Lite Beer Posted May 17, 2012 Share Posted May 17, 2012 Gold prices to continue to drop, says expert BANGKOK, 17 May 2012 (NNT) - A gold expert believes that gold prices will continue to drop, saying long-term gold investment is not recommended. According to Gold Traders Association President Jitti Tangsithpakdi, the precious metal price has declined by 2,000 baht per-baht weight of gold ornaments since the beginning of the year. He further explained that the drop is not that drastic, saying it once, in the third quarter last year, dropped by 2,000 baht in one day. Mr Jitti suggested long-term speculators to avoid buying gold at this time, as the price is expected to fall further. He cited that the global gold prices are on a downward trend and could drop to as low as 1,500 dollars, down from the present 1,530 dollars per ounce. -- NNT 2012-015-17 Link to comment Share on other sites More sharing options...
Thailand Posted May 17, 2012 Share Posted May 17, 2012 http://www.bbc.co.uk/news/business-18100040 Link to comment Share on other sites More sharing options...
PattayaPhom Posted May 17, 2012 Share Posted May 17, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball Link to comment Share on other sites More sharing options...
Naam Posted May 17, 2012 Share Posted May 17, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. 1 Link to comment Share on other sites More sharing options...
12DrinkMore Posted May 17, 2012 Share Posted May 17, 2012 Surprised to see an "Admin" fire up a new thread when we already have the massive "Where is gold going in this market". Link to comment Share on other sites More sharing options...
FritsSikkink Posted May 17, 2012 Share Posted May 17, 2012 (edited) And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. In Thailand the gold is quoted in Baht Edited May 17, 2012 by FritsSikkink Link to comment Share on other sites More sharing options...
Naam Posted May 17, 2012 Share Posted May 17, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. In Thailand the gold is quoted in Baht according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please 1 Link to comment Share on other sites More sharing options...
FritsSikkink Posted May 17, 2012 Share Posted May 17, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. In Thailand the gold is quoted in Baht according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please last 24 hours the price went up http://www.goldpricethai.com/ Link to comment Share on other sites More sharing options...
Bpuumike Posted May 17, 2012 Share Posted May 17, 2012 I'm buying as much as I can at these prices. The last large amount I bought about 3 years or less ago cost US$915/oz. As we say "Up to you" Link to comment Share on other sites More sharing options...
milcom Posted May 17, 2012 Share Posted May 17, 2012 (edited) And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. In Thailand the gold is quoted in Baht according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. Edited May 17, 2012 by milcom Link to comment Share on other sites More sharing options...
12DrinkMore Posted May 17, 2012 Share Posted May 17, 2012 (edited) according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. I'm sure Naam will appreciate your contribution. Edited May 17, 2012 by 12DrinkMore Link to comment Share on other sites More sharing options...
Bpuumike Posted May 17, 2012 Share Posted May 17, 2012 "Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic." Milcom, Couldn't agree more but also couldn't be bothered to go over the reasoning yet again. Appreciate that you did for the benefit of those interested. I'm more weighted in silver than gold but didn't mention silver as investment grade is not readily available in Thailand and that's another subject again. 1 Link to comment Share on other sites More sharing options...
PattayaPhom Posted May 17, 2012 Share Posted May 17, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. Polish my glasses more like..was sure I saw 23350....getting old Link to comment Share on other sites More sharing options...
Naam Posted May 17, 2012 Share Posted May 17, 2012 according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. I'm sure Naam will appreciate your contribution. indeed, i do. i was already admiring prophets when i was a little boy and forced to read the Bible. today i'm grateful that we have prophets who tell us that the whole "western monetary system is due to collapse" which enables us to move all our assets to a different monetary system to preserve their value. still missing is a clear indication which one of the monetary systems is the most secure and of course the most profitable. is it the eastern, northern or southern monetary system or would it be prudent to buy a bar in Pattaya or Phuket to preserve one's net worth, rake in fat profits and enjoy free drinks? Link to comment Share on other sites More sharing options...
