Pattaya Gold Shops

[Ling Kae]

I would like to buy 1 baht gold bullion bars for myself.

Do you have any specific recommendations as to who is a good gold shop to deal with? I guess someone trustworthy who doesn't charge ridiculous buy and sell spreads.

I was told Aurora in Central is good, does anyone have any views on them?

I also see gold shops everywhere in Pattaya and I can't see any difference between them all, that's why I ask.

Today the price was 19,250 and 19,150, I think that means I buy the bar for 19,250 and if I walk back in 1 hour later I can sell it back to them for 19,150, is that how it works?

Also if I buy it from one gold shop in Pattaya could I sell that same bar elsewhere in Thailand without any problems or significantly higher commissions?

I note there is an earlier thread about gold but it's a bit dated so I thought some new ideas, help and thoughts might be a good idea.

[Woody1]

Dear God, you've really done your homework on this haven't you!!!

I'd firstly recommend not investing in something you have (obviously) no idea about.

Secondly, if you're adamant I'd suggest heading to China town in BKK.

On a more positive note your presumptions regarding buying and selling are correct, but I think you need to look into matters in more detail, as prices / weight are not the same when talking jewelry vs bars.

[Ling Kae]

Dear God, you've really done your homework on this haven't you!!!

I'd firstly recommend not investing in something you have (obviously) no idea about.

Secondly, if you're adamant I'd suggest heading to China town in BKK.

On a more positive note your presumptions regarding buying and selling are correct, but I think you need to look into matters in more detail, as prices / weight are not the same when talking jewelry vs bars.

Buddy, listen, that's why I asked the questions. I want to buy in Pattaya NOT BANGKOK, I want to buy 1 baht gold bars NOT JEWELRY, if you have nothing to offer then please go elsewhere and stop being such a smart ass.

[Woody1]

Dear God, you've really done your homework on this haven't you!!!

I'd firstly recommend not investing in something you have (obviously) no idea about.

Secondly, if you're adamant I'd suggest heading to China town in BKK.

On a more positive note your presumptions regarding buying and selling are correct, but I think you need to look into matters in more detail, as prices / weight are not the same when talking jewelry vs bars.

Buddy, listen, that's why I asked the questions. I want to buy in Pattaya NOT BANGKOK, I want to buy 1 baht gold bars NOT JEWELRY, if you have nothing to offer then please go elsewhere and stop being such a smart ass.

Do you know what a 1 Baht gold bar is?

I wasn't trying to be a smart ass, as you put it, I was only trying to offer a little advice. Please continue though.

[digbeth]

you'll never get to pay the spot price on the window,

there's a commission charge of around 800baht per 1baht(weight) added for jewellery (this is called Kam-Ned in Thai, supposedly for the labour and design)

and around 100-200 baht per baht for bullion around 1-2 baht weight, on fancier design bullions, they might even charge the full jewelry commisson (for bullions the commission is called the block -charge, as in they're charging you for the use of the block of mold used in pouring out the bullion)

as for selling back, the commission charge of 5% is taken away of the buy price, so either way you'll ended up paying the commission twice when you buy and sell

[Ling Kae]

Dear God, you've really done your homework on this haven't you!!!

I'd firstly recommend not investing in something you have (obviously) no idea about.

Secondly, if you're adamant I'd suggest heading to China town in BKK.

On a more positive note your presumptions regarding buying and selling are correct, but I think you need to look into matters in more detail, as prices / weight are not the same when talking jewelry vs bars.

Buddy, listen, that's why I asked the questions. I want to buy in Pattaya NOT BANGKOK, I want to buy 1 baht gold bars NOT JEWELRY, if you have nothing to offer then please go elsewhere and stop being such a smart ass.

Do you know what a 1 Baht gold bar is?

I wasn't trying to be a smart ass, as you put it, I was only trying to offer a little advice. Please continue though.

Yes I do I went to Aurora gold shop today and there was 1 baht gold bars (it was stamped 1 baht) in the display window, there was several of them for sale. I believe that at today's price it was 19,250 baht. The size of the bar is very small, that's what I would like to buy for myself.

