Help Me Out Here Ref Gold To Sell And Buy Price...

[Huayrat]

Went with wife today to change her 1 baht chain to a 2 baht.. Guy offered her 22000 baht for her chain and wanted 51000 for the 2 baht chain... Surely this is incorrect as buying gold is at 23600 baht and selling is 24000... He said her chain was old but gold is gold dont matter how old it is... Was he correct in that price or was he ripping me off??? I walked out of the shop as i thought he was ripping us off

[PattayaPhom]

Was the chain damaged, dont forget polishing etc so he can resell. Paterns can make a difference to the price, fancy patterns costing more.....also there is tax to pay on purchases. With the price of gold now is it worth changing, 500 quid extra for another chain!!! Hardly a neccessity, or a very very expensive present.

[trajan]

gold bullion (Thai 96.5%) closed today at buy 23,900 / sell 24,000 per baht weight (but it changes several times during the day)..the buy/sell spread is only 100

http://www.goldpricethai.com/

http://www.goldtraders.or.th/

however, gold ornaments always have a bigger spread----getting the smallest spread normally entails: ( a ) having no weight loss (which can happen if the jewelry is damaged (like the gold hook is missing) in any way) and ( b ) trading (buy/sell) at the same reputable brand shop like Hua Seng Heng)

http://www.huasenghe...t_gold_96_5.php

if you really dont like the ornament spreads, buy bullion instead

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[FritsSikkink]

Ornament (1 Baht, 96.5%) 23558.64 24400 2012-08-08 16:50

Then they make some profit so max. should be around 23000 an 2 x 25000 = 50000

[Huayrat]

Ornament (1 Baht, 96.5%) 23558.64 24400 2012-08-08 16:50

Then they make some profit so max. should be around 23000 an 2 x 25000 = 50000

I thought this also.. They where expensive

[PattayaPhom]

Ornament (1 Baht, 96.5%) 23558.64 24400 2012-08-08 16:50

Then they make some profit so max. should be around 23000 an 2 x 25000 = 50000

Try 5 or 6 different shops and see what is offered and the price for purchasing, There are quite a few in Burriram and Surin isnt that far. I believe there is also one in Krasang.

I thought this also.. They where expensive

[terryp]

bottom line is never invest in gold trinkets for investments..Gold bar is the only way in Thailand and it is pretty straight forward...only a few shops will try to rip you off for the cost of the cert stamp on the Gold (usually 100baht per 1 baht weight , but I have been quoted up to 500 baht, needless to say I declined their offer)

I have found BKK Gold shops are pretty much standard, provincial will try to put anything up to 5% on top of the purchase price or up to 8% commission on re-sale...both a rip off ..when it is only a 100baht spread

[yoshiwara]

You may have been offered a raw price for the sale and an ornament price for the purchase, so not necessarily a rip off.

A bit like trading in your old car for a new one.

[bangkok101]

I beleive he was scamming you. I recently sold a gold chain at a gold shop in SeaCon square I bought about 10 years ago. I recieved the prevailing gold price on that day which was advertized in the shop.

[ThaidDown]

While on face value it appears a bad deal but would like to raise 2 points

1, How much did the 1Baht chain you were selling weigh? If it was old and was worn a lot it could have lost some weight. (1 baht weight is 15.244g as bullion and for jewellery should be in excess of 15.16g.

2, There is a workmanship charge to be added to the sell price for gold jewellery. It is higher if an out of the ordinary complex design. It's possible that this charge is higher than it should be.

Edit to add.. Workmanship charge should only be 200-500 baht/baht weight.

[noodle]

While on face value it appears a bad deal but would like to raise 2 points

1, How much did the 1Baht chain you were selling weigh? If it was old and was worn a lot it could have lost some weight. (1 baht weight is 15.244g as bullion and for jewellery should be in excess of 15.16g.

To get the actual pure gold amount you need to multiply the 1 Baht weight (15.244g) by the purity (96.5%)~14.71g (0.47295oz) of gold. Then you can check the Thai price against other currencies

[ThaidDown]

While on face value it appears a bad deal but would like to raise 2 points

1, How much did the 1Baht chain you were selling weigh? If it was old and was worn a lot it could have lost some weight. (1 baht weight is 15.244g as bullion and for jewellery should be in excess of 15.16g.

To get the actual pure gold amount you need to multiply the 1 Baht weight (15.244g) by the purity (96.5%)~14.71g (0.47295oz) of gold. Then you can check the Thai price against other currencies

Agreed, the point I was making was that a Thai gold chain that has been worn often over a long period will lose weight (due to its inherent softness) and may only weigh 14.xxx g. This would result in a lower offer price.