Imported Gold May Be Price Regulated

[Jai Dee]

COMMERCE MINISTRY CONSIDERING MARKING IMPORTED GOLD AS REGULATED ITEM

The Ministry of Commerce is preparing to mark imported gold as a regulated item, in order to reduce the speculation that it argued was causing domestic gold prices to fluctuate.

After the recent fluctuation in gold prices, most notably within the past 2 weeks, the Department of Internal Trade has invited in gold traders for a discussion. Mrs. Nanthawan Sakuntanark (นันทวัลย์ ศกุนตนาค), the deputy director-general of the Foreign Trade Department, said she will propose to Commerce Minister Somkid Jatusriphitak (สมคิด จาตุศรีพิทักษ์) a measure to control gold trade by marking imported gold as a regulated item.

Under the scheme, sellers must make prior notice of any price raise before actual selling take place, whereas a buyer of a large amount would have to inform the regulating body, for such purchase.

Gold Traders Association of Thailand President Jitsanti Tangsitthiphakdee (จิตสันติ ตั้งสิทธิภักดี) said trading would certainly be affected if imported gold was to be regulated. However he said that the association was ready to cooperate with government regulatory measures.

As for the prices of gold in Thailand, today the bid price for gold bars stands at 9,750 baht per baht whereas the ask price is at 9,650 baht per baht-weight. The bid price for ornamental gold now stands just above the 10-thousand line, at 10,050 baht.

Source: Thai National News Bureau Public Relations Department - 16 December 2005

[astral]

Did they forget to attend the Free Trade conference in Hongkong?

[britmaveric]

fixed commodity pricing?

[Ricardo]

Or give an exclusive import-license for gold, to one reliable & non-corrupt company, or individual ?

Nominations ?

[Johpa]

Or give an exclusive import-license for gold, to one reliable & non-corrupt company, or individual ? 

Nominations ?

<{POST_SNAPBACK}>

I do not know the family names off hand, but like most other commodities in Thailand, the export or import of those commodities it tightly controlled by only a few families per commodity. Why even telecommunications is controlled by a single family whose name I do know.

[solo siam]

surely if you regulate imported gold then domestic gold will just go up in price even more, theres no logic to this whatsoever.

[johng]

theres no logic to this whatsoever.

Exactly TIT ( this is Thailand )

[LivinLOS]

Well you show me investment bullion at under market value by any more than a couple of % and I will show you how to get it to a tradable country..

You would think after getting thier finger burnt with the Oil price fixing they wouldnt be so daft as to try and do it again (so soon anyway).. I can see people making a lot of money out of this foolishness..

[cclub75]

fixed commodity pricing?

<{POST_SNAPBACK}>

Exactly.

They have invented the concept with... the subsidy on oil !

And little Mister T. burned his finger (a hole of 100 billions THB) with this bright idea.

So, i would suggest our genious minister to do the same with gold : Thailand buys on the world market at 9500 THB, and resells locally at 8000 THB. Sounds good, huh ?

We are joking, but I mean such statement from a minister, is something really scary. What can be the future of the country with people like that ? People so called "in charge" who are capable of telling such stupidity ?

Again, I'm always wondering : they do it on purpose with cynism, or is it because they are plain stupid ?

[Ricardo]

Or give an exclusive import-license for gold, to one reliable & non-corrupt company, or individual ?  

Nominations ?

<{POST_SNAPBACK}>

I do not know the family names off hand, but like most other commodities in Thailand, the export or import of those commodities it tightly controlled by only a few families per commodity. Why even telecommunications is controlled by a single family whose name I do know.

<{POST_SNAPBACK}>

I understand that the media are also quite closely held, although regret that I don't know the family names off hand, similarly