Naam Posted May 17, 2012 Share Posted May 17, 2012 last 24 hours the price went up http://www.goldpricethai.com/ by exactly those 100 Baht which i mentioned! 22950 23050 +100 Link to comment Share on other sites More sharing options...
xylophone Posted May 18, 2012 Share Posted May 18, 2012 Quote: "Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic" Oh dear more incorrect info and doomsayers.If gold were an inflation hedge why did the inflation adjusted price of gold fall from almost $1850 in 1980 to $352 in 2001? Over that time period 21 years, it lost over 80% of its value. You'd have been well out of pocket then and still would be now even at this speculation fueled high. The fiat currency regime is too far embedded into world markets/countries and will not collapse and make way for a system whereby one trades bits off a gold bar for goods. What is needed is a way to clean up the current system and pull out all the derivatives which are no more than ways to gamble and contribute nothing to increase the financial well-being of the monetary system/markets. That includes reigning in the financial institutions who dream up products like CDOs. AND, although a little off topic, it makes me cringe to see the people protesting about austerity measures put in place to get countries out of debt (and these measures cannot work in reality), and blaming their governments, when these very people have been just as greedy by borrowing & spending too much, demanding higher pensions, lower taxes and more benefits!! 2 Link to comment Share on other sites More sharing options...
yoshiwara Posted May 18, 2012 Share Posted May 18, 2012 Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? Link to comment Share on other sites More sharing options...
bendix Posted May 18, 2012 Share Posted May 18, 2012 Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. I love these gold obsessives. When the price is rising they express themselves as being happy and clever and aren't they doing well. When the price falls, they are also happy because now it's a chance to buy some more because it will rocket in value soon. What is interesting is that this happiness is counterbalanced by a prevailing gloom and doom about the future of the world - scratch the surface of any gold bug and you see a psychotic believe in all sorts of nonsense about the end of the world as we know it, financial meltdown, a back to the lands siege mentality and a pervading belief that the world is being manipulated by evil forces to do with banking families and New World Order mumbo jumbo. I find these people fascinating psychologically; there is definitely a book in there somewhere. Link to comment Share on other sites More sharing options...
bendix Posted May 18, 2012 Share Posted May 18, 2012 As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Link to comment Share on other sites More sharing options...
yoshiwara Posted May 18, 2012 Share Posted May 18, 2012 As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Can't disagree with that. That will be a first. Shurely some mistake? Link to comment Share on other sites More sharing options...
bendix Posted May 18, 2012 Share Posted May 18, 2012 As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Can't disagree with that. That will be a first. Shurely some mistake? Everybody comes round to my way of thinking eventually yoshiwara. Don't feel too bad about it. It's called 'seeing sense' Link to comment Share on other sites More sharing options...
geriatrickid Posted May 18, 2012 Share Posted May 18, 2012 according to the exchange rate US-Dollar/Baht and that means the exchange has a direct effect on the gold price quoted in Baht. next intelligent remark please Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. I'm sure Naam will appreciate your contribution. indeed, i do. i was already admiring prophets when i was a little boy and forced to read the Bible. today i'm grateful that we have prophets who tell us that the whole "western monetary system is due to collapse" which enables us to move all our assets to a different monetary system to preserve their value. still missing is a clear indication which one of the monetary systems is the most secure and of course the most profitable. is it the eastern, northern or southern monetary system or would it be prudent to buy a bar in Pattaya or Phuket to preserve one's net worth, rake in fat profits and enjoy free drinks? Someone call an ambulance for Naam. I agree with him. Hopefully, this will not cause any difficulties. If the financial systems disintegrate, then holding a piece of paper that says you own gold will be useless because the systems needed to exchange the paper will have collapsed as well. Link to comment Share on other sites More sharing options...
