Leading Thai Trader Optimistic On Gold Price

[webfact]

Leading Thai trader optimistic on gold price
By English News



BANGKOK, April 24 – A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

Chitti Tangsitthipakdi, president of the Gold Traders Association, warned against panic as the global gold price has gradually revived by US$100 per ounce, or about Bt800-900 per baht weight after a sharp drop since last Thursday.

Many investors were too frightened by rumours and sold their gold holdings during the price slump, he said.

Mr Chitti ruled out speculations that the gold price could decline to US$1,200 per ounce or Bt16,200 per baht weight at the baht value of Bt28.60 against the dollar.

The gold price will not drop below Bt18,000 per baht weight, he said, adding that the recent negative phenomenon was due to rumours spread by speculators.

He was optimistic that gold price would increase above Bt20,000 per baht weight but would not be above Bt27,000 as it used to be.

The Thai currency appreciation by Bt1 contributes to a slide of gold prices by Bt800 per baht weight, he said.

At Bt30 against the dollar, gold price is around Bt21,000 per baht weight, he explained. (MCOT online news)

-- TNA 2013-04-24

[yoshiwara]

He was probably ruling out speculation that the price was going to drop $100 in 2 days as well as long ago as oh.. last month.

[Thai at Heart]

Fizzzzle.

That is the sound of the balloon slowly deflating......

[midas]

this story has even reached Texas

#!

#!

Edited April 24, 2013 by midas

[Naam]

A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

would a gold trader say he expects the price to go down?

[Pinot]

Gold has always been an investment based on fear. It's a terrible investment. Anyone buying gold after all this should have their heads examined. Son nom na.

[DiamondKing]

My prediction

We will see a drop again to 16,000 baht per 1 baht of Gold

Patience is the key here

Edited April 24, 2013 by DiamondKing

[how241]

A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

would a gold trader say he expects the price to go down?

+1

[HUAHIN62]

The gold is moving from the west to the east. The west are speculators in the gold market and the east are longterm investors. The more gold in the east the more stable the price. The price cant go down below $1200 as this is the production cost. The USGS estimates that there are only 50 000 tonnes left to be mined. I will rather invest in a commodity that are in short supply than in investments that rely on the central banks printing presses. Twelve % of gold production is used in industry (nano technology) and this cant be recycled due to very low concentrations, which means there will be less and less gold available for trading, compare this to Fed supported stock markets. The stockmarkets will come down with 30 to 40 % this year, bookmark this post and cry later.

[gabruce]

Gold has always been an investment based on fear. It's a terrible investment. Anyone buying gold after all this should have their heads examined. Son nom na.

and a Potato is a horrible fruit !

I'd maintain that gold is not an investment. It's a hedge, somewhat similar to keeping money in a bank (or a mattress) - only safer than a bank these days (in Cyprus for sure).

[laobali]

Gold has always been an investment based on fear. It's a terrible investment. Anyone buying gold after all this should have their heads

examined. Son nom na.

In spite of the current (temporary in my view) fallback, gold has doubled in price in the past 5 years, equivalent to nearly 15% p.a. Not so terrible.

Edited April 24, 2013 by laobali

[midas]

The gold is moving from the west to the east. The west are speculators in the gold market and the east are longterm investors. The more gold in the east the more stable the price. The price cant go down below $1200 as this is the production cost. The USGS estimates that there are only 50 000 tonnes left to be mined. I will rather invest in a commodity that are in short supply than in investments that rely on the central banks printing presses. Twelve % of gold production is used in industry (nano technology) and this cant be recycled due to very low concentrations, which means there will be less and less gold available for trading, compare this to Fed supported stock markets. The stockmarkets will come down with 30 to 40 % this year, bookmark this post and cry later.

Newcrest weighs up future of mines

While Newcrest's biggest mines are low cost, its portfolio includes stakes in high-cost mines such as Papua New Guinea's Hidden Valley,

which the company owns in partnership with Harmony Gold.

Tuesday's report revealed that ''all in'' costs for the mine were $2268 an ounce during the March quarter; drastically higher than

the $US1410 that gold was fetching on Tuesday evening. Newcrest said a program to improve performance and ''assess the future'' of the mine was under way with ''considerable focus''

The Telfer mine in Western Australia is also becoming expensive to run,with production costs of $1573 an ounce in the March quarter.

http://www.smh.com.au/business/newcrest-weighs-up-future-of-mines-20130423-2icva.html#ixzz2RMdAwvRT

Edited April 24, 2013 by midas

[DiamondKing]

The gold is moving from the west to the east. The west are speculators in the gold market and the east are longterm investors. The more gold in the east the more stable the price. The price cant go down below $1200 as this is the production cost. The USGS estimates that there are only 50 000 tonnes left to be mined. I will rather invest in a commodity that are in short supply than in investments that rely on the central banks printing presses. Twelve % of gold production is used in industry (nano technology) and this cant be recycled due to very low concentrations, which means there will be less and less gold available for trading, compare this to Fed supported stock markets. The stockmarkets will come down with 30 to 40 % this year, bookmark this post and cry later.

