold, and likewise Thai gold is frowned upon in Europe<BR>

<BR><BR><BR>Whats the rationale behind that I wonder? If the gold is in bullion (as opposed to jewellry) you'd think it would be irrelevant where it was cast.<BR>Mistrust I guess. A specific gravity test will determine the actual gold content and after that it's up for sale to the highest bidder.<BR>Weird stuff gold. Can't eat it, can't drink it, can,t make much out of it (thats useful anyway). All its good for is pulling out of one hole in the ground and putting into another at the bank.....<BR>

[flying]

gosompoi

are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?

i am almost certain that you do not have the 1 kg of 99.999 gold....

prove me wrong, if you will.... and i'll humbly apologize.... :jap:

What??

1st off 35 ounces is not a lot of gold for those who hold it.

2nd...what business is it of yours? That this poster needs to prove it to you?

your an odd one

[flying]

Weird stuff gold. Can't eat it, can't drink it, can,t make much out of it (thats useful anyway). All its good for is pulling out of one hole in the ground and putting into another at the bank.....<BR>

For your examples.... Same as any currency you use. It can be used to buy eat & drink, homes, property etc,

How is it different than paper fiat currency then?

Except that it needs work to be obtained.... it is limited by truth/reality...Unlike paper fiat that can be printed or digitally created at will by a bankrupt entity until such bankruptcy condition is discovered.

Yes the paper buys things...Same as gold which can be converted to any paper currency at any given time...Same as Silver

[Naam]

gosompoi

are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?

i am almost certain that you do not have the 1 kg of 99.999 gold....

prove me wrong, if you will.... and i'll humbly apologize.... :jap:

What??

1st off 35 ounces is not a lot of gold for those who hold it.

2nd...what business is it of yours? That this poster needs to prove it to you?

your an odd one

for some people it is a lot Flying. if i mention this objection (especially "legal possession" ) to my wife she will be speechless but roaring with laughter.

[cloudhopper]

gosompoi

are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?

i am almost certain that you do not have the 1 kg of 99.999 gold....

prove me wrong, if you will.... and i'll humbly apologize.... :jap:

If your gold is labeled 99.999 then I doubt you have any bullion bars either.

[gosompoi]

Thanks for all the input, the gold I have is labeled and has been tested to be 99.995 in troy ouce bar form. I purchased the gold about four years ago when the baht started appreciate against the dollar. Since then gold has gone up about 50% and I feel now is good time to convert it to other forms of investment. My only fear is when the gold leaves the house so will my wife's positive attitude at home.

[nakachalet]

gosompoi....

oh dear me....

do u really have to sell now....?

in most people's estimation, gold will continue to appreciate in value against paper money....

to keep your wife happy.... why not just sell half of it and convert the other half into smaller size bars making sure that the new bullion is properly assayed and stamped 999.99, preferably produced by one of the more reliable firms that you see in the several photos that i attached in prior posts numbered 9 and 10, above.

good luck.

ok, will repost so you won't have to waste your time searching. and when we do become impossibly wealthy.... then we'll go for the very first one.... ok?

< the posting system has rearranged all the sequences to its own liking.... >

Thanks for all the input, the gold I have is labeled and has been tested to be 99.995 in troy ouce bar form. I purchased the gold about four years ago when the baht started appreciate against the dollar. Since then gold has gone up about 50% and I feel now is good time to convert it to other forms of investment. My only fear is when the gold leaves the house so will my wife's positive attitude at home.

[sokal]

gosompoi

are you really in legal possession of 1 kg of pure, 99.999%, gold.... (24k)?

i am almost certain that you do not have the 1 kg of 99.999 gold....

prove me wrong, if you will.... and i'll humbly apologize.... :jap:

What??

1st off 35 ounces is not a lot of gold for those who hold it.

2nd...what business is it of yours? That this poster needs to prove it to you?

your an odd one

You don't have to answer if you don't want but what percentage of your wealth is in gold ?

I have been working towards one third in gold/silver bullion, one third in mining stocks and one third in cash.

[flying]

You don't have to answer if you don't want but what percentage of your wealth is in gold ?

I have been working towards one third in gold/silver bullion, one third in mining stocks and one third in cash.

50% of liquid

[cloudhopper]

50% of liquid

Dude! That's commitment. I just reviewed my position and found:

USD cash (electromagnetic bits) 55%

USD cash (en effictivo) 5%

THB cash (electromagnetic bits) 8%

THB cash (ngern sot) 3%

TOTAL 71%

Gold bullion (999) 24%

Gold bullion (965) 5%

TOTAL 29% of liquid

[Naam]

what percentage of your wealth is in gold ? I have been working towards one third in gold/silver bullion, one third in mining stocks and one third in cash.

50% of liquid

less than 5% in physical gold and gold mining shares which in my view (as opposed to Mrs Naam's and Mr Flying's views) is enough. cash = 62%, out of that ~28% in zero or "pity" yield currencies such as USD, JP¥, SGD, THB, CHF, NOK and €UR, 34% in high yield TRY, ZAR, BRL, INR and NZD.

life is difficult

[gregb]

I keep about 80% in gold, but don't pay any attention to me. I am comparatively poor compared to the rest of the posters here on TV, so I can't afford to take the risks that they do by leaving their money in fiat currency. I suppose if I had money to burn I might be willing to risk more of it in cash as well in the hope that gold will drop.

It's a tradeoff certainly.

You don't say where you acquired your gold. The best place to sell gold is almost universally the same place you purchased it from. If you can not do that, because maybe you bought it overseas for example, then I would suggest going to one of the big players. Any of the smaller retail establishments are fine for 965 Thai gold, but 9999 requires you to go a bit more upmarket.