I have 2 separate friends who have purchased Thai gold bars this size, they have differing opinions as to where to buy these small gold bars, hence the question as to which local Pattaya shops to buy from.

[Ling Kae]

you'll never get to pay the spot price on the window,

there's a commission charge of around 800baht per 1baht(weight) added for jewellery (this is called Kam-Ned in Thai, supposedly for the labour and design)

and around 100-200 baht per baht for bullion around 1-2 baht weight, on fancier design bullions, they might even charge the full jewelry commisson (for bullions the commission is called the block -charge, as in they're charging you for the use of the block of mold used in pouring out the bullion)

as for selling back, the commission charge of 5% is taken away of the buy price, so either way you'll ended up paying the commission twice when you buy and sell

Thank you, yes it is the bullion I am after. Sounds like I got to make sure I find a place that doesn't charge Kam-Ned as it will be just straight bullion. So they want 5% to sell it back? Even for bullion? That's like nearly a 1,000 baht in commission for 1 baht bullion.

I use this website to keep track of the daily price: http://www.goldpricethai.com/

[Asiantravel]

there is also Ausiris who have a branch in Pattaya

http://ausiris.co.th/?lan=en#

[digbeth]

For bullions they won't charge Kamned but still they charge 'Block Charge' which is a bit lot less than the Kamned

little bullions of 1-2 baht weight gets charged around 200 baht

For bullions of 5 baht up normally they don't charge the block-charge, so you save around 800-1000 baht

selling back sometime if you take the gold to other brand's shop or less reputable place, the commission might be more than 5%, and other 'hidden' charge might appear like charge to melt down your gold and such

[ThaiBob]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Edited September 23, 2015 by ThaiBob

[Ling Kae]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Hey Bob, thanks for that. OK, so you pay 200 baht more buying it, lets say the window price everywhere is 19,000 baht

You go to Aurora and pay 19,200 on that same day

What would be the buy back price on that same day from Aurora?

All I'm trying to do is find a reputable dealer that won't rip me off, thanks.

[JMWPACIFIC]

Years ago my wife bought a bunch of baht bars for herself in Chinatown at a reputable dealer (can't remember the name) her friend's family knew. I understand Chinatown is the best place to buy.

That said, she is now buying single bars locally at Aurora---you are correct the ask price is what you pay plus, in her case, 200 baht fee.

[ThaiBob]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Hey Bob, thanks for that. OK, so you pay 200 baht more buying it, lets say the window price everywhere is 19,000 baht

You go to Aurora and pay 19,200 on that same day

What would be the buy back price on that same day from Aurora?

All I'm trying to do is find a reputable dealer that won't rip me off, thanks.

Aurora is reputable, the gold shops are regulated by the government. The buying and selling prices are set by the government and can change multiple times throughout the day especially when gold prices are volatile. If you bought at 19200, the selling price within an hour could be higher or lower based on the price set by the government (not Aurora).

[digbeth]

It's actually The Gold Traders' Association that sets the price of gold, not the govenment,

you can check the official price at http://www.goldtraders.or.th/ (in thai but the left column is buy, the right one is sell price, top row is bullion price, bottom row is jewellery)

and the further away from China town the shop is, there tends to be various charge added on top of the 'official' price, but it's pretty transparent, the shop that gives you closest to the official price is probably honest

[Ling Kae]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Hey Bob, thanks for that. OK, so you pay 200 baht more buying it, lets say the window price everywhere is 19,000 baht

You go to Aurora and pay 19,200 on that same day

What would be the buy back price on that same day from Aurora?

All I'm trying to do is find a reputable dealer that won't rip me off, thanks.

Aurora is reputable, the gold shops are regulated by the government. The buying and selling prices are set by the government and can change multiple times throughout the day especially when gold prices are volatile. If you bought at 19200, the selling price within an hour could be higher or lower based on the price set by the government (not Aurora).

