Bangkok Gold Price Surges To Record High
43 replies to this topic
Posted 2008-07-14 17:02:16
Bangkok gold price surges to record high
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BANGKOK: -- Gold prices in Bangkok have surged to a record high upon concerns over renewed Middle East tensions and the weakening of the
US dollar, according to an industry executive.
Gold Trading Association president Jitti Tangsitthipakdee said the price of gold ornaments soared to a new high of 15,600 baht per one
baht weight of gold since an undetermined number of investors moved their investments to the gold market in response to concerns over the confrontation between Iran and Israel.
The investors were also worried about the declining US dollar and economic troubles in the United States after the US Federal Reserve had decided to bail out Indy Mac, one of the country's mortgage lender giants.
In addition, he said, the baht's weakening had fueled the value of gold in Bangkok although the price of gold abroad stayed unchanged at around US$960 per ounce.
Mr. Jitti said the local price of gold ornaments is likely to continue to rise and surpass the level of 16,000 baht per one baht weight of gold this year if the baht continues to weaken.
At present, gold ornaments are traded at 14,935.60 baht for the purchase price and 15,650 baht for the selling price, and gold bars at 15,150 baht for the purchase price and 15,250 baht for the selling price.
-- TNA 2008-07-14
Posted 2008-07-14 17:34:19
Who cares, I don't have any gold...I'd probably not be living here if i did.
Posted 2008-07-14 17:52:47
WHERE on Samui do you buy gold bars? i guess you live on samui anyway...
and how many grams is 1 bath of gold?
Posted 2008-07-14 18:12:21
I convinced myself that buying an expensive necklace and armband for the wife was a good investment.
It was, as we bought when gold was around 8000 per baht. The trouble is I would never manage to get it off her to sell!
If you're going to buy gold then buy gold bars, they're harder for women to wear as jewellery...
Posted 2008-07-14 18:30:48
Does anybody know where I can sell a ring? I guess it's a good time to sell but I don't know where to start in BKK...kr
Posted 2008-07-14 18:42:48
If u look at it bluntly, gold has not really been a good 'investment' for quite a while .... it moves up or down with the currency (for gold : us dollar) ... if gold was quoted in euros ... the story would be different ... the same can be said with oil !
My word is : move away from the us dollar and u will be fine ... we are moving towards the very end of a cycle ...
I can't believe it when i see shops around in chiangmai (mainly antiques!) still quoting prices in US dollar ... The us dollar is not a standard any more (i won't please US people, but that's a fact)
Posted 2008-07-14 18:53:51
Yaowarat Goldshop in Nathon - first one in the one way road coming up from the pier going towards the "Amphoe" or "Joe'" left hand beginning of the "middle Road".
1 baht is 15.244 Gramms - bars, trinkets, ingots should be 99.9 % BEWARE! and Jewelry is only 96.5%
Check them out:
guess you can google yourself...
Posted 2008-07-14 18:59:33
So are you saying to buy gold anywhere else and sell in Bangkok?
Posted 2008-07-14 19:03:22
A bath of gold would require many baht of gold !!
Here is a gold site that shows a conversion chart: Thai Baht Gold
Or this conversion site: Online Unit Conversion (convert almost any weight to another)
Or here: Online Conversion
From yet another site:
2) Purity of Thai Gold Baht and Unique Measurement
Thai gold jewelry usually contains 96.5% gold purity, which is a bit over 23 karat. The remaining of about 3.5% are silver and bronze. Some places also offer 22k, 20k or 18k gold jewelry. A Baht of Thai gold bar are sold in “Baht Weight” or 15.244 grams (15.16 grams for a Baht of Thai gold ornament), a little lower than half of a troy ounce, which is at 31.1034768 grams. 100% gold is considered too soft to make jewelry. As a result, a lower karat is recommended for rings or thin jewelry.
The price of Thai gold is daily published by a governmental agency. Every gold shop uses that price for selling their gold items on that particular day. Gold shops display the buying and selling prices on their windows.
Guess I hould have bought oodles of it back when it was around 6,000 baht per baht !
Posted 2008-07-14 19:09:26
That's NOT correct. Didn;t you even read the info on the page for the link you posted?
