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Gold shops suffer lack of cash as people rush to sell their jewellery


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6 hours ago, JimmyTheMook said:

 

I have $ in reserve to pay for small expenses like fixing my car.

You'll need to learn some basic financial planning if you're pawning 

your gold to do that.

 

'nuff said. 

whats the point of having it if you never sell it...no pockets in shrouds.

 

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5 hours ago, parallaxtech said:

There are thousands of those red gold shops across Thailand.  Are they regulated by a gold association?  The ones in Koh Samui seem to sell/buy gold bars at their prices no matter what the spot price happens to be.  What is stopping them from selling fake gold?  How would you report them?

Thailand Gold Traders Association is the regulating body...the gold price in country wide....traders in KS cannot inflate the price...the prices must be displayed

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3 minutes ago, ChrisY1 said:

Thailand Gold Traders Association is the regulating body...the gold price in country wide....traders in KS cannot inflate the price...the prices must be displayed

Thanks for the reply.  I purchased quite a few bars last year in KS after visiting three large shops.  What they offered was the spot price plus 150-500 per baht.  So, if you purchased a 5 baht bar, it was spot plus 750-2500.  Right now, they are offering to buy it back at spot minus 4000.  This sounds criminal to me.  I know there is the Consumer Protection Agency but doubt they would be helpful.  It might be better to fly when I can to BKK and sell them there.

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7 hours ago, JimmyTheMook said:

 

I have $ in reserve to pay for small expenses like fixing my car.

You'll need to learn some basic financial planning if you're pawning 

your gold to do that.

 

'nuff said. 

Well goody goody for you, some of us have very little reserve and what there is goes into our kid's education account. You don't know what kind of car I have or what it cost to repair, do you?

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12 hours ago, Vigilante said:

Low-purity gold.

 

Thai gold jewelry is usually is 23 or 22 karat. 23 Karat is 96.5% gold and 22 karat is 91.6% gold. If your Thai gold jewelry is stamped “965” this indicates it is 23 karat.

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On 4/14/2020 at 12:33 AM, Vigilante said:

I was warning about this senario weeks ago.

Keep in mind, gold hasn't really moved upwards ,in a big way yet

Imagine, in a potential meltdown and gold doubles/triples, and millions of thais run to the gold shop demanding to sell.

Gold shop-owner cannot possibly redeem but a tiny fraction of the gold he has sold

 

Lesson...stay away from thai gold

If you can buy 99.9% gold ,anonymously and not stored with a third-party vault, do it.

You can always sell it in the int'l market unlike low-purity thai gold

 

There are also fake gold bars to worry about

<deleted> it..I'm sticking with cash.

 

Have a nice day

 

Not sure i trust the third party vaults either.  And cash is a depreciating asset (inflation) 

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On 4/14/2020 at 10:03 AM, Blumpie said:

When I read this post that's the first thing that went through my mind too.  The safeguards afforded to first world nations simply don't exist here yet.  Thailand is, forgive me and I'm not trying to incite anger, a juvenile when it comes to problems like this and in many ways they simply lack the tools to help financially.

It's worrying.  

Id say its just the opposite.  In the west there is no self responsibility.  When things go wrong everyone runs to big brother for help.  In asia people have some savings to fall back on and communities pull together.   I know many people back home with nothing to fall back on which is much more juvenile in my opinion/  

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11 minutes ago, yourauntbob said:

Digital nothing.

 

I love the concept of crypto but with nothing backing it fiat currency that has little to no practical use.  

The only thing backing up a fiat currency is a bank, it's all just a social contract. Ok, in some cases a military, which explains why USD is so popular.

 

Gold is a tangible. But not dense enough for my tastes, storing a few cubic meters under the pillow isn't practical.

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3 hours ago, DrTuner said:

The only thing backing up a fiat currency is a bank, it's all just a social contract. Ok, in some cases a military, which explains why USD is so popular.

 

Gold is a tangible. But not dense enough for my tastes, storing a few cubic meters under the pillow isn't practical.

Banks dont back national currencies, most (if not all) are fiat as well.  The main reason national currencies have value is that is what you need to pay your taxes with. 

