Selling gold explanation..

[JaiLai]

The buying price is 22650, selling 22750 today.

I have 50 baht weight ( in bars ), I'm only being offered 21,150 per baht?? They say they need the original paperwork when bought, which I no longer have.

I also have 40 baht weight in chains etc that I'm getting offered 20,800 per baht, also no paperwork.

All sounds a bit fishy to me or is this correct?

All gold was bought about 15 years ago at approx 6-7,000 baht per baht weight so I'm not losing money just s little confused.

Thanks

[meatboy]

if you do sell dont let them take it out the back,because they will come back and tell you its not pure and only offer you x-amount.

tricks of the trade.

[Briggsy]

They are buying at around 7% less than median price for the bars and more for the ornamental gold.

The margin gets less, the nearer you go to the centre of trade. You need to consider if the cost of travelling to Yaowarat in Bangkok is worth the increased selling price you will get for your gold.

Because of the amounts involved, the paperwork would be an issue. Ensure you take ID.

[JaiLai]

They are buying at around 7% less than median price for the bars and more for the ornamental gold.

The margin gets less, the nearer you go to the centre of trade. You need to consider if the cost of travelling to Yaowarat in Bangkok is worth the increased selling price you will get for your gold.

Because of the amounts involved, the paperwork would be an issue. Ensure you take ID.

So would I get a better price selling at several shops on smaller quantities?

Regarding the paperwork I'm pretty sure that when Thais sell their chains etc none of them have paperwork ( albeit normally much smaller amounts ).

Thanks

[Seligne2]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

[starship]

You only get the highest price when you buy and sell from the same shop. You are are being offered a lower but still reasonable price from said shop because you did not buy from them. You also want to sell a large amount of gold with no purchase receipt - this may also factor in a bit.

The ornamental price is always lower due to the manufacturing cost. It's always better to buy bullion or bars if for investment, as you get the best price on these. However it's best to go for 5 or 10 baht bars as you get the best return price or these. 1 baht bar has a slightly lower return price.

The price you are offered by different shops can vary so it's worth shopping around. The price also obviously varies daily and some shops can be slow to amend their prices.

Depending on where you are you may not need to go to Yarowat (Chinatown). There is a branch of Hua Seng Heng who are a respected Yarowat dealer in Seacon Square on Srinakarin road. It's nearly always busy in there with people trading. I've bought and sold from there in the past and it was very straightforward and the spread was very low.

[lonewolf99]

In all the Thai golds shops I have been to they sell and buy the jewelry at a higher price ? i.e. the 1 baht necklaces.

The small ingots you get less for....

I have noticed that locals never get asked for paperwork and you do get a better price from the shop you buy from.

As already mentioned, go to as many small shops in BKK as you can getting the best deals you can.

I would also be very careful about going around with that amount of gold, go to the worng shop and walk out again with it and you might be followed by the wrong kind of people that the shop owners phones after you leave.

[dotpoom]

if you do sell dont let them take it out the back,because they will come back and tell you its not pure and only offer you x-amount.

tricks of the trade.

What could they do out the back to convince a person that it's not pure for him to be fooled, they would have to do it in front of him.

If you had said something about it's weight I might have understood....like, they could take it the back and cut out a link or two and come back and then weigh it in front of him and it would show up lighter than it was when he gave it to them?

[mamypoko]

Only wondering...is there a place/site to sell your gold peer to peer?

Would that be legal?

Can you post it on TV's classified site? ...buyer and seller each do better

[gandalf12]

I fail to see the relevance as to when you bought them? It has no bearing on the price

[JaiLai]

Thanks to those of you with advice / feedback.

I'll let you know the outcome, I'd what price I get.

[Briggsy]

They are buying at around 7% less than median price for the bars and more for the ornamental gold.

The margin gets less, the nearer you go to the centre of trade. You need to consider if the cost of travelling to Yaowarat in Bangkok is worth the increased selling price you will get for your gold.

Because of the amounts involved, the paperwork would be an issue. Ensure you take ID.

So would I get a better price selling at several shops on smaller quantities?

Regarding the paperwork I'm pretty sure that when Thais sell their chains etc none of them have paperwork ( albeit normally much smaller amounts ).

Thanks

You have misunderstood me. The better price is to be found at the centre of Thailand's gold trade which is geographically Bangkok or better still Yaowarat. As another poster pointed out, branches of big traders in Bangkok will also offer far better spreads than you have been offered.

