Gold Price May Rocket To Bt19,000, 1-Baht Weight

[webfact]

Gold price may rocket to 19,000 THB/1-baht weight

BANGKOK, 26 August 2010 (NNT) – Domestic gold price is likely to reach 19,000 THB per one-baht weight due to the current economic conditions of both US and European countries, according to Gold Traders Association President Jitti Tangsitthibhakdi.

Mr Jitti said the gold price in the global market this period would still be fluctuating since investment in gold would remain attractive for investors, noting that it might make a record above 1,300 USD per ounce.

Nevertheless, the president added that the current Thai Baht appreciation would help slow down the price surge, elaborating that the gold price would reduce by 50-60 THB for every 10 Satang increase in currency.

Mr Jitti hence urged people to hold the precious metal for short-term profits; otherwise, they might suffer from the price fluctuation in a long run.

The current buying rate of gold bullion is quoted at 18,350 THB per one-baht weight and the selling rate at 18,450 THB per one-baht weight.

Regarding recent news reports about robberies in dozens of gold shops, the president suggested that all retail gold shop owners should insure their shops against the robberies in order to lessen their losses. He deemed this mode of prevention effective than others.

-- NNT 2010-08-26

[Naam]

Gold Price May Rocket To Bt19,000, 1-Baht Weight

the rocket failed to ignite.

[neverdie]

Gold Price May Rocket To Bt19,000, 1-Baht Weight

the rocket failed to ignite.

for now.

[Naam]

Gold Price May Rocket To Bt19,000, 1-Baht Weight

the rocket failed to ignite.

for now.

you seem to have talked to my wife recently

[neverdie]

Gold Price May Rocket To Bt19,000, 1-Baht Weight

the rocket failed to ignite.

for now.

you seem to have talked to my wife recently

She is a very smart woman that Mrs Naam & yes we plan to have a big party when gold reaches 30,000 baht per 1 baht weight

[123ace]

Naam - are you serioulsy betting against gold? or is this all a cover for a secret gold horder?

It seems reasonably likley we will see 19,000 before years end based on the evidence not discusssed in the main stream media.

Are you equally anti silver?

[Naam]

Naam - are you serioulsy betting against gold? or is this all a cover for a secret gold horder?

It seems reasonably likley we will see 19,000 before years end based on the evidence not discusssed in the main stream media.

Are you equally anti silver?

i am neither betting against any precious metal nor am i anti-precious metal. all what i am doing is trying hard to conduct (to no avail) a discussion in which tangible facts and not fiction dominate. but in Thaivisa that seems as impossible as it is in my home where gold-hoarding Mrs Naam is my adversary... only when it concerns gold . as an experienced investor (>three decades) i have seen a lot of ups and downs in a variety of asset classes and of course i am well aware how abyssmally poor Gold fared during these 30 years. however, for the goldlovers only the last 10 years exist. anything before does either not exist or is negated.

it is worthwhile to mention that i see any investment from the perspective of a person who retired 21 years ago and who pays since then with the yields he achieves not only for the expenses of a rather comfortable life style but reinvests the lion share of his income. if i had put all my savings into gold when i retired in 1989 and spent money as i did spend i would be a pauper now with nothing left but a meagre social insurance payment.

the problem with gold is that it does not provide any income/yield besides appreciation, which is not guaranteed as history proves. nobody was ever able to "live off gold" for an extended period of, even when bought at absolute lows. as opposed to other assets which provide an income that can be partly used for living expenses and partly for reinvestment, "living off gold" means continously selling and therefore causing a continous depletion of "volume" but without a penny left for reinvestment. but gold lovers never sell and have no plans whatsoever to sell, just ask my wife or any of the goldbugs here. an interesting question is where's the money coming from which my wife uses to buy gold whenever she pleases?

i don't deny that we might see THB19k (or more) for one Baht weight. but we have seen these 19k some time ago already. so where's the beef?

with your permission i will copy your questions and my answer in the "real" gold thread: