Thailand promising to be world hub of gold

[12DrinkMore]

2014 Gold chart.

How's the Thai gold price done well in the past year? Granted that wasn't said in the article.

this wasn’t said in the article either

Naive bullshit pandering to the the masses with no understanding of finance.

[12DrinkMore]

Thailand is already a world hub of everything that has ever existed.

<deleted>,

It is definitely not a hub of human rights, moral integrity, honesty, perfection, endurance, common human values.

Need I carry on?

Edited November 18, 2013 by 12DrinkMore

[phantomfiddler]

Thailand is already a world hub of everything that has ever existed.

Delusions of grandeur ! I read the New york Times a couple of days ago and was quite surprised that there was absolutely NOTHING in it about Thailand ! not even a mention ! Don,t they know that it is the world leader in all aspects

[Briggsy]

This is the country where overwhelming majority of gold traders will not buy or sell krugerrands or other commonly traded physical gold. And the few traders that do have ridiculous spreads. Thailand will stick to its own insular highly-monopolised market in 23-carat gold only. This idea has already fallen at the first hurdle.

[outsider]

Just what we needed... an outsider giving a 'hub idea' to Thailand... they can come up with them on their own thank you. Still... makes for good reading like all hub stories

[gerrythepoet]

There was a mention of gold smuggling and this article may be of interest:-

Cleaners Find Gold Bars in Aircraft Toilet

Nov 25, 13 | 12:08 am

inShare1

If you're flying business class on an Indian jet, it may pay you to check the toilets for hidden gold.

A scam aimed at smuggling gold bars into India has been uncovered, with the latest incident involving a Jet Airways plane at Kolkata airport.

Cleaners found 24 gold bars worth more than US$1 million hidden in the plane's toilet.

Police investigators say smugglers are targeting those international flights which, after landing at an Indian airport, continue on to another destination within India.

The scamsters are thought to travel business class on international sectors since the number of passengers is less and the toilets are much less used.

They leave the gold behind when the aircraft lands at an Indian airport, before its onward domestic leg.

Another passenger then books a business class ticket for the domestic leg, removes the hidden stash mid-air and, on arrival, walks away without customs examination.

Recently, an aircraft cleaning crew found 280 gold bars inside a plane's toilet after it flew from Dubai to the Bangladesh capital, Dhaka.

India recently raised duty on imports of gold jewellery from 10% to 15%.

Source: Travel Mole

Considering Jet Airways also fly from Bangkok to Indian cities I wonder if gold is leaving Thailand

[craigt3365]

The Economist just released an article on this. I guess India has started putting limits on gold trading. So they are now coming to Thailand and smuggling it into India. The article said a 15k usd investment sells for 16.5k in India.

[Naam]

The Economist just released an article on this. I guess India has started putting limits on gold trading. So they are now coming to Thailand and smuggling it into India. The article said a 15k usd investment sells for 16.5k in India.

total tax on bullion gold in India is presently 18%. black market price is spot plus ~16% when paid in Rupees and ~12% when paid in foreign freely convertible currency.

by the way, in the mid/end 70s the price for gold in India was spot plus 50-60%!

note: since quite some time Indian customs is targetting arriving travellers who carry/wear jewelry valued in excess of USD 10k without declaring it if the gold content is 22k or higher.