jaideeguy Posted April 17, 2013 Share Posted April 17, 2013 Today I ventured out in public for the first time in a week [i'm a songkran hermit] and in the gold shop in big C, there was a lot of action. We all know that gold is down now, but I was curious if the Thais were buying because of the low[er] or selling before it gets lower?? What's your thoughts?? Link to comment Share on other sites More sharing options...
notmyself Posted April 17, 2013 Share Posted April 17, 2013 Buying Link to comment Share on other sites More sharing options...
mogandave Posted April 17, 2013 Share Posted April 17, 2013 Gifts for Songkrong? Link to comment Share on other sites More sharing options...
Farangth Posted April 17, 2013 Share Posted April 17, 2013 Buying Link to comment Share on other sites More sharing options...
yoslim Posted April 17, 2013 Share Posted April 17, 2013 selling to buy alcohol for Songkran 1 Link to comment Share on other sites More sharing options...
poanoi Posted April 17, 2013 Share Posted April 17, 2013 Selling if someone else bought it, buying if someone else donated for that purpose Link to comment Share on other sites More sharing options...
a99az Posted April 17, 2013 Share Posted April 17, 2013 Now let me think............... Gold goes down, buy or sell? Gold goes up buy or sell? Link to comment Share on other sites More sharing options...
Popular Post GuestHouse Posted April 17, 2013 Popular Post Share Posted April 17, 2013 Did they have a dullard of a Farang standing next to them? If so.... buying. 5 Link to comment Share on other sites More sharing options...
patongphil Posted April 17, 2013 Share Posted April 17, 2013 Buying - my missus was one of them too Link to comment Share on other sites More sharing options...
saakura Posted April 17, 2013 Share Posted April 17, 2013 Gifts for Songkrong? What is Songkrong? Link to comment Share on other sites More sharing options...
FunFon Posted April 17, 2013 Share Posted April 17, 2013 Buying. There are currently shortages of physical gold worldwide and before Songkran all the shops had to impose limits and issue IOUs for buyers, who are now trying to take possession of the promised metal. Central banks have been on a buying rampage, unofficially a de-facto gold standard's coming back, and they're trying to do it without driving the price up too far. As soon as the physical price drops a bit from recent stratospheric highs, places like India and Thailand see huge demand spikes. Last time I bought for a teerak it had just gone over 10K, sure which I'd bought and held then. . . Link to comment Share on other sites More sharing options...
notmyself Posted April 17, 2013 Share Posted April 17, 2013 I bet Cyprus is not happy about the price. Link to comment Share on other sites More sharing options...
pattayadingo Posted April 17, 2013 Share Posted April 17, 2013 Looking at the Thai news on t.v. there were a lot of people selling on one news clip with the person working in the shop taking handfuls of gold off someone. Link to comment Share on other sites More sharing options...
Hedghog Posted April 17, 2013 Share Posted April 17, 2013 Gold price at a three year low. Bht 18,850.per 1 Bht weight. Today the price dropped Bht 2,400. Link to comment Share on other sites More sharing options...
notmyself Posted April 17, 2013 Share Posted April 17, 2013 Gold price at a three year low. Bht 18,850.per 1 Bht weight. Today the price dropped Bht 2,400. Bought most of mine in 2008-9 so it will have to drop another US$300 for me to be on a loss. Saying that, I did sell some just before the US election but bought it back a few weeks later just after the US election. Price had gone up a little but lost on transactions. Link to comment Share on other sites More sharing options...
Boo Posted April 17, 2013 Share Posted April 17, 2013 one flaming post removed, do not drag personal issues over to The next reported will be handed a suspension. Link to comment Share on other sites More sharing options...
kevvy Posted April 18, 2013 Share Posted April 18, 2013 gold prices go down and then go up. in the end it evens out , it is not a good resource to make good money in Link to comment Share on other sites More sharing options...
