Broke Pattaya Thais returning their gold as start of term approaches

 

Picture: Pattaya News

 

PATTAYA: -- A representative of gold shops in Pattaya has said that there has been a steady stream of people returning gold and pawning gold as the start of the new school year begins.

 

Banjong Banthoonprayuk - owner of Thong Dee Yaowarat and president of the local gold trader's association - said that there had been a marked increase in people selling and pawning their gold at the resort since the Songkran holidays ended, reported Pattaya News.

 

He said that many people had clearly spent a lot of money in the holidays while others were finding it difficult to meet payments for school fees and books for their children.

 

One baht weight chains were the most popular items being pawned. These can be pawned at the moment for 18,000 with 2% interest, a better rate than available in government pawn shops, he said.

 

Meanwhile, the price for redeeming one baht weight gold jewelry was 19,692 baht. Jewelry would be sold at 20,650, he said.

 

Gold bars were being received at 20,150 and sold at 20,250 yesterday.

 

Source: Pattaya News

 

-- © Copyright Thai Visa News 2017-05-11

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

Why are farangs supposed to help? Are these children of farangs? I did not see in the thread so far that they are.
I expect farangs make a considerable contribution to the Pattaya economy. A bit much to expect them to pay for somebody else's kids school fees.

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33 minutes ago, saakura said:

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

Well now, all those rather freespending in the local economy farang have been exchanged for prepaid Chinese tourists that do not spend in the local economy.

48 minutes ago, webfact said:

Banjong Banthoonprayuk - owner of Thong Dee Yaowarat

Interesting, now I know that at least one of the two gold shops at our local Tesco is not a family business.

Seems like they have a branch at about every Tesco?

 

And I am certain not only in Pattaya they will need money for the new term.

Don,t forget the "sick buffalo,s" that need urgent medical treatment

38 minutes ago, saakura said:

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

Believe it or not, but even in Pattaya there are intact families living who send their children to the local schools.

The women you refer to have their children with granny about 500 km up northeast.

Not sure whether they pawn their gold in Pattaya.

my girl sold both her gold wedding rings. i hope her husbands dont find out. they will be pissed off.

That's what happens in a city like Pattaya when you start closing down a brothel after another... 

2% interest per day/week/month?

It seems whenever the herd sells any commodity or real estate, the price  goes up dramatically after the sale. 

So do I read this right?  Almost 10% extra to redeem plus 2% interest (presumably per month) for the duration of the loan?  Seems somewhat more than the allowed 15% per year by Thai law.

 

 

2 hours ago, hansnl said:

Well now, all those rather freespending in the local economy farang have been exchanged for prepaid Chinese tourists that do not spend in the local economy.

Ain't that the truth. After constant moaning about mongering Westerners, who in reality spent thousands of Baht during their multiple trips. Often supporting girl friends, their extended families and hundreds of small local businesses. The Thai Govt has finally killed off the golden goose and replaced it with coaches full of zero dollar package tourists.. I wonder how many of them will sponsor a girl or buy a house up in Isaan ?

what arent the girls making enough money in the bars now

lol low season

 

I dont see what the big deal is, some people prefer gold to cash. heres another headline that wont work up the farang goodie goodies so much but is equally true   Broke Pattaya Thais redrawing money from the bank as start of term approaches

Silly Thais addicted to Gold Looks good the find out how can we afford it Sell loose money i am happy

I will never understand this obsession with this gold thing here...

9 minutes ago, CLW said:

I will never understand this obsession with this gold thing here...

 

 Then   I guess you also never understand why 1.3 billion Indians prefer to keep their savings in the form of gold jewellery rather than rupees

 

 
 Then   I guess you also never understand why 1.3 billion Indians prefer to keep their savings in the form of gold jewellery rather than rupees:giggle:
 

Yes, probably.
I take my money to the bank. Period.

10 hours ago, saakura said:

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

I thought that was one of the unexpected byproducts of cleaning up Pattaya.

By the way, those bahts of gold were probably purchased during high season from farang money.

1 hour ago, IAMHERE said:

I thought that was one of the unexpected byproducts of cleaning up Pattaya.

By the way, those bahts of gold were probably purchased during high season from farang money.

Yes......For Sure....The 'Clean-up-Pattaya' = The Gov't shooting themselves in their own foot............

Not only shooting their own foot but shooting these poor working people/girls straight in the head (right between the eyes)...............

Gold is seen as having more value than cash because it can't be as readily spent and it can make you look bling when you go back to the village. Plus..as this article suggests, you can always cash it in if you're really down to your last 20 baht and haven't had a customer for a few days due to low season (and a few Buddha days with all bars closed).

...so the cycle continues. 

16 hours ago, Bill Miller said:

Why are farangs supposed to help? Are these children of farangs? I did not see in the thread so far that they are.
I expect farangs make a considerable contribution to the Pattaya economy. A bit much to expect them to pay for somebody else's kids school fees.

Sent from my SM-J200GU using Thailand Forum - Thaivisa mobile app
 

No the farangs are not walking around with gold around there necks so much.

As long as police continue to bleed bar owners, this trend will continue until the BIB are left forlornly wandering the streets of a ghost town. Doesn't any one in power get it?

9 hours ago, IAMHERE said:

 

By the way, those bahts of gold were probably purchased during high season from farang money.

Or snatched from the Farang neck as it went past on a scooter !!

On 5/11/2017 at 0:23 PM, saakura said:

Where are all the Pattaya farangs gone, why are they not helping these poor women with the children's school fees? 

The older smarter farangs are well up on when the school season starts. They get out of Dodge. 

Truly a annual viscious circle.