welovesundaysatspace Posted October 7, 2017 Share Posted October 7, 2017 My mom believes she can make a good deal buying gold here compared to European market prices. I don't really have a clue about it. - Is gold cheaper here than elsewhere? - Can I trust those gold shops? Since I don't know how to tell, i am worried i could be ripped off with fake or overpriced stuff. - Do you recommend any place? Specifically, she would like to have a very simple golden chain bracelet. Nothing super fancy or artistic. She just thinks it's cheaper here. Link to comment Share on other sites More sharing options...
samsensam Posted October 7, 2017 Share Posted October 7, 2017 caveat emptor, unless you know what you're doing. Can I trust those gold shops? absolutely. Link to comment Share on other sites More sharing options...
jackdd Posted October 7, 2017 Share Posted October 7, 2017 It's a little bit cheaper, but not too much. Be aware that the gold here in Thailand has a very high percentage of actual Gold, so it's not as sturdy. And if you plan to sell it in the future it could be difficult to do so in a country other than Thailand. If you go to any of the bigger gold shops in a mall i doubt they would try to sell fakes. But be aware that normally you would have to pay taxes on it when you bring it home Link to comment Share on other sites More sharing options...
theguyfromanotherforum Posted October 7, 2017 Share Posted October 7, 2017 Your mom is wrong. Thai gold is not pure gold and is usually not stamped or certified. It is also not 99.99% pure like bullion from North America, Australia and Europe. I am pretty sure bringing gold into Thailand is illegal, so I am guessing the same goes for getting it out of Thailand. Sure nobody would care about a gold chain or a ring, but you will run into problems in Thailand and your country if they catch you.... but even if they don't it's really not worth it. Link to comment Share on other sites More sharing options...
theguyfromanotherforum Posted October 7, 2017 Share Posted October 7, 2017 Just now, theguyfromanotherforum said: Link to comment Share on other sites More sharing options...
Just Weird Posted October 7, 2017 Share Posted October 7, 2017 1 hour ago, theguyfromanotherforum said: Your mom is wrong. Thai gold is not pure gold and is usually not stamped or certified. It is also not 99.99% pure like bullion from North America, Australia and Europe. I am pretty sure bringing gold into Thailand is illegal, so I am guessing the same goes for getting it out of Thailand. Sure nobody would care about a gold chain or a ring, but you will run into problems in Thailand and your country if they catch you.... but even if they don't it's really not worth it. She is neither wanting to, or going to, buy bullion. Why would she "run into problems" if she bought a bracelet and took it to the UK and why would it "not be worth it"? All she wants is a bracelet cheaper than in the UK. Link to comment Share on other sites More sharing options...
theguyfromanotherforum Posted October 7, 2017 Share Posted October 7, 2017 4 minutes ago, Just Weird said: She is neither wanting to, or going to, buy bullion. Why would she "run into problems" if she bought a bracelet and took it to the UK and why would it "not be worth it"? All she wants is a bracelet cheaper than in the UK. You are correct and I completely misread the OP. Call me an idiot. For some reason I thought she wanted to buy for resale?! Link to comment Share on other sites More sharing options...
Suradit69 Posted October 8, 2017 Share Posted October 8, 2017 15 hours ago, welovesundaysatspace said: Can I trust those gold shops? Yes. Use one of the established shops in Yaoworat Rd in Bangkok's China Town or any of the larger places in urban areas. They depend on their reputation to stay in business. I wouldn't buy from a folding table trader at a night market or someone on the street. Whether or not it's " worth it" depends on where gold prices go. The prices in Thailand are set several times each day and, taking into account exchange rates, purity etc. accurately reflect bid/ask prices in New York and elsewhere. They do add on a small charge, the amount depending on whether jewelry or bars. Link to comment Share on other sites More sharing options...
sometimewoodworker Posted October 8, 2017 Share Posted October 8, 2017 14 hours ago, Just Weird said: She is neither wanting to, or going to, buy bullion. Why would she "run into problems" if she bought a bracelet and took it to the UK and why would it "not be worth it"? All she wants is a bracelet cheaper than in the UK. It will, absolutely, be cheaper in Thailand than in the U.K. for the gold content. It it is unusual to get a 23k bracelet in the UK. So the price may look similar but the gold content will be much lower, usually less than 14k The one downside to any jewellery ownership in the U.K. is that if you ever want to sell it you will get a ridiculously low amount, around ⅓ the money you would get in Thailand (for Thai gold of course) Link to comment Share on other sites More sharing options...