FunFon Posted April 18, 2013 Share Posted April 18, 2013 gold prices go down and then go up. in the end it evens out , it is not a good resource to make good money inCan say the same for stock prices, coffee, pork bellies, dog racing, poker. Lots of people make their livings in all of the above. Maybe you mean simply that it's not easy to make a living, or it's very risky or. . . And who's talking about making a living here anyway? As a long-term store of value, if you think that the causes of the 2008 financial crisis weren't fixed but just postponed, and there's a chance there's worse to come not just in the USD but Euro and UK pound as well, then it would make sense to have at least some of your assets in small-denomination physical gold just as a hedge against such events. 1 Link to comment Share on other sites More sharing options...
theblether Posted April 18, 2013 Share Posted April 18, 2013 Gold price at a three year low. Bht 18,850.per 1 Bht weight. Today the price dropped Bht 2,400. Bought most of mine in 2008-9 so it will have to drop another US$300 for me to be on a loss. Saying that, I did sell some just before the US election but bought it back a few weeks later just after the US election. Price had gone up a little but lost on transactions. Take your profit, it's not a dirty word you know 1 Link to comment Share on other sites More sharing options...
aussiebebe Posted April 18, 2013 Share Posted April 18, 2013 I think Thais are buying. They've been buying their whole lives so they're still going well in gold compared with just a few years ago. Link to comment Share on other sites More sharing options...
NanLaew Posted April 18, 2013 Share Posted April 18, 2013 The amazingly young, stunningly beautiful and incredibly clever Mrs NanLaew sold about 10 baht of gold just before the Songkran weekend. I haven't seen her today but I reckon I know where she is! 1 Link to comment Share on other sites More sharing options...
Blumpkin Posted April 18, 2013 Share Posted April 18, 2013 Amazing the shadenfreude comments made by people on this thread to the OP for posting a perfectly reasonable question!Especially given the fact that these people seem to have no grasp of the facts behind the big retracement in gold's spot price! Gold has indeed plummeted to it's biggest 1 day drop since the 1980s,the reason behind this was the news that the Cypriot Central Bank was about to dump 10 tons of physical gold onto the market,about 400 million Euros worth.They still haven't done that yet but may be forced to by the IMF to unlock 10 million euros worth of loans.Central Bank Chief Panicos Demetriades said last week that the Cypriot government didn’t have the right to sell gold without his consent.He also signalled the administration hadn’t involved him in the plan.The Cypriot central bank manages the country’s gold stock,which amounts to 13.9 metric tons,according to the World Gold Council. So obviously if this sale goes ahead gold will fall much,much further,think around the USD $1100/troy oz mark.Therefore anyone buying gold now would be very,very foolish with the prospect of the huge Cyprus sell off hanging over the gold market like the Sword of Damacles! 1 Link to comment Share on other sites More sharing options...
hands22 Posted April 18, 2013 Share Posted April 18, 2013 Thank you Blumpkin for your analysis. Fools rush in.... I almost wanted to buy as well. I think I will wait. Link to comment Share on other sites More sharing options...
kevvy Posted April 18, 2013 Share Posted April 18, 2013 gold prices go down and then go up. in the end it evens out , it is not a good resource to make good money inCan say the same for stock prices, coffee, pork bellies, dog racing, poker.Lots of people make their livings in all of the above. Maybe you mean simply that it's not easy to make a living, or it's very risky or. . . And who's talking about making a living here anyway? As a long-term store of value, if you think that the causes of the 2008 financial crisis weren't fixed but just postponed, and there's a chance there's worse to come not just in the USD but Euro and UK pound as well, then it would make sense to have at least some of your assets in small-denomination physical gold just as a hedge against such events. i make a very good living here , i am love Thailand for that . Link to comment Share on other sites More sharing options...
HardenedSoul Posted April 18, 2013 Share Posted April 18, 2013 Amazing the shadenfreude comments made by people on this thread to the OP for posting a perfectly reasonable question!Especially given the fact that these people seem to have no grasp of the facts behind the big retracement in gold's spot price! Gold has indeed plummeted to it's biggest 1 day drop since the 1980s,the reason behind this was the news that the Cypriot Central Bank was about to dump 10 tons of physical gold onto the market,about 400 million Euros worth.They still haven't done that yet but may be forced to by the IMF to unlock 10 million euros worth of loans. Central Bank Chief Panicos Demetriades said last week that the Cypriot government didn’t have the right to sell gold without his consent.He also signalled the administration hadn’t involved him in the plan.The Cypriot central bank manages the country’s gold stock,which amounts to 13.9 metric tons,according to the World Gold Council. So obviously if this sale goes ahead gold will fall much,much further,think around the USD $1100/troy oz mark.Therefore anyone buying gold now would be very,very foolish with the prospect of the huge Cyprus sell off hanging over the gold market like the Sword of Damacles! A logical if rather simplistic view. The Cypriot governent may be considering selling their gold but, as you said, it's only worth €400m. These suckers need to raise another €6-7 billion. The rest, I'd imagine would have to come from additional levies on deposit holders within the two beleaguered banks and, as it stands, they have to raise a total of €13bn to qaulify for a troika loan of €10bn. Can you see the Cypriot people going for that? As someone said, the gold ain't been sold yet and even if it is, it's a piffling amount in the grand scheme of things. I can't see the troika be able to bully the Italians and Spanish into doing the same. The people will tell them where to go. Link to comment Share on other sites More sharing options...
