Gold Shop Harassment for "deposit" of 10k

[amexpat]

Thats clearly not what a deposit does.. A deposit indicates the firm agreement to buy, at a set price.. At teh time of the deal..

If the price rises, they have to honor it.. If the price falls you do.. Given the price was falling they were almost certainly concerned she would try to squirm out of the agreed price..

Any return of the deposit will I am sure come after a deduction in falling price levels, as is fair.. Of course in a rising market I bet they wouldnt hesitate to give the deposit back in full and no one would hesitate to buy the gold.

But where is the drama in that? The intrigue? The devious girlfriend, swindling shop owners, uncooperative police?

You're no fun at all.

[ozyjon]

What would I do ?

Never ever leave a deposit for anything. Best of luck getting your 10,000 baht back if you decide not to buy the gold from that shop.

The second I am harassed for a deposit, I am out of there never to return.

''The second I am harassed for a deposit.''

My reply would be

''I'm just going to the toilet''

I am out of there never to return.'

[bigwhitewarrior]

Did she get a receipt ? If so go get your money back..if nessesary involve the police .

[technologybytes]

You could buy the gold and then sell it immediately. The loss will be minimal, at least you won't be fighting for a deposit.

[schietkop]

Its a bit weird they dont even stock 5 baht? I ever bought 20baht they walked to the back and had it in a minute. Why don't you buy from a famous chain, then you are sure your not being scammed, and they always buy back the gold they sell as it has their stamp. I always buy from Aurora, you can find them al over BKK. They NEVER ask for deposit, and they always stock 5 Baht as its nothing for a shop....

[2fishin2]

Who knows what the word "harassed" means? There is much more to this story than I think the OP knows. Hahahahah you guys get all spun up about the craziest things....

[godden]

no help for brain dead people

[bangmai]

Geez, yesterday, someone got first class emergency medical treatment and it cost 140 usd. Today someone had to make a 10% deposit on a business deal. Call the Tourist Police! Go home to your mother, or better yet, go home to your Nanny States. I'm sure those stitches would have been free in Canada, with a 60% income tax rate to go with it, but I doubt they would let you buy 2.5 oz of gold without some collateral.

[Jonmarleesco]

Pity you weren't with her. A couple of gears up on the hopeful: 'it finishes today' type of sales tactic. Probably less a scam than their demanding payment of a deposit for something they don't need to hold in reserve, but which they will undoubtedly refuse to return should you not buy.

Can only suggest your girlfriend (not you) goes to a police station - not the nearest, which will no doubt be in receipt of funding from the shop - and see what they say.

[Jonmarleesco]

Geez, yesterday, someone got first class emergency medical treatment and it cost 140 usd. Today someone had to make a 10% deposit on a business deal. Call the Tourist Police! Go home to your mother, or better yet, go home to your Nanny States. I'm sure those stitches would have been free in Canada, with a 60% income tax rate to go with it, but I doubt they would let you buy 2.5 oz of gold without some collateral.

A deposit for something she wanted, that they had, and which they would reserve for her in exchange for a deposit. But collateral? For what?

[dapperdan]

buy the ishares, GLD.....holding physical gold is about like buying a truckload of K rations from military surplus.

Gold shares are just confetti. Gold coins are the real thing.

[JulieM]

Pity you weren't with her. A couple of gears up on the hopeful: 'it finishes today' type of sales tactic. Probably less a scam than their demanding payment of a deposit for something they don't need to hold in reserve, but which they will undoubtedly refuse to return should you not buy.

Can only suggest your girlfriend (not you) goes to a police station - not the nearest, which will no doubt be in receipt of funding from the shop - and see what they say.

Another senseless comment from someone who has no idea how these shops operate. If the OP wants his money back he will absolutely get it back. The shop has too much to lose by behaving badly.

[NancyL]

What isn't clear is if it is normal business practice to ask for a deposit if a shop has to order in merchandise that they would otherwise be able to sell.

For example, I went to a favorite rattan furniture shop on Chang Moi and asked the owner to supply me with a cabinet similar to one he carries in his shop, but with unusual dimensions and special features per my drawings -- sized just perfectly for my kitchen, but admittedly a little strange and probably unsalable if I failed to return to pick it up once he had it made. I wasn't offended when he asked me to pay for 1/2 the agreed price up-front.

But in the case of gold bars, I've got to believe that's a commodity that you'd normally expect a gold shop to have in stock and/or be able to see to another customer if she didn't come back. All I can assume is that the OP's GF was locking in a price by making a deposit. What other reason could there be for making a deposit?

[onthedarkside]

Its a bit weird they dont even stock 5 baht? I ever bought 20baht they walked to the back and had it in a minute. Why don't you buy from a famous chain, then you are sure your not being scammed, and they always buy back the gold they sell as it has their stamp. I always buy from Aurora, you can find them al over BKK. They NEVER ask for deposit, and they always stock 5 Baht as its nothing for a shop....

