Thai gold price drops Bt650 in one day, worst in 3 years

[webfact]

Thai gold price drops Bt650 in one day, worst in 3 years
By Digital Media

BANGKOK, June 27 – Local gold prices adjusted 10 times yesterday to close at Bt18,250 per baht weight, the lowest in three years.

The Gold Traders Association announced the latest buying/selling prices at Bt18,150/Bt18,250 per baht weight for gold bullion, and Bt17,888.80/Bt18,650 for gold ornaments.

YLG Bullion and Futures said the strengthened US economy and appreciating US dollar are negative factors for gold prices, plus the forecast of lower gold prices by some European banks, including Credit Suisse, which predicted a reduction from US$1,580/ounce to US$1,400/ounce.

Goldman Sachs predicts gold price at US$1,300/ounce at the end of this year and Morgan Stanley has lowered its forecast from US$1,487/ounce to US$1,409/ounce.

The SPDR Gold Trust, one of the world’s largest exchange-traded funds, has gradually released gold in its custody to possess the lowest level in four years, currently at less than 969.501 tonnes.

Gold in SPDR holdings declined by 16.232 tonnes in just one day, reflecting a more vulnerable gold market.

YLG Bullion and Futures recommended short-term investment in gold due to major sell-out despite the slight price increase. (MCOT online news)


-- TNA 2013-06-27

[CobraSnakeNecktie]

on my charts the Gold monthly looks like it wants to test the 200 ema around ~$1000

Interesting times

Edited June 27, 2013 by CobraSnakeNecktie

[David48]

on my charts the Gold monthly looks like it wants to test the 200 ema around ~$1000

Interesting times

Screen Shot 2013-06-27 at 11.43.15 AM.jpg

Which moving average line is which colour?

.

[CobraSnakeNecktie]

Red = 21 EMA

Blue = 55 EMA

Green = 200 EMA

[DiamondKing]

Wasnt it like 16,800 per baht not long ago

[bkk_mike]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

[SGD]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

Add to your statement that holding gold actually costs money in real terms as it requires storage, security and insurance.

[Fullstop]

Buy, buy, buy!

[HUAHIN62]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

[midas]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

Edited June 27, 2013 by midas

[mjsansai]

I have no real knowledge of the precious metals market nor foreign exchange, my father a stock broker in NY always said," Making money on currency and precious metals is more difficult than eating soup with a spoon."

[sotsira]

So much for all the panic buyers who rushed to buy gold in April.

They're now in negative equity!

[sotsira]

I have no real knowledge of the precious metals market nor foreign exchange, my father a stock broker in NY always said," Making money on currency and precious metals is more difficult than eating soup with a spoon."

What's so difficult about eating soup with a spoon?

[Fullstop]

I have no real knowledge of the precious metals market nor foreign exchange, my father a stock broker in NY always said," Making money on currency and precious metals is more difficult than eating soup with a spoon."

But to what degree? It's a meaningless statement. Tying my shoelaces is more difficult than eating soup with a spoon but I can do it with my eyes closed.

[stoli]

Buy, buy, buy!

Have quite a bit to sell have you?

[Fullstop]

Unless he meant "fork" Then it would all make sense.

[Fullstop]

Buy, buy, buy!

Have quite a bit to sell have you?

I don't even have any gold in my teeth!

[stoli]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

Okay, so massive amounts of gold have left banks vaults over the last few months. So. If you told me that we were running out of water, I would be worried. Gold is just an investment strategy, nothing more. No one NEEDS it.

[Bagwan]

Eating soup using a spoon can be quite difficult if you have overdosed on ear medicine.

[Robert2006]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

Add to your statement that holding gold actually costs money in real terms as it requires storage, security and insurance.

I’ve been buying gold since 2003, seems to have worked out well for me, much better than Dollars or Euro’s, I hold very little cash. Storage costs are insignificant and I’m still buying.

[AnotherOneAmerican]

I’ve been buying gold since 2003, seems to have worked out well for me, much better than Dollars or Euro’s, I hold very little cash. Storage costs are insignificant and I’m still buying.

What was your address again?

[bander]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

Okay, so massive amounts of gold have left banks vaults over the last few months. So. If you told me that we were running out of water, I would be worried. Gold is just an investment strategy, nothing more. No one NEEDS it.