NanLaew Posted April 18, 2013 Share Posted April 18, 2013 Thank you Blumpkin for your analysis. Fools rush in.... I almost wanted to buy as well. I think I will wait. Thanks for the speculative analysis you mean. Some talking head made a statement and an 'analyst' infers that the Cypriot bailout is contingent on selling a chunk of their gold. That about sums it up. Make of it what you will. Link to comment Share on other sites More sharing options...
FunFon Posted April 18, 2013 Share Posted April 18, 2013 It's a totally psychological commodity and therefore irrational, if you're in it for speculation risky sure you may want to take your profits but if you're holding as a hedge against future disasters long-term fundamentals haven't changed wrt UK/Euro/US printing money, all the major central banks will continue to buy gold, China being a huge factor. My suspicion is this move is a technical over-reaction stimulated by central banks wanting to be able to buy more cheaply. If Cyprus sold all its reserves tomorrow their long-term demand would soak it up without a blip. - i make a very good living here , i am love Thailand for that . -I am love Thailand same same you Kevvy. Link to comment Share on other sites More sharing options...
patongphil Posted April 18, 2013 Share Posted April 18, 2013 It's a totally psychological commodity and therefore irrational, if you're in it for speculation risky sure you may want to take your profits but if you're holding as a hedge against future disasters long-term fundamentals haven't changed wrt UK/Euro/US printing money, all the major central banks will continue to buy gold, China being a huge factor. My suspicion is this move is a technical over-reaction stimulated by central banks wanting to be able to buy more cheaply. If Cyprus sold all its reserves tomorrow their long-term demand would soak it up without a blip. - <deleted> so clever yet cannot pay his rent . 1 Link to comment Share on other sites More sharing options...
NanLaew Posted April 18, 2013 Share Posted April 18, 2013 (edited) ... As someone said, the gold ain't been sold yet and even if it is, it's a piffling amount in the grand scheme of things. I can't see the troika be able to bully the Italians and Spanish into doing the same. The people will tell them where to go. Agreed. Cyprus is a sideshow, an also-ran. Meanwhile, nobody's paying much attention to what Ireland and Portugal are doing with their gold right now. Certainly not the amazingly young, stunningly beautiful and incredibly clever Mrs NanLaew! Edited April 18, 2013 by NanLaew Link to comment Share on other sites More sharing options...
Waterloo Posted April 18, 2013 Share Posted April 18, 2013 Amazing the shadenfreude comments made by people on this thread to the OP for posting a perfectly reasonable question!Especially given the fact that these people seem to have no grasp of the facts behind the big retracement in gold's spot price! Gold has indeed plummeted to it's biggest 1 day drop since the 1980s,the reason behind this was the news that the Cypriot Central Bank was about to dump 10 tons of physical gold onto the market,about 400 million Euros worth.They still haven't done that yet but may be forced to by the IMF to unlock 10 million euros worth of loans. Central Bank Chief Panicos Demetriades said last week that the Cypriot government didn’t have the right to sell gold without his consent.He also signalled the administration hadn’t involved him in the plan.The Cypriot central bank manages the country’s gold stock,which amounts to 13.9 metric tons,according to the World Gold Council. So obviously if this sale goes ahead gold will fall much,much further,think around the USD $1100/troy oz mark.Therefore anyone buying gold now would be very,very foolish with the prospect of the huge Cyprus sell off hanging over the gold market like the Sword of Damacles! A logical if rather simplistic view. The Cypriot governent may be considering selling their gold but, as you said, it's only worth €400m. These suckers need to raise another €6-7 billion. The rest, I'd imagine would have to come from additional levies on deposit holders within the two beleaguered banks and, as it stands, they have to raise a total of €13bn to qaulify for a troika loan of €10bn. Can you see the Cypriot people going for that? As someone said, the gold ain't been sold yet and even if it is, it's a piffling amount in the grand scheme of things. I can't see the troika be able to bully the Italians and Spanish into doing the same. The people will tell them where to go. Whilst the ratio of the value of there gold to there debt may well influence there decision to sell, hpothetically what affect is it likley to have on the market if they did dump it? In global gold market terms is 400m euros a small or large amount? Link to comment Share on other sites More sharing options...
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