Selling Thai Gold in the US (California) without getting ripped off

[thonglor10]

I have some Thai Gold that I bought while in Thailand that I'd like to sell. In Thailand it was extremely liquid at any gold shop for a small fee just paying the spread. 1-2% or so, if memory serves. However in America, when I take this gold into any gold dealer, they try to give me 80-85% or even less, of spot price. That's just a ripoff. They're going to turn around and sell it, after maybe melting it down, for 100%. A big problem is they're not famliar with Thai Gold but I've even found some gold dealers that specialize in Asian Gold and they too try to give me a ripoff price for it.

Other than bringing it back to Thailand, what are my options? Are there maybe reputable companies in Thailand I can send it to and have them put money in my bank account? I have a Thai bank account if that will help matters, and can accept Baht.

Thanks for any tips.

[manarak]

I had the same problem as you some yeas ago.

Your best bet are shops in immigrant quarters and Jewish shops.

You need to know exactly how much your gold is worth and how much you want for it, then visit some shops and tell your price.

I think 10% profit is okay for the buyer for a value of 1000 USD.

I got rid of my gold for 1000 USD, it was worth 1120 USD at fair value. I got the money but no receipt.

[Oxx]

Thai gold is less pure than gold bullion, the minimum gold percentages being 96.5% and 99.5% respectively, so the price would be less in any case. However, in the US, basically nobody wants 96.5% gold, and converting it to another purity would be non-standard, and hence more expensive. No ripoff here.

[falang50]

Go to a local Thai restaurant, and ask them who will be interested. Thai , Vietnamese, any Asian markets ans/or restaurants will recognize the quality, and most likely tell you how to liquidate your gold ornaments. Realistically, you should get your cost and up to 15-20% markup, at best. I did in North Florida 10-12 years ago.

[gandalf12]

Thai gold does not carry an Assay stamp that is why they ar offering you a low rate. Without the stamp it could be anything and they will need to have it stamped with whatever level it is before they can sell it.

You are not being ripped off they are right to be cautious

[thonglor10]

you should get your cost and up to 15-20% markup

well this is obviously the answer i would like to be true

i was skeptical but i decided to check eBay and there are people asking for quite a premium on their Thai Gold actually. you still have to pay eBay and PayPal fees and such but it looks like i might be able to get spot price that way. worth a shot at least.

thanks!

[thonglor10]

You are not being ripped off

From the gold shop owners perspective maybe 20% off of spot price is not a ripoff just what he needs to justify buying it, so if you want to look at it as 'a bad deal for me' or simply 'much worse than selling it in Thailand' as opposed to 'ripoff' that's fine. I'm not going to sell it for that much less than I could get in Thailand. I have no idea when I'll be back again but I would just hold it until I go. That's too much money to lose.

[gandalf12]

You are not being ripped off

From the gold shop owners perspective maybe 20% off of spot price is not a ripoff just what he needs to justify buying it, so if you want to look at it as 'a bad deal for me' or simply 'much worse than selling it in Thailand' as opposed to 'ripoff' that's fine. I'm not going to sell it for that much less than I could get in Thailand. I have no idea when I'll be back again but I would just hold it until I go. That's too much money to lose.

There is no Assay stamp so it could be any percentage of gold. Would buy buy something on the word of the seller if there was no stamp to verify the claim? I wouldnt and I am sure you wouldnt. Get the gold tested and stamped with an Assay stamp and you wont have the problem.

[manarak]

You are not being ripped off

From the gold shop owners perspective maybe 20% off of spot price is not a ripoff just what he needs to justify buying it, so if you want to look at it as 'a bad deal for me' or simply 'much worse than selling it in Thailand' as opposed to 'ripoff' that's fine. I'm not going to sell it for that much less than I could get in Thailand. I have no idea when I'll be back again but I would just hold it until I go. That's too much money to lose.

There is no Assay stamp so it could be any percentage of gold. Would buy buy something on the word of the seller if there was no stamp to verify the claim? I wouldnt and I am sure you wouldnt. Get the gold tested and stamped with an Assay stamp and you wont have the problem.

and of course assay stamps cannot be fake.

lol

actually, most shops will test the gold themselves (touchstone) to determine the gold's purity before buying any significant quantity.

[thrilled]

I believe the average gold dealer in the US will try and rip you off.They test it and see it's 23K.They will try to give you the 18K price.