So, to summarise, if you want the best price go to Yaowarat.

[elgordo38]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

I am in Chiang Mai and might take 2 or 3 if they are real and the price is right. A lot of fake gold flying around because of renewed interest in gold.

[Happy Grumpy]

I bought at around 18k in around 2009-ish. Bought in Yarowat in BKK, kept the small paperwork with it, sold two years later at around 24 or 26k. Forget which. Just got lucky. Took the gold and receipts back to the same shop I bought them from, no bother, done in a minute. Got the GAT price minus 100b per baht.

[SOTIRIOS]

....I would guess that it is because of obvious reasons....

[Berty100]

Interested in the outcome, as I started a similar thread just a few days ago.

When I visited a few shops in Pattaya to inquire about gold bullion/ingot I was told that they charge the highest price + 100 Baht/baht gold when I buy

I also asked what I get when I sell and they told me the lowest price and no commission charged, so I would get in your case 22.650.

So or I was told porkies, or someone is trying to rip you off.

Another possibility is of course that they cover themselves because it is weekend and the real price can only be set on Monday.

[Berty100]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

I am in Chiang Mai and might take 2 or 3 if they are real and the price is right. A lot of fake gold flying around because of renewed interest in gold.

There is no "right price" for gold, since it has a fixed price.

Amazing that some members try to take advantage of the ignorance of fellow members.

Edited July 9, 2016 by Berty100

[Briggsy]

Interested in the outcome, as I started a similar thread just a few days ago.

When I visited a few shops in Pattaya to inquire about gold bullion/ingot I was told that they charge the highest price + 100 Baht/baht gold when I buy

I also asked what I get when I sell and they told me the lowest price and no commission charged, so I would get in your case 22.650.

So or I was told porkies, or someone is trying to rip you off.

Another possibility is of course that they cover themselves because it is weekend and the real price can only be set on Monday.

I think that when you actually come to sell, you will not get the GTA price. They will offer you significantly lower.

http://www.goldtraders.or.th/

[Berty100]

Interested in the outcome, as I started a similar thread just a few days ago.

When I visited a few shops in Pattaya to inquire about gold bullion/ingot I was told that they charge the highest price + 100 Baht/baht gold when I buy

I also asked what I get when I sell and they told me the lowest price and no commission charged, so I would get in your case 22.650.

So or I was told porkies, or someone is trying to rip you off.

Another possibility is of course that they cover themselves because it is weekend and the real price can only be set on Monday.

I think that when you actually come to sell, you will not get the GTA price. They will offer you significantly lower.

http://www.goldtraders.or.th/

The second line is for jewelry, which get a higher price when bought because of the labor involved, and a lower price when sold because it has to be melted again.

ทองคำแท่ง = gold bar

ทองรูปพรรณ = Gold Jewelry

Edited July 9, 2016 by Berty100

[elgordo38]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

I am in Chiang Mai and might take 2 or 3 if they are real and the price is right. A lot of fake gold flying around because of renewed interest in gold.

There is no "right price" for gold, since it has a fixed price.

Amazing that some members try to take advantage of the ignorance of fellow members.

Amazing how fast you are to jump somebody no lovin last night?. I doubt very much if the gentleman is "ignorant" as you claim prices are listed on line. Again being a stranger there is the fact of authenticity fakes abound all over they are all the rage in Issan at present. They would have to be tested. What I meant by meant by the price being right is the fact that it complies with the market price i.e. the listing for these coins on CANADIAN sites in Canadian dollars converted to bahts.

[Seligne2]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

I am in Chiang Mai and might take 2 or 3 if they are real and the price is right. A lot of fake gold flying around because of renewed interest in gold.

Thank you, but I have a bunch and would like to deal with a firm in one go.

[Suradit69]

I buy and have sold gold bars, almost always using the same shop in Pattaya. The owner knows me by sight. He always uses his phone to get the absolute current buy/sell prices.

When selling, the price he gives me is the one shown on the Gold traders' site, minus the standard commission.

Even at other proper gold shops in Pattaya or Bangkok, they have always been very upfront and transparent.

The "tricks of the trade" comment above is nonsense and just farang imagination. No reputable dealer would want to get a reputation for short-changing customers. It would kill his business.