Minnehaha Posted October 8, 2017 Share Posted October 8, 2017 14 hours ago, theguyfromanotherforum said: You are correct and I completely misread the OP. Call me an idiot. For some reason I thought she wanted to buy for resale?! Others had same misunderstanding. OP was unclear. And now it sounds silly question. Answer: go to big gold shop in large area and you should be okay. Link to comment Share on other sites More sharing options...
theguyfromanotherforum Posted October 8, 2017 Share Posted October 8, 2017 Yea.... the gold shops at big malls are absolutely legit. I bought a few chains and a gold bar and even sold them my maple leaf I brought here "by accident". Link to comment Share on other sites More sharing options...
hgma Posted October 8, 2017 Share Posted October 8, 2017 gems or metals...know what you are deling with. If not, why don't you send your money to me? i can provide you with a spadeful of reasons why i'm worth it............... Remember that a huge amount of people have donated (sometimes their live savings)to complete strangers.... So your not an exception...how about it then? Link to comment Share on other sites More sharing options...
steve73 Posted October 8, 2017 Share Posted October 8, 2017 For gold jewelry you buy in Thailand (96.5% purity or approx. 23ct), the purchase price is usually almost entirely for the gold content, and gold shop often change their prices during the day as the international gold price varies. In the west, the actual gold content is probably less than 50% of the PP, and even less for 14 or 9 ct. So you would get much more "gold" for your money here. As for resale value... in T/L, Thai gold is typically 5-8% less than the current "buy" price. (For Western gold, even 22ct, you'll get offered less than 50% - a mate has just has his Sovereign ring valued....) I've no idea how much Thai gold would be valued at in the west... I would expect a reasonably specialist buyer would offer 80-90% of gold content, but I don't know for sure... I wouldn't expect there to be a problem exporting/importing the odd piece of personal jewelry, but probably not worth risking trying to travel with loads of pieces. Link to comment Share on other sites More sharing options...
1FinickyOne Posted October 8, 2017 Share Posted October 8, 2017 15 hours ago, theguyfromanotherforum said: You are correct and I completely misread the OP. Call me an idiot. For some reason I thought she wanted to buy for resale?! Ok. Who could pass up such an opportunity. YOU are an idiot. You are the idiot guy from another planet. Sure. Just kidding though I do think you are a bit hung up with some images of being older, and being older in Thailand and being overly concerned with being confused with older people in reference to your relationship. Sure, you, but you only, can call me an idiot too. Link to comment Share on other sites More sharing options...
BernieOnTour Posted October 8, 2017 Share Posted October 8, 2017 The big shops, members of the Gold Traders Association https://www.goldtraders.or.th/, are reliable. Prices are set countrywide. Our bullion gold, like the Maple leaf has 99.9%, but gold for jewelry in the west has far less, because western jewelers use alloys to make it harder. Contrary to that Thai gold traders use 96.5% for both, bullion and jewelry - so the colour is more intensive and the jewelry softer. Whereas in the west you have to pay a huge markup for the workmanship, in Thailand it is insignificant. The main difference between gold shops is the spread, when buying back gold and the craftsmanship. The oldest gold shop in Thailand, Tang To Kang, and also Hua Seng Heng -both Yaowarat Rd.- are said to have the highest craftsmanship. Link to comment Share on other sites More sharing options...
Nice Boyd Posted October 8, 2017 Share Posted October 8, 2017 I have some gold from USA, is there a country I can fly to to sell it or go back to USA? Link to comment Share on other sites More sharing options...
