Gold Shops Suspend Weekend Trade

[Lite Beer]

Gold shops suspend weekend trade

BANGKOK, 28 August 2011 (NNT)- Gold shops have suspended bar trade at weekends as a way to protect themselves from risks resulting from global price volatility.

The campaign, which has started since Saturday, will continue until the situation in the world market has returned to normal. Trading activities go on as usual on weekdays.

Gold traders speculated that gold prices would remain volatile. What strikes them as unusual is the behavior of people who keep on snapping up gold bars, despite unpredictable prices.

Representatives of Gold Traders Association on Friday were invited to a meeting at the Bank of Thailand to inform the BOT of the plans to deal with the matter.

-- NNT 2011-08-28

[flying]

What strikes them as unusual is the behavior of people who keep on snapping up gold bars, despite unpredictable prices.

:lol:

[gregb]

What strikes them as unusual is the behavior of people who keep on snapping up gold bars, despite unpredictable prices.

:lol:

That's OK. Even my mother used to say I was strange. She used to get angry at me for stealing my older sister's math books and reading them at night. She wanted me to be more normal.

It seems the Gold Traders Association agrees with her.

[kamluan]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

[rakman]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

And do or buy what with the money? With more or less cash, inflated or deflated money... time will tell... to be continued (as life goes on).. :jap:

[Naam]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

LO AND BEHOLD! the LORD is still sending prophets

[terryp]

The campaign, which has started since Saturday, will continue until the situation in the world market has returned to normal

LOL so for the next 3-5 years then

[ExpatJ]

"What strikes them as unusual is the behavior of people who keep on snapping up gold bars, despite unpredictable prices."

This is BS and not a good sign for those investing in Thai gold (inlcuding me) - its great for them if people keep buying their gold- what they are worried about is a price drop and then panic selling and then having to find the cash to buy back all this gold that's been sold.

What this means is that the risk for holding thai gold just shot up- imagine big price drop off, customers want to sell their gold quickly to take profits, but Thai gold shops suddenly announce they are now only buying on mondays or some other time. This scenario just got a whole lot more possible.

If i was only invested in Thai gold, id be selling a large portion and shifting into external physical gold (maple leafs, kruggers, US/EU gold bars etc) or paper gold. As it is only about 15% of my gold portfolio is in thai gold.

Edited August 29, 2011 by ExpatJ

[falang07]

Wow, so now we know what would happen if the gold bubble bursts (if it is a bubble, of course :-) Shops will not buy gold at all.

[LivinLOS]

The campaign, which has started since Saturday, will continue until the situation in the world market has returned to normal

Expect increased volatility and increasing swings.. Currently with a widening pennant and expect that to continue.. Buy at the channel edges for the best chances.

I just love these gold threads.. I was telling people to buy at 500.. They said it was too high.. I was screaming to buy at 850.. They said it would pop.. I was clear at 1200.. 1400.. And they still say its over priced.. No matter, the more people stay out, the more reluctant and fearful the sentiment, the longer the bull has to run.

Look at gold prices in comparison to money supply growth.. The paper with which your measuring golds 'rise' is still being inflated far faster than gold is. The yardstick is whats broken.

[Pib]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

Possibly good advice unless it's just another bubble like the one which burst in early 1980 when gold hit a record $850/ounce. After reaching those dizzy heights it then plummeted down and remained steady in the $300-$400 range for many years. A lot of people lost their arce in that gold price plummet (no, me not included...I wasn't into gold except the baht chain around my neck). What goes up will eventually come down....sometimes slowly and other times quickly. Gold has had a couple of sharp drops and rises over the last month or so; could that be because of the dizzy heights, traders getting nervous, possibly the bubble getting ready to pop, or just some flushing out as gold gets ready to go higher? Wish I knew the answer....each person has to make the guess on which way gold will go in the near and mid term. I'll say it again, What goes up will eventually come down....sometimes slowly and other times quickly.

[Replogle]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

Possibly good advice unless it's just another bubble like the one which burst in early 1980 when gold hit a record $850/ounce. After reaching those dizzy heights it then plummeted down and remained steady in the $300-$400 range for many years. A lot of people lost their arce in that gold price plummet (no, me not included...I wasn't into gold except the baht chain around my neck). What goes up will eventually come down....sometimes slowly and other times quickly. Gold has had a couple of sharp drops and rises over the last month or so; could that be because of the dizzy heights, traders getting nervous, possibly the bubble getting ready to pop, or just some flushing out as gold gets ready to go higher? Wish I knew the answer....each person has to make the guess on which way gold will go in the near and mid term. I'll say it again, What goes up will eventually come down....sometimes slowly and other times quickly.

I agree with you completely! US Treasuries are so way overvalued that it's amazing they've held up for so long. Given a sharp rise in interest rates shall no doubt let off a bit of steam, thereby giving both savers and fixed-income earners some relief.