LOL really

You really thinkit cant fall below 1200 because it costs more than that to mine it ???? thats a good one

[midas]

U.S. Mint suspends some gold coin sales after demand surge

(Reuters) - The U.S. Mint said it has suspended sales of its one-tenth ounce American Eagle gold bullion coins as surging demand after bullion's plunge to two-year lows depleted the government's inventory.

This marks the first time it has stopped selling gold product since November 2009, dealers said. A spokesman for the Mint did not return calls seeking confirmation of that milestone.

So far in April, the U.S. Mint has sold 175,000 ounces of American Eagle gold coins, putting it on track to challenge a high of 231,500 ounces set in December 2009

http://www.reuters.com/article/2013/04/23/us-usmint-gold-suspension-idUSBRE93M1HE20130423?feedType=RSS&feedName=businessNews

[khunken]

A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

would a gold trader say he expects the price to go down?

A trader in physical gold wouldn't care which way it goes - he or she makes money on the bid/offer spread.

The gold is moving from the west to the east. The west are speculators in the gold market and the east are longterm investors. The more gold in the east the more stable the price. The price cant go down below $1200 as this is the production cost. The USGS estimates that there are only 50 000 tonnes left to be mined. I will rather invest in a commodity that are in short supply than in investments that rely on the central banks printing presses. Twelve % of gold production is used in industry (nano technology) and this cant be recycled due to very low concentrations, which means there will be less and less gold available for trading, compare this to Fed supported stock markets. The stockmarkets will come down with 30 to 40 % this year, bookmark this post and cry later.

LOL really

You really thinkit cant fall below 1200 because it costs more than that to mine it ???? thats a good one

Ever heard of scarcity? If the price drops too much (of any commodity) making it uneconomic to mine, basic economics will cause the price to increase because of scarcity. So, Huahin62 is not far wrong.

By the way, the price of gold has been slowly recovering since the c15% two-day drop. It's up to B19,400 already today.

[JeremyBowskill]

A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

would a gold trader say he expects the price to go down?

If shorting it he may.........

[belg]

if you dont speculate in all this bull cheeze market that is manipulated by the few that can get rich with producing NOTHING at all, except panic, than.. you have nothing to lose

[Nickiboy03]

Gold is money! Paper is currency, owned by the issuer /money printer(central bank) because it is brought into existence through debt with interest attached. Paper money is a liability. Any central back can devalue it's supposed worth at any time. The world wide paper ponzi scheme needs more & more debt /growth to continue the scam, well looks to me all fiat currencies have failed throughout human history this time is no different. What will probably be different is the scale of the collapse (Global)

Ask the account holders in Cypress banks if the fiat currency (Euro) they had in was their private property? You think you own this paper crap well you don't. Its a great template for more banker/.gov theft from us.

Good Luck Paper Bugs

[Nickiboy03]

Read and weep http://silverdoctors.com/boes-carneys-dieselboom-policy-makers-working-diligently-to-devise-an-international-bail-in-regime/

[Naam]

A Thai leading gold trader predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year.

would a gold trader say he expects the price to go down?

If shorting it he may.........

[JeremyBowskill]

this story has even reached Texas

#!

#!

I really like this video, you can barely see peter schiffs hand up his rear end.

[Nickiboy03]

I have always wondered why they call a decrease in gold & silver a correction in price when anyone that knows whats actually going on in the gold market knows how undervalued it is. My take is when the price of gold & silver increases thats the correction,we need to throw out this managed perception about markets & establish a new paradigm in what has real value.

A 100$ bill cost last time I looked 3 cents to make, gold averaged from miners all over the world it is 1290$ per troy ounce. It takes 10 years to establish a mine before they can even get the 1st ounce so what really has intrinsic value and lets not even talk about the digital currency created ctrl alt p.

Gold vrs Paper your choice.