 

I'd love to have the problem of storing "a few cubic meters" of gold considering you could easily hold a million baht worth in your hand.  

Edited by yourauntbob
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9 hours ago, Topdoc said:

Gold has the slowest declining marginal utility of ALL goods, products, commodities etc etc in the entire world. Mathematically, this makes it the easiest 'thing' to sell in the entire world. 

 

There will always be a market bidding for gold but the time will come when there are fewer and fewer sellers until all offers to sell gold will be withdrawn in the same way that no-one can buy gold with zimbabwean dollars today. However, it's not a time to look forward to....

 

All we are seeing here in Thailand is that people are selling some gold to survive. They are very lucky to have saved in gold all these years because it would be much more difficult to sell their 2nd hand car or most other items right now! With gold, there's always a bid!

 

Sure a Thai selling their 2 baht chain for rice is a good thing.

 

People holding gold maple leafs better be long and far from TH if they want 

cash for it.

 

https://www.jmbullion.com/

 

 

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22 hours ago, Curt1591 said:

Just thought of something scary. 

If the gold shops start draining cash from the banks, ... 

 

This is the problem, the gold shop owners dont have any cash.

This is why the Thais cant buy food, the gold shop owners haven't got the money to give them.

 

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28 minutes ago, VYCM said:

This is the problem, the gold shop owners dont have any cash.

This is why the Thais cant buy food, the gold shop owners haven't got the money to give them.

 

Yes; the gold shops are out of cash. If they take the cash out of the banks, the banks will be out of cash. If the banks are out of cash, ... ????

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30 minutes ago, VYCM said:

This is the problem, the gold shop owners dont have any cash.

This is why the Thais cant buy food, the gold shop owners haven't got the money to give them.

 

Then, what good is gold if the shops won't buy it back?  If gold goes to $5k/oz will the shops be able to sell or buy it back?

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7 minutes ago, Curt1591 said:

Yes; the gold shops are out of cash. If they take the cash out of the banks, the banks will be out of cash. If the banks are out of cash, ... ????

The gold shops are out of cash, they have no money, all their cash is tied up in their gold bars and BMW's.

How can they go to the bank to get cash......The Bank book have a  zero balance. 

Their wealth is tied up in gold bars, Houses and BMW's (or similar)

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On 4/14/2020 at 2:33 PM, Vigilante said:

Lesson...stay away from thai gold

If you can buy 99.9% gold ,anonymously and not stored with a third-party vault, do it.

You can always sell it in the int'l market unlike low-purity thai gold

 

Any suggestions where to find this? PM me plz ????

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51 minutes ago, parallaxtech said:

Then, what good is gold if the shops won't buy it back?  If gold goes to $5k/oz will the shops be able to sell or buy it back?

Gold is one of the best assets to have, especially in these weird times. 

 

We need the gold shops, the problem is they are not running their businesses professionally. This is clear and can be seen by not having the cash to buy their gold back from their customers. 

 

I've heard about the buy/sell prices being thousands of baht separating the 2,I've never seen this tactic in 20 years. 

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On 4/15/2020 at 8:03 PM, SinCityGr8One said:

XRP

$0.182985 USD (-1.89%)
0.00002721 BTC (0.15%)
 
 
Buy
Exchange
Gamble
Crypto Credit
 

What is the purpose of this post?

 

I started buying XRP when it was 6 cents. It is not uncommon for cryptocurrencies to have daily double figure increases/decreases.

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5 hours ago, Changoverandout said:

My wife just sold some gold necklaces etc for 24,529 per baht weight that we bought about 10 years ago for 9,000 per baht weight.

It beats the bank interest rates ????

I think it was much more that 9,000 baht then.

 

I sold most of my gold in 2012 for about 27,000.

 

I had bought it from 2001 at 6,000 baht.

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On 4/15/2020 at 8:03 PM, SinCityGr8One said:

XRP

$0.182985 USD (-1.89%)
0.00002721 BTC (0.15%)
 
 
Buy
Exchange
Gamble
Crypto Credit
 

 

 

Are you blind or what, don't you see it's on the way to be 100$ soon? ????

 

image.png.ecbda90f652fc3315121b1b374d2e555.png

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