Edited August 29, 2011 by Replogle

[Pib]

Wow, so now we know what would happen if the gold bubble bursts (if it is a bubble, of course :-) Shops will not buy gold at all.

Sure they will buy gold...it just may not be price you like.

[gregb]

I'll say it again, What goes up will eventually come down....sometimes slowly and other times quickly.

Unless of course, what you are measuring "up" against eventually becomes worthless.

What we are witnessing today is no less than the beginning of the collapse of industrial civilization due to peak oil and resource depletion. Historically, the complete collapse of a civilization can take several centuries, but the take away from this is that gold does not have to fall back down relative to the current empire's currency.

However, small bubbles and oscillations can and do form on the trend line which is basically increasing. That makes the issue much more cloudy than it should be. Gold is taking over as a currency because the currencies of industrial civilization are retreating as their economies which back their value are failing. This will continue and only get worse in aggregate from here on out. That doesn't mean we can't have a period of a calm on the way down for a decade or so though as recessions can over correct leading to a brief period of prosperity before the fundamental limits again stall any recovery.

The long term trend, viewed over a century or more, is that gold will climb in value relative to industrial output, which is currently suffering from severe overproduction. The tricks Bernays pioneered back in the 20's to increase consumption aren't going to work now as people realize the physical limits of the planet and have a hard enough time just finding food. As energy becomes increasingly scarce, industry and products of industry will decline because the resources to support it simply don't exist on a finite planet. At some point, industrial products will finally be scarce again relative to the significantly reduced population of a planet that is finally living within the means of renewable sources. Gold at this point will have fallen in value to its longer term historical value relative to output.

This is essentially what happened during the fall of the Roman empire, which is probably the closest analog to our civilization today.

So measured in terms of gold's ability to purchase goods and services there will be a peak at some point. Your maxim of what goes up must come down is correct as long as you choose the correct reference. That peak could be 50 - 100 years from now though, or it could be faster if depletion hits really hard and the coming resource wars help it along. In terms of the currencies of industrial nations however, there is no reason to believe gold will not continue to outshine all of the ones present today for the remainder of history.

[Pib]

OK, since this is the beginning of the collapse of the industrial civilization I will go out and buy some gold now. Since the price of gold seems choppy right now, I was going to wait until Jan 12 to start buying gold as I figure gold will really peak out next year since the world ends on 23 Dec 2012.

[midas]

OK, since this is the beginning of the collapse of the industrial civilization I will go out and buy some gold now. Since the price of gold seems choppy right now, I was going to wait until Jan 12 to start buying gold as I figure gold will really peak out next year since the world ends on 23 Dec 2012.

well if you don't buy at least 1 kg you are just " camping out "

" With gold consolidating recent gains, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. When asked if he purchased gold in the recent decline Embry stated, “Well, as a matter of fact I picked up two kilo bars in the low $1,700s. I think the recent low may very well mark the bottom. This was a classic smash down, replete with a Comex margin hike and I think the cartel might have been taken aback by the ferocity of the rally because they had a lot of people shorting along with them on the way down.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/29_Embry_-_Incredible_Physical_Gold_Demand,_Premiums_Exploding.html

Edited August 30, 2011 by midas

[LivinLOS]

OK, since this is the beginning of the collapse of the industrial civilization I will go out and buy some gold now. Since the price of gold seems choppy right now, I was going to wait until Jan 12 to start buying gold as I figure gold will really peak out next year since the world ends on 23 Dec 2012.

well if you don't buy at least 1 kg you are just " camping out "

I prefer the LBMA good delivery bars.. Tho they are a bugger to lift.

[LivinLOS]

I'll say it again, What goes up will eventually come down....sometimes slowly and other times quickly.

Unless of course, what you are measuring "up" against eventually becomes worthless.

Theres oscillations in the trend sure.. But gold ownership is more like land ownership than financial instrument ownership.. Its hard to make more of it..

Like land, it goes up, and it goes down.. But it doesnt go to zero, its 'value' remains.. And will be a good hedge while governments keep printing, while interest rates are below where they should be, while these effects create excessive risk and speculation in ALL markets (as savers cannot simply get 'safe' returns). When those things change, its haven hedge aspects will diminish.

[farang000999]

why don't you go to the "what were prices like in 1970" topic in the general forum and then run some numbers and see what things cost back then priced in oil or copper or gold and see what they cost now priced in oil copper or gold and then see what they cost now priced in dollars.

[farang000999]

there will be no depletion gregb. there are already companies out there who are getting mighty close to creating renewable energy. google joule unlimited.

[farang000999]

CAMBRIDGE, Mass. — A Massachusetts biotechnology company says it can produce the fuel that runs Jaguars and jet engines using the same ingredients that make grass grow.

Joule Unlimited has invented a genetically-engineered organism that it says simply secretes diesel fuel or ethanol wherever it finds sunlight, water and carbon dioxide.