Interesting ... my wife always buys from Aurora (it's a Thai national chain) and they never have 5 baht gold ingots in stock, always have to order from BKK. As for 20 baht bar - that's about 375,000 baht at today's price. I would never expect a regular shop to stock.

[onthedarkside]

What would I do ?

Never ever leave a deposit for anything. Best of luck getting your 10,000 baht back if you decide not to buy the gold from that shop.

The second I am harassed for a deposit, I am out of there never to return.

This is an incredibly paranoid opinion coming from the same guy that thinks it is dangerous to use a credit card in Thailand. Of course the shop will give him his money back if he wants it. Have you ever done business with these shops?

You can have your opinion, I am allowed to have my opinion. No need for your negative comment. My opinion has been generated from my experience. I will happily admit I'm a half empty glass sort of person. If you are a half full glass person then good for you.

[trainman34014]

I wonder if she was looking at clothes in Tesco some bright sales assistant could con her into leaving a deposit for something she might not want ? Errr...hang on; there are no bright sales assistants in Tesco !

Anyway; if she was just browsing, gold shop or any other, she shouldn't have allowed herself to be trumped in this way. Does her lift go right to the top ? Are the lights on but there's nobody home ? Is she one sandwich short of a picnic ?....and so on....

[LarryBird]

I'm with the poster who thinnks it's strange they didn't have that small amount of gold on hand. I would have looked elsewhere to get it that day.

I'd say there's a decent chance OP is pretty clueless and is being conned by his gf.

[bangmai]

buy the ishares, GLD.....holding physical gold is about like buying a truckload of K rations from military surplus.

Gold shares are just confetti. Gold coins are the real thing.

gold coins are a boiler room favorite.........way more profitable for them to sell you the coins than real gold.

[Lowriesuzanne]

For years I have been making rings, necklaces and earrings with two shops in Chiang Mai. We figure out how much gold will be needed and I pay, as a down payment, the price of buying the gold. I give them my gems from Chantaburi and the diamonds from Israel. What I pay after the item is finished is the price of labor and the shop's profit. This is standard practice so the shop does not have to go to a money lender to buy the gold. It turns out to be cheaper for me. If your girl friend deposited $10,000 baht then she will probably owe another $20,000 baht. What is the problem? She has a receipt.

Best wishes,

Suzanne

[elektrified]

The other option is to just buy the gold. Make sure you bring a scale to weigh it if you think these people are cheats and then go sell it elsewhere or keep it.

I don't think that's necessary. Gold shops are not known for ripping people off. If it was one of the 2 or 3 shops immediately upon entering Kad Luang from the direction of the bridge (coming from Kaeo Narawat), then there is absolutely no need to worry about them cheating you on the weight of the gold. They are very reputable. I've bought gold from the first shop a few times. They have the largest stock I've seen in Chiang Mai.

As far as getting the deposit back, I would say your chance is only 50% because they will claim it was a deposit on the order. Those first 3 shops all have 5 Baht gold bars so I suspect you bought somewhere else.

But I'm still scratching my head as to why you sent someone to conduct your business???? That makes no sense at all.

[NancyL]

The other option is to just buy the gold. Make sure you bring a scale to weigh it if you think these people are cheats and then go sell it elsewhere or keep it.

I don't think that's necessary. Gold shops are not known for ripping people off. If it was one of the 2 or 3 shops immediately upon entering Kad Luang from the direction of the bridge (coming from Kaeo Narawat), then there is absolutely no need to worry about them cheating you on the weight of the gold. They are very reputable. I've bought gold from the first shop a few times. They have the largest stock I've seen in Chiang Mai.

As far as getting the deposit back, I would say your chance is only 50% because they will claim it was a deposit on the order. Those first 3 shops all have 5 Baht gold bars so I suspect you bought somewhere else.

But I'm still scratching my head as to why you sent someone to conduct your business???? That makes no sense at all.

Yes, this is an interesting point -- why the OP sent his GF (and at least 10,000 baht in cash) to make a purchase that was of interest to him. He must have he had confidence in her ability to handle this transaction. I certainly wouldn't trust this amount of cash to anyone (family included) unless I'd witnessed them buying gold locally and knew they could do a good job.

If the GF has a history of being a "pushover", then he definitely shouldn't have let her go alone, even if she does speak the language and he doesn't. Plenty of foreigners buy gold and the Thai language skills needed for the transaction aren't complicated.

One thing's for certain -- the OP has learned a lesson. Don't let the GF handle transactions alone in the future. There's no shame in this. Heck, in our marriage, we both know Hubby's a pushover. Back when we lived in the U.S., whenever Hubby would answer a telemarketer's call he'd listen all-so-politely until finally he could get in a word to say "let me hand the phone to my wife. She's the one in charge of saying no."