"In Thailand all Thai Baht gold chains, Thai Baht gold necklaces, Thai Baht gold bracelets and other Thai Baht gold jewelry items termed " THAI BAHT GOLD " is known and recognized worldwide as 96.5% pure gold by product weight (23K) making it one of highest gold content jewelry products produced anywhere in the world today. Thailand Gold jewelry's - Thai Baht gold jewelry is always sold by actual product weight, in a weight unit known as "Baht", which is approximately 1/2 ounce or 15.16 grams."
Posted 2008-07-14 19:16:27
Thanks for sage advice. (KIDDING). If you think the dollar isn't a standard anymore you're out of your mind. It's wishful thinking and extremely naiive. (I'm not American, by the way). Plus you're way off the topic on this post so ZIP IT charlatan.
Posted 2008-07-14 19:36:23
Not everyone's an expert, so it's quite understandable. Dollars have been the norm worldwide for a long time. Euros are still relatively new. I don't see why you can't believe it.
Posted 2008-07-14 19:48:19
Me too, wish I could afford a little gold, (couple of tonnes or so) no need to be greedy,
Posted 2008-07-14 20:01:52
@ everyone here:
say good bye to US $, the sooner the better.
1. gold and silver (30 to 50% of your liquid means)
2. austr. $, swiss franc, can. $, euro, jap yen. these may remain relatively stable for a little longer.
3. buy your own litlle (or large) house and garden. become less dependent on money. take immediate precautions about water, food, good neighborhood.
upcoming crises not impossible.
US $ financial system will crash and pull the rest of currencies down as well.
there are many reasons for this. mainly US fed printing money large in quantities as helicopter ben has announced years ago. now coming true. reason: US far too much indebted.
best wishes for next few years
Posted 2008-07-14 20:19:04
This bath of gold is worth over $1,000,000 or at today's rates, around 33 million baht give or take a tap or two.
Not sure how many grams that would be.
Edited by ratcatcher, 2008-07-14 20:24:03.
Posted 2008-07-14 21:17:11
You will be lucky to get that much. Most gold shops will sell 15.16g of .965 purity as a baht of gold.
Posted 2008-07-14 21:30:32
One might correct my understanding, but even if gold would reach 18,xxx within a year, due to the difference in buying and selling price and inflation close to 10% it would be too late to buy gold now.
It would really only make sense if the Baht would slide heavily so prices would jump even more, who does expect this to happen and in what time frame -- in other discossions I read that some think that gold might actually go down in dollar value within a year, which would keep the rpice in Thailand stable or make it even go down, eg here: http://www.thaivisa....23#entry2085623.
If somebody does know a reputable gold shop for ingots here in Phuket I would still be happy to hear this recommendation.
Edited by jts-khorat, 2008-07-14 21:32:38.
Posted 2008-07-14 22:59:44
I bought the gold ETF in July '07. I've held as a hedge against the U.S. dollar for a 45% gain. Sound advice there!
I sold my entire stock portfolio in July '07 and moved 50% into the gold ETF. The rest is in fixed income and reserved for my retirement. I also bought several gold chains here in Thailand. Hanging on to those. I love gold!
Posted 2008-07-14 23:56:49
any other doom and gloom predictions???
Posted 2008-07-15 00:13:04
0.084 of a gram off then Jayman..
Posted 2008-07-15 03:29:13
US dollar will be replaced as the world's reserve currency within 3 years. Expect serious ramifications worldwide. Buy gold, silver, a powerful torch, lots of batteries, tinned food . . . and a Glock
Posted 2008-07-15 05:27:12
Oh ! and don't forget the reds under your bed (the Ruskies are coming, I told you so)
PS try www.armageddon.com
Posted 2008-07-15 06:38:25
I'm surprised that nobody else has pointed out that if you are buying Gold, first of all do NOT buy it in jewellery, since a fairly high proportion of the price paid, is for it's conversion into a decorative object. Purchase gold bars (bullion) instead. Secondly, now, when the price is high, is to sell gold, not buy it. You may well find that some banks are offering higher interest rates than they have just recently, so now would be the time to benefit from these rates. Obviously, ensure that the money invested, can be withdrawn at short notice and any interest accrued is paid to you, so if the rate changes, you don't lose what profit it has gained. Also, the value of gold has increased significantly in Thailand, not elsewhere, which means it's value is artificial in comparison to other what other countries are valuing their gold at. Presumably if you bought gold bullion in another country (where the rate is lower) and then brought it to Thailand and sold it here, you would make a profit based on the price differential, but I suspect, doing that, is illegal!