The problem you are going to have is that if this is in a form not generally traded in Thailand, then they are going to have to refine it into something that is sold in Thailand or else export it. The effort involved in that makes some people shy away.

I personally find the guys over at Bangkok Assay to be honest and reliable, and I would probably start with them, but you have to remember this is Thailand. Sometimes Thais just don't like the look of you, or they decide they think they can get away with something. If you don't like the offer, you can always leave, but always be polite because you may wind up having to go back.

While I have never used them personally, I think I would also stop in over at YLG as a second choice just to see what they are willing to offer. In general, I would stop and ask at any place you see that sells gold shot. They are likely the kind of people who would know what to do with a foreign bar.

Alot depends on if what you have is recognizable to the Thai market and if the shop thinks they can turn it over without refining or exporting. If it is, you'll get a better price. That is why the shop where you purchased it is always the best bet. They sold it once, so it stands to reason they will think they can sell it again.

[Naam]

"The problem you are going to have is that if this is in a form not generally traded in Thailand, then they are going to have to refine it into something that is sold in Thailand..."

how do you refine 999.9 Gold? which, by the way, is available (selling as well as buying) in any big BKK goldshop :jap:

[gregb]

"The problem you are going to have is that if this is in a form not generally traded in Thailand, then they are going to have to refine it into something that is sold in Thailand..."

how do you refine 999.9 Gold? which, by the way, is available (selling as well as buying) in any big BKK goldshop :jap:

My understanding of the process used by gold refiners is that only good delivery bars are melted directly. Otherwise, if the form of any gold needs to be changed, independent of fineness, all gold is simply thrown in with the scrap and refined. If a multi stage refining technique is used, very fine gold may not undergo all stages of the process.

You are correct there is no reason it has to be done this way, but my understanding is that this is simply the easiest way and the way that most of them have adopted. It is not worth the effort doing something special for a 1kg bar and linking your reputation the foreign refinery no matter how good their name is. Only good delivery bars are taken on faith.

[cloudhopper]

I keep about 80% in gold, but don't pay any attention to me. I am comparatively poor compared to the rest of the posters here on TV, so I can't afford to take the risks that they do by leaving their money in fiat currency. I suppose if I had money to burn I might be willing to risk more of it in cash as well in the hope that gold will drop.

It's a tradeoff certainly.

That it is but I admire your strategy. Actually any strategy of accumulating capital and avoiding debt will go a long way toward a successful outcome. What % of your gold is physical vs. derivative? I would guess you have at least some derivative exposure with that aggressive strategy. Well good luck and thanks for sharing a younger (than my 55 y/o) POV gregb.

[cloudhopper]

999.9 Gold? which, by the way, is available (selling as well as buying) in any big BKK goldshop :jap:

Well i sure didn't see any on my last trip through Yaowarat about a month ago and was told no at every shop I asked. Kilo bars are still available from Hua Seng Heng #1 (4th floor) though.

[flying]

Dude! That's commitment. I just reviewed my position and found:

Actually I was rounding down....

Truth is if I didnt buy so low relative to now I would probably add but I like my adjusted cost now & always in the back of my mind think about investing a bit in Agri & Natural Gas but as yet have not. But that is partially why I still hold that cash too.

But I am...& of course it is all physically held.

43.59% Cash

56.41% Metals of which 68.56% AU & 31.44% AG

But....When I say liquid I mean liquid.

meaning if I add the little cash as your example did held in other countries etc..

If not then the positions reverse almost exactly...

Funny how that is.....

[cloudhopper]

always in the back of my mind think about investing a bit in Agri & Natural Gas but as yet have not. But that is partially why I still hold that cash too.

It won't be in our life time I hope but at some point when fossil fuels get prohibitively expensive the world population is going to shrink back to the billion or so it was before we started relying on cheap energy.

During that transition all the hoarded food, water, fuel, gold, silver, toilet paper and bullets will be exhausted and in the end only those groups which have achieved true self sufficiency will survive.

So I work backward from there when I think about investing in farm land and energy.

[Naam]

999.9 Gold? which, by the way, is available (selling as well as buying) in any big BKK goldshop :jap:

Well i sure didn't see any on my last trip through Yaowarat about a month ago and was told no at every shop I asked. Kilo bars are still available from Hua Seng Heng #1 (4th floor) though.

if they don't have it they order it for you. you pay the price that prevails at ordering time and a 20% deposit. according to my wife "ordered before 10.30 = delivery latest 17.00 hrs same day". info based on a purchase end of september 2008, size 500g 'Credit Suisse' bars.

[nakachalet]

999.9 Gold? which, by the way, is available (selling as well as buying) in any big BKK goldshop :jap:

Well i sure didn't see any on my last trip through Yaowarat about a month ago and was told no at every shop I asked. Kilo bars are still available from Hua Seng Heng #1 (4th floor) though.

if they don't have it they order it for you. you pay the price that prevails at ordering time and a 20% deposit. according to my wife "ordered before 10.30 = delivery latest 17.00 hrs same day". info based on a purchase end of september 2008, size 500g 'Credit Suisse' bars.

cloudhopper....

come down to join us earth folks more often.... particularly along yaow-wa-rart....

next time when you enter gold shops there, large or small, it just does not matter...

just show them your wads of 100 u.s.d. bill....

they will get you anything in any size you want, practically....

[cloudhopper]

Primer on physical vs. derivative gold

http://financialsense.com/contributors/erik-townsend/so-you-think-you-own-gold

[Naam]

Primer on physical vs. derivative gold

http://financialsense.com/contributors/erik-townsend/so-you-think-you-own-gold

a must read!

[flying]

Primer on physical vs. derivative gold

http://financialsense.com/contributors/erik-townsend/so-you-think-you-own-gold

a must read!

Hopefully most of us know this already....