[devaram]

Get your money back and do nnot do business with this shop. Go to the large shop on the corner near Chiangmai plastic. The lady who is the owner went to college in California. She is very kind person who has gone out of her way many times to help me. She will never cheat you or use anny pressure. Her name is Tai.

Tell her David sent you!

[Chiengmaijoe]

Much ado about nothing.

[JulieM]

Its a bit weird they dont even stock 5 baht? I ever bought 20baht they walked to the back and had it in a minute. Why don't you buy from a famous chain, then you are sure your not being scammed, and they always buy back the gold they sell as it has their stamp. I always buy from Aurora, you can find them al over BKK. They NEVER ask for deposit, and they always stock 5 Baht as its nothing for a shop....

Interesting ... my wife always buys from Aurora (it's a Thai national chain) and they never have 5 baht gold ingots in stock, always have to order from BKK. As for 20 baht bar - that's about 375,000 baht at today's price. I would never expect a regular shop to stock.

The larger gold shops at Warorot market could probably supply you with a hundred 20 baht bars if you needed them, immediately if you had the cash.

[JulieM]

What would I do ?

Never ever leave a deposit for anything. Best of luck getting your 10,000 baht back if you decide not to buy the gold from that shop.

The second I am harassed for a deposit, I am out of there never to return.

This is an incredibly paranoid opinion coming from the same guy that thinks it is dangerous to use a credit card in Thailand. Of course the shop will give him his money back if he wants it. Have you ever done business with these shops?

You can have your opinion, I am allowed to have my opinion. No need for your negative comment. My opinion has been generated from my experience. I will happily admit I'm a half empty glass sort of person. If you are a half full glass person then good for you.

So in your experience you have given a deposit to a gold shop in Chiang Mai and had trouble getting your deposit back? I find that impossible to believe. My issue with TV is that too many people share their opinions when they do not have the experience to share a useful opinion. And since you carry a "moderator" tag some people, like the OP, but put some faith in your opinion.

[JulieM]

I know foreigners here who have had others (Thais) buy gold for them. There was a time when the larger gold shops at Wararot asked for a passport if a non-Thai bought gold. They made a copy and who knows what happened to it. I don't know if that is going on now.

[Chiengmaijoe]

What would I do ?

Never ever leave a deposit for anything. Best of luck getting your 10,000 baht back if you decide not to buy the gold from that shop.

The second I am harassed for a deposit, I am out of there never to return.

This is an incredibly paranoid opinion coming from the same guy that thinks it is dangerous to use a credit card in Thailand. Of course the shop will give him his money back if he wants it. Have you ever done business with these shops?

You can have your opinion, I am allowed to have my opinion. No need for your negative comment. My opinion has been generated from my experience. I will happily admit I'm a half empty glass sort of person. If you are a half full glass person then good for you.

So in your experience you have given a deposit to a gold shop in Chiang Mai and had trouble getting your deposit back? I find that impossible to believe. My issue with TV is that too many people share their opinions when they do not have the experience to share a useful opinion. And since you carry a "moderator" tag some people, like the OP, but put some faith in your opinion.

I was with you until the last sentence.

[onthedarkside]

So in your experience you have given a deposit to a gold shop in Chiang Mai and had trouble getting your deposit back? I find that impossible to believe. My issue with TV is that too many people share their opinions when they do not have the experience to share a useful opinion. And since you carry a "moderator" tag some people, like the OP, but put some faith in your opinion.

I stated my view, and I have nothing further to add.

[Beetlejuice]

First, was she at the market where all the gold shops are because if she was she should have been able to find a shop that had 5 baht gold bars on hand. The smaller gold shops won't be carrying 5 baht bars but some will order the 5 baht bar for you and yes, then they will ask for a deposit.

The bigger question is what price did you pay versus that day's sell price? Even with gold bars there is usually a markup involved.

yeah it was in the market with lots of other shops. We paid 19,150 when gold price today is 18862

Do you mean WE or YOU?

As I see the situation, your girlfriend is in a no lose situation. Sorry my friend but I think you are being had as a chump. It seems your so-called girlfriend has struck while the iron is hot, she has committed you into buying her some gold.

My advice is; treat with caution and be suspicious, otherwise this so-called relationship may end up costing you dear in a very short amount of time.

However you decide to play this, you do so at your own risk and discretion.

[jerome2]

YOU'RE LUCKY, I had to pay 100 % ,if they don't have it in stock ,I took very good care of my ticket -70000b at that time- and I got it like he said I would after 1 week or 2 .They block the price so if it goes down and you want to cancel you might have to pay the difference

The gold shops are almost the only thai you can trust

Edited February 12, 2015 by jerome2