PattayaPhom Posted May 18, 2012 Share Posted May 18, 2012 And its gone up 400 Baht today already...maybe he needs to polish his crystal ball perhaps you need to polish yours? one baht weight has gone up today by 100 Baht currency because the Thai Baht weakened since yesterday vs. USD and because gold is quoted in USD. sorry to spoil a positive story with negative facts. Polish my glasses more like..was sure I saw 23350....getting old Maybe my eyes are a crystal ball...23300 today Link to comment Share on other sites More sharing options...
yoshiwara Posted May 18, 2012 Share Posted May 18, 2012 (edited) As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Can't disagree with that. That will be a first. Shurely some mistake? Everybody comes round to my way of thinking eventually yoshiwara. Don't feel too bad about it. It's called 'seeing sense' Unfortunately, in the land of the blind, the one-eyed man thinks he is a king ('er or Stalin). In the case of the gold bugs the anti-finance capitalist rhetoric sometimes meets up with the clueless anti-capitalist rhetoric of the reformist and centrist left (Greek left a wonderful example) and the mix is a stew of hopeless hysteria. I have often thought of one type of gold bug as a Marxist with an inheritance. I was trying to be nice, but sorry it didn't last long. At least I tried. Edited May 18, 2012 by yoshiwara Link to comment Share on other sites More sharing options...
Bpuumike Posted May 18, 2012 Share Posted May 18, 2012 It's each to his own and very much up to you. For those with an interest in gold markets check out www.gata.org (Mods: It's a non-profit making organisation, so not a commercial link) Link to comment Share on other sites More sharing options...
Popular Post gregb Posted May 18, 2012 Popular Post Share Posted May 18, 2012 As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Sadly you are wrong, in that this world view is neither comfortable nor convenient. In fact, it is a terrifying and unsettling view, and one which I would rather not have. Life would be convenient if I could simply put my head in the sand and pretend that the status quo could continue and that business as usual would return. The problem is I understand too much about the physics of energy depletion, and I have studied way too much on the reasons and mechanisms which have caused civilizations throughout history to collapse. We are on a collapse trajectory. You don't need to be a prophet to see that, only look at the data and accept what it is telling you. But there will always be people who refuse to accept what is happening, even as the Titanic is sinking around them. There is nothing anyone can do to help them. They will go down with the ship. The real problem is, the ship is so big and sinking so slowly that we may all die of old age before there is any consensus that the sinking is irreparable. That is one of the other things history tells us. Even if you know you are in a collapse scenario, it will be too difficult to convince the vast majority of the danger and change their habits in time. So I just keep buying gold as I can. I like it when it goes down, because I know long term it is going up. But Naam is correct that short term predictions require a crystal ball. Whenever I try to talk to him about the price in 30 years though, all I get is that he isn't interested in that time frame as he will be dead. But I can't even begin to speculate what might happen on a scale shorter than that. As I said above...the ship is sinking slowly. So I just keep moving slowly towards the exit away from all fiat currencies, and hope for the best. My children will hopefully appreciate my efforts. 3 Link to comment Share on other sites More sharing options...
farang000999 Posted May 18, 2012 Share Posted May 18, 2012 http://www.kingdomcalling.com/2012/02/03/is-ben-bernanke-planning-to-devalue-the-us-dollar-by-40/ read bernanke's speech from 2002, see that he has done what he said he would do. see when he talks about how much of a good idea it was when roosevelt devalued the dollar by 40%. i doubt u will want to hold many greenbacks when you read his prophetic words. Link to comment Share on other sites More sharing options...