Laza 45 Posted October 8, 2017 Share Posted October 8, 2017 Some things to consider.. cheaper here... probably not if you are buying bullion.. but you can check that out with some Google searches. In western countries a big part of the price of a piece of Jewelry is for the artists time and creativity.. plus the cost of materials and then add markup for the shop.. (I sold hand crafted jewelry in a gallery in Australia).. you are not usually just buying gold. ..the quality of the gold can vary considerably.. 9 ct (mostly silver).. 14 ct.. 18 ct and 24 ct.. 24 ct is unusual in western countries because it is soft and doesn't wear well. In Thailand all gold sold in gold shops is 24 ct.. and, yes.. it is stamped... when you take a piece in to sell or trade that is the first thing they will look at. Holding gold in Thailand is a traditional way of keeping savings.. and they can bring it out for show when they want to impress the neighbors... The system works quite well... the price is strictly regulated following market value... all gold is gold shops is sold according to weight.. there is very little add on for artistic value.. When my wife or daughter have a birthday or at Christmas time I'll take them to a gold shop.. they can trade up on a piece of jewelry .... they loose very little on selling the old piece ...spend a couple of hundred dollars and come out smiling with a bigger and better bit of bling.. If hard times come or unexpected expenses show up it can be taken to a pawn shop (or sold at a gold shop)... I don't know what the rate is but I don't think it is outrageous.. they can go back in a couple of months and collect the gold by paying off the loan and interest.. This all works well if you are living in Thailand... taking a piece of Thai gold out of the country would just be for the novelty of owning a piece of Thai gold.. that is my thinking anyway.. Here is a chart on the historical value of gold in Thailand 2000 to 2017.. https://www.goldbroker.com/charts/gold-price/thb Link to comment Share on other sites More sharing options...
jgarbo Posted October 8, 2017 Share Posted October 8, 2017 18 hours ago, jackdd said: It's a little bit cheaper, but not too much. Be aware that the gold here in Thailand has a very high percentage of actual Gold, so it's not as sturdy. And if you plan to sell it in the future it could be difficult to do so in a country other than Thailand. If you go to any of the bigger gold shops in a mall i doubt they would try to sell fakes. But be aware that normally you would have to pay taxes on it when you bring it home Thai "non-ornamental" gold is 96.5% , whereas Euro standard "fine" gold is 99.99%. Reasonable investment, since the price is currently suppressed, its market value ought to about 5x current. You might see this price rise in a few years as fiat (paper) money loses value. Gold is mined here so it's fractionally cheaper than abroad. Recommended shops (by my Sino-Thai friends) in Yaowarat: Hung Send Heng & Tang To Kang. Take a walk along Yaowarat Rd and check prices. They use the old Chinese system grouping like trades together, to enforce competition. Disclaimer - I don't hold gold. I trade shares, more work but far more profit. Link to comment Share on other sites More sharing options...
Caxa Posted October 8, 2017 Share Posted October 8, 2017 29 minutes ago, Laza 45 said: In Thailand all gold sold in gold shops is 24 ct.. and, yes.. it is stamped... This is not correct. Thai gold jewellery, as previously stated, is 96.5% and regarded as 23 carat. And no... it is not always stamped. When it is stamped, it is usually the shops' own stamp and is not a hallmark as perceived by westerners. This is why Thai gold is difficult to sell in other countries. If all you want is a nice piece of gold jewellery Thai gold is excellent value. If you want to make a fast buck - forget it unless you really know what you are doing. Link to comment Share on other sites More sharing options...
JRUSA Posted October 8, 2017 Share Posted October 8, 2017 1 hour ago, kenk24 said: Ok. Who could pass up such an opportunity. YOU are an idiot. You are the idiot guy from another planet. Sure. Just kidding though I do think you are a bit hung up with some images of being older, and being older in Thailand and being overly concerned with being confused with older people in reference to your relationship. Sure, you, but you only, can call me an idiot too. hey!!!!, I'm feeling left out. I'm as stupid as the next guy... Link to comment Share on other sites More sharing options...
