Thai Gold should we be buying it

[JAI DEE MAK]

Thai gold is a at low price should we buy some ???.

 

JDM

[joydivision]

I said in another thread that I would not be interested in buy gold until it hits the $900s. Currently at $1140s it dropped another $20 today

[Pheat]

Thai gold is a at low price should we buy some ???.

 

JDM

No

If you are going to buy gold gold as an investment buy 24k gold bullion not 23k jewellery

[DaffyDuck]

Serious question - once you buy bullion (which I assume you can buy in Thailand) what do you do with? I don't mean in general, but if you were interested in taking it to another country to place in a safety deposit box? How do you go about it, safely?

 

I'm not even asking about the US, because the U.S.' tracking, declaring and taxation are totally fucked up, but more countries like HK, Singapore or somewhere in Europe?

[JAI DEE MAK]

No

If you are going to buy gold gold as an investment buy 24k gold bullion not 23k jewellery

 

I agree 1 baht ingots is the way to do it for most guys on the ground.

 

JDM

[Pheat]

Serious question - once you buy bullion (which I assume you can buy in Thailand) what do you do with? I don't mean in general, but if you were interested in taking it to another country to place in a safety deposit box? How do you go about it, safely?

I'm not even asking about the US, because the U.S.' tracking, declaring and taxation are totally fucked up, but more countries like HK, Singapore or somewhere in Europe?

Most gold investors do not actually hold the gold try bullion vault

[DaffyDuck]

I understand that - but what if I wanted to hold it myself? What if I acquired bullion personally and physically?

You know, old school.

[Mr Wombat]

Don't forget you wont earn interest on your gold. You are really just speculating on the price going up. 50/50 it could go down. Not the worlds greatest investment

[joe_momma]

Dunno,

 

There is something to be said for having an asset that is not easily trackable.

 

Of course, it'd never happen, but suppose one forgot to mention any gold when going through a divorce - since there's no electronic record (unlike say a savings or money market account) it could easily be accidentally overlooked.

 

In a similar vein, suppose the US instituted "means testing" to determine if you were eligible for social security (of course this'd never happen, social security is almost fully funded when you count the IOUs from the US government). With dementia prevalent, one might forget to mention these assets and then accidentally qualify for benefits when the US gov't would normal decide that one was ineligible. In this horrible scenario, one would get the stipend based on the taxed paid into the system and be able to sell a little each month - clearly having an unfair higher standard of living. (i.e., ketchup and Alpo for dinner).

 

Naturally, no one would ever consider just giving gold to a female friend just to make her happy.

 

Net net, any store of value is at risk - do due diligence, make your own choices, and accept the outcomes.

 

BTW - I've had numerous tragic boating accidents and have no precious metals.

[Davie Duke]

Easy to carry; can legally declare at face value; and readily accepted worldwide:

https://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf

[Cerberus]

I usually buy at one shop in Chinatown and they are the only ones able to supply 24k bullion. (others buy it from them). Like people have said there is no interest but I bought 2 dozen 1 baht ingots when it was 7k a baht and sold half when it hits its peak about a year back. It gave a better return than interest in the bank would have, I think it is too soon to buy yet but will invest again when the price seems right, right now we have a number of ingots. Because we live in Thailand we view it as our emergency fund. Its easy to dispose of such small blocks whereas a 10 baht ingot poses far more problems.

[Bagwan]

Popped into see my Local Gold shop lady this morning to get her view on the current situation, Apparently the gold shops throughout Thailand are all buying big quantities! She herself had just ordered 10 kg and has to wait 12 days for pick up...

Reserves are very low and Thailand is having to IMPORT.

[DaffyDuck]

Don't forget you wont earn interest on your gold. You are really just speculating on the price going up. 50/50 it could go down. Not the worlds greatest investment

I couldn't care less about interest of speculating - I just want a bunch of billions sitting in a safe or safety deposit box of mine.

[Mr Wombat]

I couldn't care less about interest of speculating - I just want a bunch of billions sitting in a safe or safety deposit box of mine.

Just put cash in there then. Problem solved

[DaffyDuck]

Cash can turn into valueless paper. Gold won't.

[chris2004]

Don't forget you wont earn interest on your gold. You are really just speculating on the price going up. 50/50 it could go down. Not the worlds greatest investment

 

Especially if you bought at 30,000 baht a baht a few years ago, but 17,750 seems worth a flutter. Bought 0.5 baht for the tgf anyway.

[Davie Duke]

Is the price of gold inversely proportional to the performance of the US economy?

[BSJ]

Is the price of gold inversely proportional to the performance of the US economy?

Not sure about that but the Aussie dollar seems to go down when the Thai gold price is down.   But I can't complain.  Soon after moving to Pattaya I started buying and selling gold and did alright till this year.  Better than bank fixed term investment that returns a pissy 2.95%  and then the fucking government take 15% tax.

[OKAY]

Popped into see my Local Gold shop lady this morning to get her view on the current situation, Apparently the gold shops throughout Thailand are all buying big quantities! She herself had just ordered 10 kg and has to wait 12 days for pick up...

Reserves are very low and Thailand is having to IMPORT.

 

With only one working gold mine in the country it is no surprise to me that Thailand imports gold.

[OKAY]

I am waiting for 14000 baht per baht gold. Then I'll step in for the physical gold. I'm hoping by Feb of 2015

[JAI DEE MAK]

Lots of thais are buying,,,,the local Tesco gold shop was packed today.

 

I bought  when it was it was 18,000 a Baht and payed 19,000 for a very nice bracelet for my partner.

 

Happy with that price if it drops to under 17,000 I will buy some 1 baht ingots.

 

JDM

[joydivision]

There was a bounce today in the gold market with NFP out. Think it will be short lived. The Gold referendum in Switz could be used to drive it down even further.  Any gold bugs(im one) should be accumulating cash and waiting

[OKAY]

How much will a baht of gold be selling for when/if gold drops to 750 per ounce?

 

Best I can come up with is .488 times 750 and convert that to thai baht, around 11700 thai baht for a one baht ingot ?

 

I'll hold off buying until it reaches 12000 per baht.

[jerry]

No ...