Bpuumike Posted May 18, 2012 Share Posted May 18, 2012 As a student I use to listen to speeches predicting the inevitable collapse of capitalism from representatives of the revolutionary left and now I am listening to weird stuff from gold bugs with their bags of coins. Maybe it is the same people a little older? It is usually, but rather than being representative of the revolutionary left, their views have morphed into the extreme rabid right. Some people need to cling to these sorts of beliefs; it is a comfortable and convenient worldview for them. It helps explain the chaos of modern life; a chaos and uncertainty that most of us are happy to accept and adjust to. Sadly you are wrong, in that this world view is neither comfortable nor convenient. In fact, it is a terrifying and unsettling view, and one which I would rather not have. Life would be convenient if I could simply put my head in the sand and pretend that the status quo could continue and that business as usual would return. The problem is I understand too much about the physics of energy depletion, and I have studied way too much on the reasons and mechanisms which have caused civilizations throughout history to collapse. We are on a collapse trajectory. You don't need to be a prophet to see that, only look at the data and accept what it is telling you. But there will always be people who refuse to accept what is happening, even as the Titanic is sinking around them. There is nothing anyone can do to help them. They will go down with the ship. The real problem is, the ship is so big and sinking so slowly that we may all die of old age before there is any consensus that the sinking is irreparable. That is one of the other things history tells us. Even if you know you are in a collapse scenario, it will be too difficult to convince the vast majority of the danger and change their habits in time. So I just keep buying gold as I can. I like it when it goes down, because I know long term it is going up. But Naam is correct that short term predictions require a crystal ball. Whenever I try to talk to him about the price in 30 years though, all I get is that he isn't interested in that time frame as he will be dead. But I can't even begin to speculate what might happen on a scale shorter than that. As I said above...the ship is sinking slowly. So I just keep moving slowly towards the exit away from all fiat currencies, and hope for the best. My children will hopefully appreciate my efforts. The ship seems to be sinking pretty rapidly in Europe. Those of us buying gold are not doing so to 'make money', we just want to maintain our purchasing power during the years ahead. Link to comment Share on other sites More sharing options...
midas Posted May 18, 2012 Share Posted May 18, 2012 (edited) Gold and Silver are still and will be the best long term investment one can make. These drops are just temporarily. Yes, it might drop a bit more, but it won't take long before it will skyrocket. It is just a simple fact. The whole western monetary system is due to collapse in the near future and when this happens the gold and silver price will rise and rise and rise. Until there is a full default and a new monetary system in place, only then will the gold and silver price drop sharply again. Not to mention whether there will ever be a new monetary system in place as the coming meltdown could very well be a extreme destruction and chaos for the world society. How it will turn out is a question for everybody, but won't comment more on this as it is offtopic. I love these gold obsessives. When the price is rising they express themselves as being happy and clever and aren't they doing well. When the price falls, they are also happy because now it's a chance to buy some more because it will rocket in value soon. What is interesting is that this happiness is counterbalanced by a prevailing gloom and doom about the future of the world - scratch the surface of any gold bug and you see a psychotic believe in all sorts of nonsense about the end of the world as we know it, financial meltdown, a back to the lands siege mentality and a pervading belief that the world is being manipulated by evil forces to do with banking families and New World Order mumbo jumbo. I find these people fascinating psychologically; there is definitely a book in there somewhere. Equally I also find it psychologically fascinating that some people have an astonishing and naive belief that pieces of paper can continue to be printed ad nauseam bearing such laughable words as “ in God we Trust “ ( whereas the people behind it can't even be trusted to give you the right time of day ) should somehow continue to represent a measure of buying power? Edited May 18, 2012 by midas 1 Link to comment Share on other sites More sharing options...
Naam Posted May 18, 2012 Share Posted May 18, 2012 Oh dear more incorrect info and doomsayers.If gold were an inflation hedge why did the inflation adjusted price of gold fall from almost $1850 in 1980 to $352 in 2001? Over that time period 21 years, it lost over 80% of its value. You'd have been well out of pocket then and still would be now even at this speculation fueled high. there... there Xylophone, let's not get carried away. gold reached 850 not 1850 and its low during the afore-mentioned period was ~265 Link to comment Share on other sites More sharing options...
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