Is Gold Abundant In Thailand?

[thaitar]

Was just reading the funny thread "You Know You'Ve Been In Thailand Too Long When...", and one of the things it said was "You become an expert on buying and selling gold jewelry."What does that mean? Is there a lot of gold in Thailand? What are the prices like? Are they generally cheaper than in North America or about the same?

[lopburi3]

Gold is imported and sold as a wearable investment so not cheaper basically but workmanship is very good and not expensive. Normally it is sold at about 22.5k (red gold shops) so much more pure than in most western countries.

[BillR]

because gold is considered a "safe" currency here. With all the political turmoil and corruption gold is seen as a safe place to physically hold your money. It is also the preferred gift to give your thai girfriend because as soon as you or her leaves she can cash in. Personally, I would never buy a thai girl gold as it is a suckers gift, it means nothing but baht.

[thaitar]

I'm thinking in terms of buying gold for cash then reselling it for profit. Is that plausible? Is there a big market for that? Would a westerner be able to handle that without trouble?

[BillR]

Should also add it easily pawned and a secure source of low interest rate loans.

[Spee]

There is quite a bit of indigenous gold in the country. There are several active mining sites in the central part of the country.

[powderpuff]

Should also add it easily pawned and a secure source of low interest rate loans.

Yeah if you consider 5% a month "cheap" then it's like wearing a finance company around your neck.

60% a year seems a little steep but some of the sukkas do it every month.

btw.

If you pawn your gold on Monday & go get it back on Tuesday they still get their 5%

[BillR]

3% a month in phuket, and considering many people would have no other source of a loan than it is pretty cheap for short term cash.

[DP25]

Wiki says Thailand is the 43rd largest gold producer, so not really that much. Price of gold is pretty much the same everywhere. Jewelry and other finished products can be cheap and good quality though.

[ExpatJ]

I'm thinking in terms of buying gold for cash then reselling it for profit. Is that plausible? Is there a big market for that? Would a westerner be able to handle that without trouble?

Yes very possible. And also a very good time to buy especially if you will by in US $- the $ is losing value this will continue in coming months- meantime gold is increasing in price and will increase in the coming months even more- i bought gold for the first time in bangkok last week and im already up 1.2% - not bad for a 3 day investment.

[Kwasaki]

" thaitar " you will be better off asking about this in " jobs, economy, banking, business, investments " forum .

Gold goes up and down and if you buy now you would want to keep it for a decent time, it today for bars is at 19,700 to buy and there is a goldsmith shop charge, to selling @ the moment is 19,600. Jewelry to buy is 20,100 to sell 19,300 approx, see where l am going with these.

Go on the forum above and ask good old " naam " he will put you right in his assertive fashion.

Edited November 9, 2010 by Kwasaki

[Spee]

3% a month in phuket, and considering many people would have no other source of a loan than it is pretty cheap for short term cash.

Now would be a good time to be cashing in gold, with prices at an all time high. Then wait until the market floods, prices come down 30% or so, then buy again.

With the recent US elections, and the promise of spending restraint and more sound fiscal policy, it is not unreasonable to expect gold to start dropping in anticipation. Hopefully the election trend will continue through 2012-2013, and European nations like Germany will continue to do the same, and gold prices will start returning to more tolerable purchasing levels. I doubt that we'll see 1 baht gold for 10k baht cash any time soon, but prices around double that are too much.

[Beetlejuice]

Dars gold in dem here hills.

All looks good, but just sounds like another get rich quick option to me.

If dealing in the buying and selling of gold was that good, everybody would be doing it.

Edited November 9, 2010 by Beetlejuice

[astral]

There is reputed to be a large stash of gold in Kanachaburi province,

left by the Japanese.

[BillR]

now that sounds like fun. a treasure hunt