007 RED Posted October 8, 2017 Share Posted October 8, 2017 44 minutes ago, Laza 45 said: In Thailand all gold sold in gold shops is 24 ct.. and, yes.. it is stamped... 24 ct gold = 99.999% pure. Thai gold is 96.5% pure equating to approximately 22/23 ct. And not all gold sold in Thailand is stamped. Link to comment Share on other sites More sharing options...
007 RED Posted October 8, 2017 Share Posted October 8, 2017 OP... if your mom wants to buy a simple gold bracelet, as already suggested, buy from one of the main gold shops located in Chinatown in BKK, of failing that from any large gold shop often located in big shopping malls. As also has been mentioned you pay for the item by weight (Baht = 15.16 grams) and there is only a marginal mark-up for craft work so as a piece of jewellery it could be considered reasonable value. Gold here in Thailand is 96.5% pure gold, so your mom should be aware that it is soft and therefore subject to wearing down fairly rapidly and subject to denting if knocked. You should also bear in mind that if you/your mom return to your home country you/she may have to pay import duty and VAT if you/she has more that the prescribed duty free allowance in her bags. Link to comment Share on other sites More sharing options...
kokopelli Posted October 8, 2017 Share Posted October 8, 2017 The buying price of gold in any country is determined by the weight and percentage of gold, ie 14, 16,23, 24 carats. Thai gold sold in another country will have basically the same price as in Thailand. Upon returning to your home country I would wear a bracelet or chain. Link to comment Share on other sites More sharing options...
kokopelli Posted October 8, 2017 Share Posted October 8, 2017 1 hour ago, Nice Boyd said: I have some gold from USA, is there a country I can fly to to sell it or go back to USA? You can sell gold anywhere. The price remains the same worldwide. Link to comment Share on other sites More sharing options...
MrPatrickThai Posted October 8, 2017 Share Posted October 8, 2017 I bought a lot of gold up til 2012 and made a lot of money, selling it at over 26,000 baht. I started buying more a couple years later and have made nothing. It's a gamble. Better off buying cryptocurrencies like ethereum. Same gamble but bigger rewards. Link to comment Share on other sites More sharing options...
Grumpy Duck Posted October 8, 2017 Share Posted October 8, 2017 18 hours ago, theguyfromanotherforum said: You are correct and I completely misread the OP. Call me an idiot. For some reason I thought she wanted to buy for resale?! Oh my! A poster willing to admit a mistake. Link to comment Share on other sites More sharing options...
how241 Posted October 8, 2017 Share Posted October 8, 2017 I think when you compare the gold purity, you will find that gold prices are the same everywhere. Of course, the exchange rate will play into this as gold is priced in US dollars. Link to comment Share on other sites More sharing options...
FritsSikkink Posted October 8, 2017 Share Posted October 8, 2017 9 minutes ago, how241 said: I think when you compare the gold purity, you will find that gold prices are the same everywhere. Of course, the exchange rate will play into this as gold is priced in US dollars. In Thailand it is priced in THB Link to comment Share on other sites More sharing options...
1FinickyOne Posted October 8, 2017 Share Posted October 8, 2017 1 hour ago, JRUSA said: hey!!!!, I'm feeling left out. I'm as stupid as the next guy... Yeah, sorry, you missed the cut - most stupid people don't know they are stupid... but I think we were working on "idiots" Link to comment Share on other sites More sharing options...
4MyEgo Posted October 8, 2017 Share Posted October 8, 2017 If you mom is looking to invest long term, I would say yes she will make some good gains. Interesting reading here, to add, I purchased about 5 baht weight of gold about 10 years, if memory serves me, it cost me about 12,000 baht, per baht weight back then, today I believe I could sell it for about either side of 20,000 baht per baht weight, so I would say I have almost made about 60% on my money tax free, might not be much for others, but the Mrs isn't complaining, as she gets to wear it every now and again, and the way I see it is, if it were western gold, you would be lucky to resell it for about 1/3 of its value, back home. Link to comment Share on other sites More sharing options...
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