Your wrong Thai girls needs gold, it's about life and death to get it every time you pass a gold shop with your mistress

[HUAHIN62]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

Okay, so massive amounts of gold have left banks vaults over the last few months. So. If you told me that we were running out of water, I would be worried. Gold is just an investment strategy, nothing more. No one NEEDS it.

No one needs it untill your paper becomes worthless. The Fed can print as many $ as they want but they can't print gold. Gold is part of an investment strategy not an investment strategy. A balanced portfolio includes gold/platinum/silver, stocks, property, bonds, cash etc. Gold in my portfolio is an insurance policy against the extreme events no one thinks is plausable. But unlike the mainstream media, traders and brokers I don't make my living from selling financial products. I would however advise you to look pass the mainstream media's hype and headlines, pass the "gold is a barbaric relic" pass the Feds promise that the $ is king. Look at the investment cycles and busts we have gone through since the mid 90's and you will see all the bull runs started with the big banks/institutional investors and ended when the retail investors was in the market and those who started the runs out of the market. As I see it now the retail investors are in the market and then according to the recent history it's a good time to get out.

[yoshiwara]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

Okay, so massive amounts of gold have left banks vaults over the last few months. So. If you told me that we were running out of water, I would be worried. Gold is just an investment strategy, nothing more. No one NEEDS it.

No one needs it untill your paper becomes worthless. The Fed can print as many $ as they want but they can't print gold. Gold is part of an investment strategy not an investment strategy. A balanced portfolio includes gold/platinum/silver, stocks, property, bonds, cash etc. Gold in my portfolio is an insurance policy against the extreme events no one thinks is plausable. But unlike the mainstream media, traders and brokers I don't make my living from selling financial products. I would however advise you to look pass the mainstream media's hype and headlines, pass the "gold is a barbaric relic" pass the Feds promise that the $ is king. Look at the investment cycles and busts we have gone through since the mid 90's and you will see all the bull runs started with the big banks/institutional investors and ended when the retail investors was in the market and those who started the runs out of the market. As I see it now the retail investors are in the market and then according to the recent history it's a good time to get out.

This is the sort of junk people write when the price has dropped 25% this year and they are thinking of reasons, any reasons. And what are we left with? Tarrrahhh! The end of the world. That's it. Splat.

[how241]

+1

No one needs it untill your paper becomes worthless. The Fed can print as many $ as they want but they can't print gold. Gold is part of an investment strategy not an investment strategy. A balanced portfolio includes gold/platinum/silver, stocks, property, bonds, cash etc. Gold in my portfolio is an insurance policy against the extreme events no one thinks is plausable. But unlike the mainstream media, traders and brokers I don't make my living from selling financial products. I would however advise you to look pass the mainstream media's hype and headlines, pass the "gold is a barbaric relic" pass the Feds promise that the $ is king. Look at the investment cycles and busts we have gone through since the mid 90's and you will see all the bull runs started with the big banks/institutional investors and ended when the retail investors was in the market and those who started the runs out of the market. As I see it now the retail investors are in the market and then according to the recent history it's a good time to get out.

This is the sort of junk people write when the price has dropped 25% this year and they are thinking of reasons, any reasons. And what are we left with? Tarrrahhh! The end of the world. That's it. Splat.

[AnotherOneAmerican]

If the end of the world comes, you need to be holding lead, not gold.

Edited June 27, 2013 by AnotherOneAmerican

[Cholorado]

can anyone recommend how to buy bullion here in Thailand? or is it kind of sketchy like gems ?

[bigbamboo]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

Better rice than gold. After all, you can't eat gold.

On the other hand, the way things are going Thai rice will be inedible soon as well!

[midas]

MUMBAI (Reuters) – Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports,

http://in.reuters.com/article/2013/06/26/markets-india-gold-idINDEE95P08I20130626

http://libertyblitzkrieg.com/2013/06/26/gold-premiums-double-in-india-as-demand-outstrips-supply/

( The Chinese and Indians are acting exactly as Warren Buffett does when he said (and I paraphrase) “I never understand why people get upset when prices of the shares of companies they own go down. I love it as it gives me a better price to buy more.” )

Edited June 27, 2013 by midas

[Cuban]

Error!!! Headline should read.

Thai gold price drops Bt650 in one day, best in 3 years