Study what you have before you go to the shop.Don't take it to A pawn shop.You might want to consider eBay.

[gandalf12]

You are not being ripped off

From the gold shop owners perspective maybe 20% off of spot price is not a ripoff just what he needs to justify buying it, so if you want to look at it as 'a bad deal for me' or simply 'much worse than selling it in Thailand' as opposed to 'ripoff' that's fine. I'm not going to sell it for that much less than I could get in Thailand. I have no idea when I'll be back again but I would just hold it until I go. That's too much money to lose.

There is no Assay stamp so it could be any percentage of gold. Would buy buy something on the word of the seller if there was no stamp to verify the claim? I wouldnt and I am sure you wouldnt. Get the gold tested and stamped with an Assay stamp and you wont have the problem.

and of course assay stamps cannot be fake.

lol

actually, most shops will test the gold themselves (touchstone) to determine the gold's purity before buying any significant quantity.

Try and grow up. You are asking a dealer to take your word for it. I sure as hell wouldn't take your word for it. Either do something or forget selling them. Sounds more like you are trying to pull a fast one on the potential buys and they are not going for it.

Assay stamps are very rarely faked as they contain a lot of information. Information the buyer can check.

[manarak]

Try and grow up. You are asking a dealer to take your word for it. I sure as hell wouldn't take your word for it. Either do something or forget selling them. Sounds more like you are trying to pull a fast one on the potential buys and they are not going for it.

Assay stamps are very rarely faked as they contain a lot of information. Information the buyer can check.

huh?

I sold what I had years ago...

[elgordo38]

you should get your cost and up to 15-20% markup

well this is obviously the answer i would like to be true

i was skeptical but i decided to check eBay and there are people asking for quite a premium on their Thai Gold actually. you still have to pay eBay and PayPal fees and such but it looks like i might be able to get spot price that way. worth a shot at least.

thanks!

Looking at it from a buyers viewpoint I would never never buy gold on Ebay as there is just to much fake gold flying around. Once the have taken the money from your PP account its game over. Your mistake was to take Thai gold to American where standards and markings are different. If you only loose 20% consider yourself lucky. Unless the buyer has an Asia source to move it to it would have to be resmelted and therein lies the cost factor. Edited July 11, 2016 by elgordo38

[suzannegoh]

Try kitco.com.

[bark]

You are not being ripped off

From the gold shop owners perspective maybe 20% off of spot price is not a ripoff just what he needs to justify buying it, so if you want to look at it as 'a bad deal for me' or simply 'much worse than selling it in Thailand' as opposed to 'ripoff' that's fine. I'm not going to sell it for that much less than I could get in Thailand. I have no idea when I'll be back again but I would just hold it until I go. That's too much money to lose.

How do you have ? 3-4 baht weight ? If you bought it a few years ago when the price was 25,000 bt. You lose anyway. Todays price is 22,500.

It's only worth 2,000 - 2,500 USD !! Why even bother writing the post. And why do we care. Come back here, find another girl, marry her and give the gold chain to her parents. Good Luck.

[bitcoinforever]

thai gold is Gold Bullion with a purity of 96.5% in the U.S. 99.9 big difference in price because of purity

[ggt]

I too brought some Thai gold back from Thailand to the States...because it is of lower purity....(.9996) instead of the (.9999) of American Gold you will not get the same amount for your Thai gold as you would if you were trying to cash-in American gold...

Try Kitco.com...you can call them and tell them what you have...I believe they will give you a fair market price...at least you will be able to compare their buying price with the ones you have contacted in CA.

Good Luck!

[sanukjim]

Most people in the US know only 10 or 14 carets gold and are not used to the deeper gold color of 18 or 22.They have little interest in Thai gold as individuals and those gold buying places will RIP YOU OFF..Buy Thai gold to give as presents in the US not as an investment to sell there.

[manarak]

I too brought some Thai gold back from Thailand to the States...because it is of lower purity....(.9996) instead of the (.9999) of American Gold you will not get the same amount for your Thai gold as you would if you were trying to cash-in American gold...

Try Kitco.com...you can call them and tell them what you have...I believe they will give you a fair market price...at least you will be able to compare their buying price with the ones you have contacted in CA.

Good Luck!

nothing to do with American, German, Russian or Thai... it all depends on purity. In the US, most jewelry will be made of 14k gold, at most 18k.

