Thai Gold Selling Fees

[Dazinoz]

Hi,

Anyone sold Thai gold recently especially gold bars?

I watch the buy/sell prices for both bars and jewellery. I assumed that the price the gold shops bought back for was the lower of the 2 prices in each category. For example when I went to the shop today bars were being sold for 21300 and the buy back price was 21200. This is the 100baht spread as usually quoted.

I took a 5 Baht bar into sell and they quoted me 20900baht per baht. So an extra 300 baht per baht.

(wish they had another name for gold than baht. I know......an ounce could be a good measure.....lol)

This is one of the common gold shops seen everywhere. This one was at a Big C shopping Centre in Chiang Mai.

Any one else have had this experience?

[thrilled]

I believe the best place to buy and sell gold in Thailand is Bangkok Chnatown.Yaraphat road.Maybe other gold shops around Thailand are the same prices.I just don't trust them.As far as the 100 baht difference in the price.It seems to be the norm.

[Suradit69]

"Baht" and "salung" are measures of weight, just as pound and tael are measures of weight, all of which evolved into currency terms as the form of money changed.

There is a standard "commission" or whatever you want to call it when buying or selling gold. When you buy shares on a stock exchange there is a spread between the buy and ask on offer, sometimes substantial and sometimes small, but you're still charged a commission by your broker/dealer.

[Suradit69]

I believe the best place to buy and sell gold in Thailand is Bangkok Chnatown.Yaraphat road.Maybe other gold shops around Thailand are the same prices.I just don't trust them.As far as the 100 baht difference in the price.It seems to be the norm.

Thai gold shops, the established ones, are trustworthy. The prices are set several times a day in Bangkok based on international pricing and currency exchange rates. Whenever I've made a gold purchase or sale in Pattaya the dealer has used a mobile app to check the current price. The prices shown in their window may not reflect the latest change.

I think you mean Yaowarat Road in Bangkok.

I have bought and sold gold in shops in Bangkok and Pattaya, and in collectible coin form at auction in Bangkok. Your lack of trust is just personal prejudice. Shops like Hua Heng Seng in Bangkok or Thong Dee in Pattaya, along with many, many others, have every reason to be totally honest. Any hint of dishonesty would be the death of their businesses. In the case of Eurseree Auctions, they even handle items for or on behalf of the royal household.

There is both a bid/ask spread as is common for currencies and commodities world wide, and a commission.

Edited May 6, 2016 by Suradit69

[Dazinoz]

I understand the daily buy/sell spread price but does anyone know the "standard" commission on buying and selling?