Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[garet]

Gold has been down about 10% in the past 2 weeks (it's 1590 USD/oz now). It may go down further, but I'm still looking to buy about 5 baht now (around 118000 baht).

Everyone recommends Huasengheng in Chinatown. The problem with these shops is that all branches are so crowded that it's difficult to even get in the door. There is no queue system for dealing with customers, which means you could be there for hours and not get served. It seems like all branches will remain packed until the price goes up again.

1) Has anyone bought gold at Huasengheng while these shops were so crowded, with people even waiting outside? If so, how did you manage it?

2) Are there any other trustworthy dealers in the Chinatown area? I don't want to take any chances and dropping 100,000 baht on gold and not be able to sell it later. Many other shops are nearly empty and I don't trust them.

Cheers

[thrilled]

thats where I go yaraphat road.Act like A thai and muscle your way in there.Don't be shy.

[garet]

I see your point, but being the lone farang pushing my way to the top of the queue through a crowd of middle-aged Thais in a packed gold shop isn't my style.

Moreover, I might not get served with this method.

I resect your idea, but unfortunately it's not my style.

How can a shop like this have no queue? I even need to take a queue number to pay my bloody phone bill!

thats where I go yaraphat road.Act like A thai and muscle your way in there.Don't be shy.

[p_brownstone]

You might try the Hua Seng Heng branch in Seacon Square - it is usually not so crowded.

The Chinatown branches are full simply because Hua Seng Heng is the most popular and trusted (obviously!), you may not find it quite so easy to sell Gold bought from any other shop.

Patrick

[garet]

Thanks for the advice. Unfortunately, I've already been to the Seacon Square branch, which was even more crowded than the Chinatown branches. I was there last week when the price was still around 1640 USD/oz. The mass of people spilled out of the shop and overtook the little cafe behind it. Of course, as with the other shops, no queue system or any method for serving the crowd, so unless you are agressive and push in, you might never get served.

You might try the Hua Seng Heng branch in Seacon Square - it is usually not so crowded.

The Chinatown branches are full simply because Hua Seng Heng is the most popular and trusted (obviously!), you may not find it quite so easy to sell Gold bought from any other shop.

Patrick

[Bpuumike]

I've used the gold shop (couldn't tell you the name as it's Thai script) on the corner or Sukhumvit Soi 10 for about 5 years. There are usually several customers in there at any given time but you will always get immediate service. Good English spoken by all the staff too.

I wouldn't walk out of there and wave down a taxi as it would be obvious where you just came from. Either walk further along Sukhumvit before looking for a taxi or use Nana BTS.

[BigJohnnyBKK]

The fact that people are buying gold so feverishly doesn't bode well for local confidence does it?

Have you tried getting there say 20 minutes before the doors open? Although I suppose the Chinese do get up earlier than the average Thai.

If you have a male Thai friend, see if they'll role-play as the bodyguard of a big shot - just practice your chin-up sneer, remember you're doing them a favor gracing them with your presence.

Finally, I don't think that true pushing and shoving is required, just a willingness to scrum it up in the crowd and keep consistent pressure in the right direction, obviously remaining polite verbally. When they see you're not going to let yourself get pushed around they might cut you some slack.

[garet]

Well, gold dropped by roughly 10% recently, so it's been a good opportunity to buy, which explains the crowds. Now it's up 1.5% already today. Rise in prices are the quickest way to get rid of the queues.

Your advice sounds good. Scrum it up and just hold my own in the crowd without being agressive and eventually I'll get served. A simple queue number would ensure that everyone gets served, but I won't hold my breath for that!

The fact that people are buying gold so feverishly doesn't bode well for local confidence does it?

Have you tried getting there say 20 minutes before the doors open? Although I suppose the Chinese do get up earlier than the average Thai.

If you have a male Thai friend, see if they'll role-play as the bodyguard of a big shot - just practice your chin-up sneer, remember you're doing them a favor gracing them with your presence.

Finally, I don't think that true pushing and shoving is required, just a willingness to scrum it up in the crowd and keep consistent pressure in the right direction, obviously remaining polite verbally. When they see you're not going to let yourself get pushed around they might cut you some slack.