[Mudcrab]

Gold is money! Paper is currency, owned by the issuer /money printer(central bank) because it is brought into existence through debt with interest attached. Paper money is a liability. Any central back can devalue it's supposed worth at any time. The world wide paper ponzi scheme needs more & more debt /growth to continue the scam, well looks to me all fiat currencies have failed throughout human history this time is no different. What will probably be different is the scale of the collapse (Global)

Ask the account holders in Cypress banks if the fiat currency (Euro) they had in was their private property? You think you own this paper crap well you don't. Its a great template for more banker/.gov theft from us.

Good Luck Paper Bugs

But you can't eat gold or money .

[PCA]

I have always wondered why they call a decrease in gold & silver a correction in price when anyone that knows whats actually going on in the gold market knows how undervalued it is. My take is when the price of gold & silver increases thats the correction,we need to throw out this managed perception about markets & establish a new paradigm in what has real value.

A 100$ bill cost last time I looked 3 cents to make, gold averaged from miners all over the world it is 1290$ per troy ounce. It takes 10 years to establish a mine before they can even get the 1st ounce so what really has intrinsic value and lets not even talk about the digital currency created ctrl alt p.

Gold vrs Paper your choice.

certainly you will end up very disappointed if you really believe that.

[rbrooks]

Gold is money! Paper is currency, owned by the issuer /money printer(central bank) because it is brought into existence through debt with interest attached. Paper money is a liability. Any central back can devalue it's supposed worth at any time. The world wide paper ponzi scheme needs more & more debt /growth to continue the scam, well looks to me all fiat currencies have failed throughout human history this time is no different. What will probably be different is the scale of the collapse (Global)

Ask the account holders in Cypress banks if the fiat currency (Euro) they had in was their private property? You think you own this paper crap well you don't. Its a great template for more banker/.gov theft from us.

Good Luck Paper Bugs

But you can't eat gold or money .

You beat me to the punchline. True you cannot eat gold or money they are both just mediums of exchange for goods and services in our world as we know it. Gold will buy you paper money and paper will buy you whatever you need or want.

[Mudcrab]

Gold is money! Paper is currency, owned by the issuer /money printer(central bank) because it is brought into existence through debt with interest attached. Paper money is a liability. Any central back can devalue it's supposed worth at any time. The world wide paper ponzi scheme needs more & more debt /growth to continue the scam, well looks to me all fiat currencies have failed throughout human history this time is no different. What will probably be different is the scale of the collapse (Global)

Ask the account holders in Cypress banks if the fiat currency (Euro) they had in was their private property? You think you own this paper crap well you don't. Its a great template for more banker/.gov theft from us.

Good Luck Paper Bugs

But you can't eat gold or money .

You beat me to the punchline. True you cannot eat gold or money they are both just mediums of exchange for goods and services in our world as we know it. Gold will buy you paper money and paper will buy you whatever you need or want.

Only if you have a willing seller. I have food and water...but I don't want your metal or paper...what else can you offer me in exchange?

[Naam]

The gold is moving from the west to the east. The west are speculators in the gold market and the east are longterm investors. The more gold in the east the more stable the price. The price cant go down below $1200 as this is the production cost. The USGS estimates that there are only 50 000 tonnes left to be mined. I will rather invest in a commodity that are in short supply than in investments that rely on the central banks printing presses. Twelve % of gold production is used in industry (nano technology) and this cant be recycled due to very low concentrations, which means there will be less and less gold available for trading, compare this to Fed supported stock markets. The stockmarkets will come down with 30 to 40 % this year, bookmark this post and cry later.

LOL really

You really thinkit cant fall below 1200 because it costs more than that to mine it ???? thats a good one

if you want to hear the most irrelevant claims... try to reason with goldbugs

[Naam]

Gold is money! Paper is currency, owned by the issuer /money printer(central bank) because it is brought into existence through debt with interest attached. Paper money is a liability. Any central back can devalue it's supposed worth at any time. The world wide paper ponzi scheme needs more & more debt /growth to continue the scam, well looks to me all fiat currencies have failed throughout human history this time is no different. What will probably be different is the scale of the collapse (Global)

Ask the account holders in Cypress banks if the fiat currency (Euro) they had in was their private property? You think you own this paper crap well you don't. Its a great template for more banker/.gov theft from us.

Good Luck Paper Bugs

But you can't eat gold or money .

You beat me to the punchline. True you cannot eat gold or money they are both just mediums of exchange for goods and services in our world as we know it. Gold will buy you paper money and paper will buy you whatever you need or want.

Only if you have a willing seller. I have food and water...but I don't want your metal or paper...what else can you offer me in exchange?

sex?

[yoshiwara]

sex?

you are offering sex? would this be LT or ST? Edited April 25, 2013 by yoshiwara

[JeremyBowskill]

I would offer but I don't think they sell gold in small enough pieces.....