The Cambridge, Mass.-based company says it can manipulate the organism to produce the renewable fuels on demand at unprecedented rates, and can do it in facilities large and small at costs comparable to the cheapest fossil fuels.

What can it mean? No less than "energy independence," Joule's web site tells the world, even if the world's not quite convinced.

"We make some lofty claims, all of which we believe, all which we've validated, all of which we've shown to investors," said Joule chief executive Bill Sims.

hat middleman is the "biomass," such as the untold tons of corn or algae that must be grown, harvested and destroyed to extract a fuel that still must be treated and refined to be used. Joule says its organisms secrete a completed product, already identical to ethanol and the components of diesel fuel, then live on to keep producing it at remarkable rates.

Joule claims, for instance, that its cyanobacterium can produce 15,000 gallons of diesel full per acre annually, over four times more than the most efficient algal process for making fuel. And they say they can do it at $30 a barrel.

A key for Joule is the cyanobacterium it chose, which is found everywhere and is less complex than algae, so it's easier to genetically manipulate, said biologist Dan Robertson, Joule's top scientist.

The organisms are engineered to take in sunlight and carbon dioxide, then produce and secrete ethanol or hydrocarbons – the basis of various fuels, such as diesel – as a byproduct of photosynthesis.

now just hope they dont start "making" gold.

[gregb]

CAMBRIDGE, Mass. — A Massachusetts biotechnology company says it can produce the fuel that runs Jaguars and jet engines using the same ingredients that make grass grow.

Seriously. These things are all a joke designed to take the money of unsuspecting investors. I can make a fuel that runs internal combustion engines from biomass also. I just can't do it in sufficient volume to preserve the industrial economy. Neither can they. There is a reason the price of oil is so unstable right now, and it isn't because all of those people who study the market aren't as smart as you and don't know about this great new technology to replace oil. It is because there is no technology to replace oil. That doesn't mean that a company like this can't be successful in a limited way, but it won't be saving the world.

Nothing will. We aren't the first civilization to face this problem, just the largest. Trying to deny reality, or mock it by linking it to apocalyptic conspiracy theories is naive though. This is reality and will affect everything in the future, whether anyone here wants to believe it or not. There are no magical solutions out there waiting to save us from our own bad choices. The Romans never believed Rome could fail, and the Egyptians never conceived of a time when people would not be able to understand their heiroglyphics. Civilizations collapse, just as we are now realizing. That is the fundamental basis for gold's rise, and the reason why all fiat currencies today will eventually wither against it.

[farang000999]

"Seriously. These things are all a joke designed to take the money of unsuspecting investors."

Is that what Thomas Edison did?

[farang000999]

http://online.wsj.com/video/economics-algae-for-fuel/2B48F788-B157-4255-BDB8-96CE479FF75B.html?KEYWORDS=Joule

if it is a scam someone tell new mexico who just leased out 1000 acres.

[Pib]

Of course there will be new energy sources in the future due to technological advances....new sources completely different from today's fossil fuels....been happening throughout history as technology marches on.

[Crushdepth]

gold is more expensive now...but still a good investment...i think gold will go up more and more...so investors i reccomend buy 100 bath in gold and wait for a few months up to a year and then sell it whit a big profit.

LO AND BEHOLD! the LORD is still sending prophets

100 gold baths...where do you get that kind of money?

[Benjie]

I'll say it again, What goes up will eventually come down....sometimes slowly and other times quickly.

Unless of course, what you are measuring "up" against eventually becomes worthless.

Theres oscillations in the trend sure.. But gold ownership is more like land ownership than financial instrument ownership.. Its hard to make more of it..

Like land, it goes up, and it goes down.. But it doesnt go to zero, its 'value' remains.. And will be a good hedge while governments keep printing, while interest rates are below where they should be, while these effects create excessive risk and speculation in ALL markets (as savers cannot simply get 'safe' returns). When those things change, its haven hedge aspects will diminish.

'value'

You can't grow food on it, or live on it, someone could find a ton more of it tomorrow and supply is constantly increasing, I don't think it's like land at all. I understand people panic and buy it but it's value is certainly less apparent than owning land that can produce something or house someone and who's supply is fixed.

[flying]

'value'

You can't grow food on it, or live on it, someone could find a ton more of it tomorrow and supply is constantly increasing, I don't think it's like land at all. I understand people panic and buy it but it's value is certainly less apparent than owning land that can produce something or house someone and who's supply is fixed.

There are many ways to measure value.

Remember folks have relied on gold for thousands of years as a monetary exchange & a store of value.

In a pinch when you need liquidity which is easier to sell land or gold?

Ask anyone who lived through the last great depression.

Yes someone could find a ton tomorrow & it would matter not. Again how many centuries have folks been mining gold?

Has it killed demand?

I am not saying land is not a good investment especially arable farm lands.

But like the lands you describe food has to be worked for to produce...same as gold...which is their leg up on fiat currencies which

can be produced with a few keystrokes.