If the price you're offered is below the current price shown at the website ( http://www.goldpricethai.com/ ), especially in some small scale shop out in the middle of nowhere, just say " no thanks" and wait until you can get to a proper gold dealer in an urban area.

Edited July 9, 2016 by Suradit69

[ggt]

When one buys gold...there is a fairly standard premium one will pay above the stated price of gold marketed worldwide...the shop needs to make some money on the sale...

When one sales gold...it is a different story...there is no guarantee you will get the best price at a particular shop...one should shop around when selling gold...just like when buying...one is at the mercy of the shop owner...most know this...and will low-ball you if possible...give you less than the going rate...then sell it the same day for the much higher premium...

After all, the shop is in business to make money...not just exchange gold for baht...

This is the plight of holding gold as an investment...

Kitco.com buys gold from the public...I do not know if they will purchase internationally...but they paid me the exact amount gold was selling for on the world-market when I sold some bars a few weeks ago...you will have to follow strict guidelines for shipping...if they will do it at all...

Good Luck!

[Berty100]

Interesting thread. On a another gold-related matter, is there a market for 1 ounce Canadian Maple Leafs in BKK?

I am in Chiang Mai and might take 2 or 3 if they are real and the price is right. A lot of fake gold flying around because of renewed interest in gold.

There is no "right price" for gold, since it has a fixed price.

Amazing that some members try to take advantage of the ignorance of fellow members.

Amazing how fast you are to jump somebody no lovin last night?. I doubt very much if the gentleman is "ignorant" as you claim prices are listed on line. Again being a stranger there is the fact of authenticity fakes abound all over they are all the rage in Issan at present. They would have to be tested. What I meant by meant by the price being right is the fact that it complies with the market price i.e. the listing for these coins on CANADIAN sites in Canadian dollars converted to bahts.

I thought it was clear from the OP that he owns Thai Gold bars and not Canadian coins or whatever, so the right price today would be 22.650 / baht weight.

Edit : Apologies, I just notice that your comment is to Seligne2 and not the OP.

Edited July 9, 2016 by Berty100

[BrainLife]

I will offer 10.000 no paperwork needed.

Get a life

[ozyjon]

Hold on to your gold, the price is going up.

[gdgbb]

if you do sell dont let them take it out the back,because they will come back and tell you its not pure and only offer you x-amount.

tricks of the trade.

Nonsense, no reputable gold shop will do that.

[louse1953]

Look at it at their point of view.No paperwork,where did you get it.Oh, you have to take my word for it.Then they have to sell with no paperwork.Sounds a bit fishy to me.Paperwork should have been with the gold,right.

[jacko45k]

if you do sell dont let them take it out the back,because they will come back and tell you its not pure and only offer you x-amount.

tricks of the trade.

What could they do out the back to convince a person that it's not pure for him to be fooled, they would have to do it in front of him.

If you had said something about it's weight I might have understood....like, they could take it the back and cut out a link or two and come back and then weigh it in front of him and it would show up lighter than it was when he gave it to them?

They may just claim to have tested it and found it to be a lower purity than you claimed, ie lower carat value.

Shop around, and watch your back.

[gemguy]

They are paying the current going rate minus a percent for their profit margin to be made when they resell it at the current rate.

Plus if they look at what they are buying and can see the item has some wear and tear then they will discount a further small percent plus there is the factor concerning what is a popular selling item verses something that they could buy from you but it sits there and maybe never sells.

They operate on marginal profits and buy the gold from mass manufactures of the Thai Baht gold items to be sold at marginal profits as it is based on international gold trading prices and the prices are always very competitive and marginal but sold in volumes.

Some of the larger Gold shops make their own items and therefore additional profit but most buy the variety of items from the large gold trading and Thai Baht gold item manufactures.

The big advantage here in Thailand is the gold can easily be exchanged for cash money for about 3 to 5 % less than what they would sell the same item to you.

They do not need to buy anything from the consumers ...but they do because of the way they buy and sell a standard gold content item on a daily basis at marginal profits.

If you are worried they will cheat you by way of telling you the item is not what you know it to be or believe it to be then you can have the gold assayed and receive a certificate stating its gold content.

The service takes about 20 minutes and they give you a break down of the make of the item....how much pure gold = 23 parts or 96.5 % pure gold and I part of 24 parts being alloys or 3.5% alloys and what alloys are mixed with the gold and the percent of each alloy.

Meantime...you are making a handsome profit....good for you.

Cheers