george Posted October 28, 2006 Share Posted October 28, 2006 The price of gold ornament today stays at 10,850 baht BANGKOK: -- Today, the Gold Traders Association of Thailand reported that one gold bar (96.5%) is bought at 10,350 baht and sold at 10,450 baht. At the same time, one baht of gold ornament is bought at 10,202 baht and sold at 10,850 baht. --newscaster.com 2006-10-28 Link to comment Share on other sites More sharing options...
Jing-jo Posted October 28, 2006 Share Posted October 28, 2006 The price of gold ornament today stays at 10,850 bahtBANGKOK: -- Today, the Gold Traders Association of Thailand reported that one gold bar (96.5%) is bought at 10,350 baht and sold at 10,450 baht. At the same time, one baht of gold ornament is bought at 10,202 baht and sold at 10,850 baht. --newscaster.com 2006-10-28 HMM............ maybe I should buy a truck load at 10,202 and sell immediately for 10,850 making 648 bht profit per baht so if I buy £100,000 GBP worth this equals 6,965,193 equals 682.75 baht of gold at 10 222 then i sell it for 10,850 that will get me 7,407,600 making a total profit of 442407 Bht so if them figures are correct why is everyone doing it Link to comment Share on other sites More sharing options...
Jing-jo Posted October 28, 2006 Share Posted October 28, 2006 Sorry I meant "why isn't everyone doing it" Link to comment Share on other sites More sharing options...
AlexLah Posted October 28, 2006 Share Posted October 28, 2006 Jing Jo read again..... They sell to you at: 10,850 Bath They buy from you at: 10,202 Bath Alex Link to comment Share on other sites More sharing options...
guardian Posted October 28, 2006 Share Posted October 28, 2006 (edited) Jing Jo, read again properly. Buying/seling is as follows: 10,350 / 10,450 Gold Bars 10,202 / 10,850 Gold Ornaments. Both, completely different type of gold products. Edited October 28, 2006 by guardian Link to comment Share on other sites More sharing options...
thelegend Posted October 28, 2006 Share Posted October 28, 2006 Amazingly almost all Thai gold is mined in Australia.....the World's Quarry. Link to comment Share on other sites More sharing options...
guardian Posted October 29, 2006 Share Posted October 29, 2006 Amazingly almost all Thai gold is mined in Australia.....the World's Quarry. Is it? Source please Link to comment Share on other sites More sharing options...
tropo Posted October 29, 2006 Share Posted October 29, 2006 Amazingly almost all Thai gold is mined in Australia.....the World's Quarry. Gold is an element. It doesn't matter where it is purchased, it's all the same. Australian gold cannot be distinguished from any other gold, and the purchase price will be the same around the world. gold is gold Link to comment Share on other sites More sharing options...
tropo Posted October 29, 2006 Share Posted October 29, 2006 The price of gold ornament today stays at 10,850 baht BANGKOK: -- Today, the Gold Traders Association of Thailand reported that one gold bar (96.5%) is bought at 10,350 baht and sold at 10,450 baht. At the same time, one baht of gold ornament is bought at 10,202 baht and sold at 10,850 baht. --newscaster.com 2006-10-28 HMM............ maybe I should buy a truck load at 10,202 and sell immediately for 10,850 making 648 bht profit per baht so if I buy £100,000 GBP worth this equals 6,965,193 equals 682.75 baht of gold at 10 222 then i sell it for 10,850 that will get me 7,407,600 making a total profit of 442407 Bht so if them figures are correct why is everyone doing it You must be aware that if a gold dealer buys 96.5% gold jewelry at 10,202, they have to melt it down and reproduce another item, hence the mark up to 10,850. They're still only making a margin of about 100 bht per 1 baht (15.2g) item of gold jewelry. This margin for manufacture cost is their only avenue for negotiation. Gold is gold and has a spot price that cannot be bargained down. 1 baht of 96.5% gold jewelry weighs 15.2 grams = 14.668 grams of pure gold. The gold margin (between buy and sell price) here is extremely low. To work out the margin: 1 troy ounce = 31.1035 grams (approx) 1 baht of gold (96.5 %) at Thai gold shops = 15.2 grams = 14.668 grams of pure gold 31.1035/14.668 = 2.12 Thai bahts of gold per troy ounce at 100 bht each = 212 bht These gold dealers here are in essense only charging 212 bht margin on the sale of 1 troy ounce of gold. That's only US$5.73 commission per ounce. I think in Australia (it's been years since I bought gold there so excuse me if the figures are not 100% accurate) you pay about AUD $35 (US $27) per ounce commission. I'm not sure about the US, but it's similar. Buying large quantities of gold is good value in Thailand, but how much can you take with you? Normally gold is considered as currency and can be given a spot value. Link to comment Share on other sites More sharing options...
simcity Posted October 29, 2006 Share Posted October 29, 2006 The price of gold ornament today stays at 10,850 baht BANGKOK: -- Today, the Gold Traders Association of Thailand reported that one gold bar (96.5%) is bought at 10,350 baht and sold at 10,450 baht. At the same time, one baht of gold ornament is bought at 10,202 baht and sold at 10,850 baht. --newscaster.com 2006-10-28 HMM............ maybe I should buy a truck load at 10,202 and sell immediately for 10,850 making 648 bht profit per baht so if I buy £100,000 GBP worth this equals 6,965,193 equals 682.75 baht of gold at 10 222 then i sell it for 10,850 that will get me 7,407,600 making a total profit of 442407 Bht so if them figures are correct why is everyone doing it good to have in thailand , but very hard to sell thai gold oversea ! You must be aware that if a gold dealer buys 96.5% gold jewelry at 10,202, they have to melt it down and reproduce another item, hence the mark up to 10,850. They're still only making a margin of about 100 bht per 1 baht (15.2g) item of gold jewelry. This margin for manufacture cost is their only avenue for negotiation. Gold is gold and has a spot price that cannot be bargained down. 1 baht of 96.5% gold jewelry weighs 15.2 grams = 14.668 grams of pure gold. The gold margin (between buy and sell price) here is extremely low. To work out the margin: 1 troy ounce = 31.1035 grams (approx) 1 baht of gold (96.5 %) at Thai gold shops = 15.2 grams = 14.668 grams of pure gold 31.1035/14.668 = 2.12 Thai bahts of gold per troy ounce at 100 bht each = 212 bht These gold dealers here are in essense only charging 212 bht margin on the sale of 1 troy ounce of gold. That's only US$5.73 commission per ounce. I think in Australia (it's been years since I bought gold there so excuse me if the figures are not 100% accurate) you pay about AUD $35 (US $27) per ounce commission. I'm not sure about the US, but it's similar. Buying large quantities of gold is good value in Thailand, but how much can you take with you? Normally gold is considered as currency and can be given a spot value. Link to comment Share on other sites More sharing options...
Jai Dee Posted November 15, 2006 Share Posted November 15, 2006 Gold prices today The Gold Traders’ Association of Thailand reported that a gold bullion(96.5% of pure gold) is bought at 10,700 baht, and it is sold at 10,800 baht today (Nov 15). In addition, the association also informed that one baht of gold ornament is bought at 10,551.36 baht, while people can sell one baht of gold ornament at 11,200 baht. Source: Thai National News Bureau Public Relations Department - 15 November 2006 Link to comment Share on other sites More sharing options...
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