Thai jewelry is traditionally made of 23k gold, so much higher purity than American jewelry, but less than bullion, of course.

[ozyjon]

There is no Assay stamp

That was a factor when i took my gold to Europe,

they said it was Chinese gold, i'm OK with that but

the price they were giving me was too low, i sold

it back in Thailand.

[kokopelli]

I had the same problem as you some yeas ago.

Your best bet are shops in immigrant quarters and Jewish shops.

You need to know exactly how much your gold is worth and how much you want for it, then visit some shops and tell your price.

I think 10% profit is okay for the buyer for a value of 1000 USD.

I got rid of my gold for 1000 USD, it was worth 1120 USD at fair value. I got the money but no receipt.

You made me laugh, manarak with comment on Jewish shops. I have been buying/selling gold coins in USA at a Jewish shop and that is good advice. The owner can just look at gold and know its' value and always a fair price. And yes, there is a spread between buy and sell prices.

However have also sold Thai gold rings at one of those "we buy gold" shops and also got a fair price. Shop around a bit is a good idea.

[Johpa]

You are lucky to even find a gold shop in the US to buy Thai gold as such a significant amount of ordinary "baat" gold chain is just heavily plated metal. Best to wait until your return to Thailand to sell it.

[Shiver]

I was surprised the other way around when I first got here, to find that they accepted a jewelry grade gold for the same price as 5N gold (pure isn't so practical for jewelry with it being so soft). You also hear stories that Thais don't like western jewelry grade gold as it tends to be a much harder alloy and the colour just 'looks wrong' to them (and with good reason usually).

[free123]

on gold for investment u must ne sure its not jewellery a bouilon is best and it has to be from a recogni ed mine or dealer english boulion market if yes u can sell to any bank worldwide for official price… if u do the thai goldchain thing its only good in th and mostly from the dealer u buy from

so outside they will give u much less…

[thrilled]

If you have trouble selling thai gold,just melt it down and sell it at 23K scrap.You will get nearly as much as you would in Thailand.

A low markup n Thailand.Labor is low.

[STUDMEYER]

Sell it privately on craigs list or other. Private buyers will pay spot to you because its cheaper then buying gold with the spread from a gold shop.

Rgs

SM

[thonglor10]

Try kitco.com.

Thanks, I was hopeful when seeing the site but they only buy bullion from private parties. To sell 'scrap' (which they say jewelry is) you have to be a business.

Anybody know of a site like this that specializes in Thai/Asian gold or which buys Thai gold?

Edited July 15, 2016 by thonglor10

[Monomial]

There used to be a cash 4 gold shop in a complex near the corner of Normandie and Hollywood Blvd. right in Thai town. If anyone is going to be able to judge Thai gold, that would probably be the place.

Otherwise, you'll just need to call around and sell it for scrap. There are lists of scrap gold dealers available on the internet, such as here:

http://www.sellscrapgold.xyz/sell-scrap-gold-in-california.php

Call around and have fun. Do keep in mind since there is no market for 965 gold in the USA, everyone will need to sell it to a refinery. So you are going to take a hit, and it has nothing to do with getting ripped off. Selling Thai gold in the USA is every bit as hard as selling gold coins here in Thailand.

The sad truth is once you start talking about things smaller than 1kg 999 bars, it just doesn't move well across international borders.

[Monomial]

There used to be a cash 4 gold shop in a complex near the corner of Normandie and Hollywood Blvd. right in Thai town. If anyone is going to be able to judge Thai gold, that would probably be the place.

Otherwise, you'll just need to call around and sell it for scrap. There are lists of scrap gold dealers available on the internet, such as here:

http://www.sellscrapgold.xyz/sell-scrap-gold-in-california.php

Call around and have fun. Do keep in mind since there is no market for 965 gold in the USA, everyone will need to sell it to a refinery. So you are going to take a hit, and it has nothing to do with getting ripped off. Selling Thai gold in the USA is every bit as hard as selling gold coins here in Thailand.

The sad truth is once you start talking about things smaller than 1kg 999 bars, it just doesn't move well across international borders.

A quick check on Google Street Views shows the shop is called "Cash Gold Exchange" and it is underneath a shop called "Jann 5 Thai Massage & Spa". On the left is a Subway and a dog grooming place. The shop on the right is called "Khun insurance & Finacial Services" and has a sign in Thai writing that says something like "Khun Life Savings".