Hi Bob, sounds like Aurora might be the place to go. I went there this morning but I forgot that Central doesn't open untill 11 am so I went to Pattaya Klang instead. Went into one and the price on the window was 19,500, the lady inside said she charges a 300 baht premium, so that would make it 19,800 as opposed to 19,700 at Aurora. She also said the selling price which was 19,400 would be what I would get right now if I wanted to sell it back.

Thanks again for the info.

[Ling Kae]

It's actually The Gold Traders' Association that sets the price of gold, not the govenment,

you can check the official price at http://www.goldtraders.or.th/ (in thai but the left column is buy, the right one is sell price, top row is bullion price, bottom row is jewellery)

and the further away from China town the shop is, there tends to be various charge added on top of the 'official' price, but it's pretty transparent, the shop that gives you closest to the official price is probably honest

I've bookmarked that site, thanks.

[Ling Kae]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Bought 1 baht today from Aurora, price was 19,650 and they charged me commission of 250 baht, so 19,900 total. This was in Central mall.

Gold seems to be steadily icreasing, now that I have some I hope the price keeps going upwards.

[ThaiBob]

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Bought 1 baht today from Aurora, price was 19,650 and they charged me commission of 250 baht, so 19,900 total. This was in Central mall.

Gold seems to be steadily icreasing, now that I have some I hope the price keeps going upwards.

I buy gold simply to diversify and keep for the long haul. Easily converted to cash in an emergency. Many forecasts falling prices when the Feds raise rates later this year. I will consider buying again at 17,000.

[Rimmer]

A post shouting at us in CAPS has been removed along with the reply

[dennis123]

Anyone ever calculates the risk of the bullion/bar being stolen? I rather just keep my money in the bank instead of trying to make a few hundred or thousand baht, unless you got a safe at the bank.

One day before I moved into my house my new gardener happily told me that the previous renters were robbed here when I inquired about a chair that was smashed to pieces lol, big fight happened and the previous renters were tied on the chairs by the burglars. Got to love such story when you just move in lol. Anyway that's just one of the many things that could happen.

[ThaiBob]

Theft is always a consideration especially if you have a house. I live in a condo with an excellent safe and we have no security issues here.

[digbeth]

Gold is suprisingly easily convertible to money in Thailand, there's gold shops in practically every town and most Tescos have little shops too, seem to open longer than banks even,

Although most banks offer gold price indexed funds that you can buy into just by depositing money in and sell back when you see the price is right by making a withdrawal with a debit card

There are also 'gold markets' around town now too where you can elect to hold pieces of paper instead of gold or gamble away with various derivatives and future contracts

[balo]

Very interesting. I might invest in some when the price is down to 17000.

[dennis123]

People always say gold is a solid investment, I sure hope no one listened when they bought their gold in 2011

Now the time seems about right, maybe just wait a little more.

When you draw a diagonal growth rate line of the last 10 years and extend it it will take another 12 years for the 2011 gold buyers to break-even on their investment (inflation not included).

On the contrary, the gold buyers in 2006 made a nice 10% yearly profit for the last 10 years.

Edited October 1, 2015 by dennis123

[CG705]

Does anybody know the current buying commision fee for 1bht bars? last time I bought from Aurora in Central they charged 250, but that was a while ago.

[prepress]

On 9/23/2015 at 8:06 PM, ThaiBob said:

I have purchased the one baht gold bullion from Aurora. The price was 200 baht over the buying price of gold. Aurora has shops at all the mall outlets(Big C, Tesco, etc.) and you everywhere outside of Bangkok.

Hi Bob, sorry to jump in 2 years later. Can you tell me the exact dimensions of one 1 Baht Gold bar. Lenght, width, thickness in mm. And if possible the 10 Baht gold bar.

Reason: I'm working on a calculation to use volume, purity% and weight to determine authenticity.

[ThaiBob]

Sorry I do not have that information. 

[prepress]

Too bad. All I need is the thickness.

I measured 70mm long, 40mm wide.

The thickness I could only guess. It was in the package. About 3 or 4mm?