Jump to content
BANGKOK
rooster59

Hordes cash in as gold price rockets past Bt30,000

Recommended Posts

Hordes cash in as gold price rockets past Bt30,000

By The Nation

 

800_a80561aae36d3f2.jpg

 

Photos of people flocking to sell their gold at shops in Bangkok's Yaowarat went viral on social media on Friday after the price of the precious metal skyrocketed past Bt30,000 per baht weight.

 

gold 2.jpg

 

Queues spilled out onto the pavement at one Chinatown gold shop as people rushed to exchange their jewellery and ornaments for record high prices.

 

gold 3.jpg

 

 

As of 1.48pm, the buying price of gold bar was Bt30,200 per baht weight and the selling price Bt30,300, while gold ornaments were worth Bt29,652.96 and Bt30,800, respectively.

 

During morning trade, the buying price of a gold bar was Bt30,250 per baht weight and selling price Bt30,350, while gold ornaments cost Bt29,698.44 and Bt30,850, respectively.

The price of gold is being driven up by its reputation as a safe haven for investors during the economic impact of Covid-19.

 

Source: https://www.nationthailand.com/news/30392622

 

nation.jpg

-- © Copyright The Nation Thailand 2020-08-08
 

Share this post


Link to post
Share on other sites

Another example that if I had followed my own advices I would be filthy rich. Had to buy at 18K a year ago or so  .... but didn't. LAZY!

  • Haha 2
  • Sad 1

Share this post


Link to post
Share on other sites

Had a conversation with the missus yesterday she brought a substantial amount at about 19k a while back with a payout she received apparently she's selling the lot around mother's day ( she rekons there's always a jump around then) putting the cash into the bank and ( hopefully) waiting for it to drop down the line, I think selling price is around 29k  ...Anyhow she will be quids in !!! 

  • Like 2

Share this post


Link to post
Share on other sites
18 minutes ago, Sharp said:

Had a conversation with the missus yesterday

Mine came to me about 1-2 weeks back when it was I think 22k, and said she might sell, I said you don't need to, she said but I only paid between 12k-15k when I purchased them over the years, again I said, you don't need to sell, wait till it hits 30k baht, she said what about 25k, I said if you want to sell yourself short sell, but each baht you sell will be 5k baht short when it goes to 30k baht, ok, I wait she said, just sent her a text to sell, hmmm think I might charge her some commission for my advice, well at least try....lol

 

She can then buy back when it drops, pretty much the same plan you have, i.e. money in MY bank, and then buy back when it drops 🙂

 

Good luck 

  • Like 2

Share this post


Link to post
Share on other sites

Predictions are $2500usd by the end of the year. Personally I'm waiting.

Never in our lifetime has such a surge taken place with a perfect storm of events worldwide. Gold didn't just whimper over the $2000 mark it roared to $2070. I bought a fair amount almost 2 yrs ago at it's lowest, just biding my time.

  • Like 1

Share this post


Link to post
Share on other sites
58 minutes ago, wcoast said:

Predictions are $2500usd by the end of the year. Personally I'm waiting.

Never in our lifetime has such a surge taken place with a perfect storm of events worldwide. Gold didn't just whimper over the $2000 mark it roared to $2070. I bought a fair amount almost 2 yrs ago at it's lowest, just biding my time.

 

I agree with you about keeping it. I read one analyst who even predicts 3000 USD next year.

 

I bought a lot at around 18,000 baht a couple of years ago. No intention of selling yet as it makes up for my losses on the stock market.

Share this post


Link to post
Share on other sites

My wife's first gold jewellery was bought  at 12,000 Baht per Baht. 

Share this post


Link to post
Share on other sites

imagine some robbers showing up, the job of their lives ... thousands of baht in gold

  • Like 1

Share this post


Link to post
Share on other sites
6 hours ago, Pilotman said:

My wife's first gold jewellery was bought  at 12,000 Baht per Baht. 

in 2001-2002 ?  I remember the price of gold to be around that

Share this post


Link to post
Share on other sites
6 hours ago, petedk said:

 

I agree with you about keeping it. I read one analyst who even predicts 3000 USD next year.

 

I bought a lot at around 18,000 baht a couple of years ago. No intention of selling yet as it makes up for my losses on the stock market.

 

ummmmmmmmmm might tell her to wait a little longer it's my birthday in Nov ...lol..

Share this post


Link to post
Share on other sites
7 hours ago, wcoast said:

Predictions are $2500usd by the end of the year. Personally I'm waiting.

Never in our lifetime has such a surge taken place with a perfect storm of events worldwide. Gold didn't just whimper over the $2000 mark it roared to $2070. I bought a fair amount almost 2 yrs ago at it's lowest, just biding my time.

That's exactly what I've been telling people (and my wife). Unless you absolutely need the money, which I'm sure many do, it's the wrong time to sell it. I don't buy physical gold, but on margin in a trading account and right now I'm nervous to buy it at these prices due the risk of a substantial pull back, which is coming. It's just a matter of when.... but that's a risk of buying it on margin. If you can buy physical gold in bar form in Thailand, it's still cheap. Perhaps right now is a very good time to buy it as all these sellers will be leaving a glut of bars on the market place, which were hard to get some months ago when the price dropped to $1450. Don't waste money on jewelry unless that's all you can find.

Share this post


Link to post
Share on other sites

I paid about 10,000 a baht for my wife’s and when she wanted to go I took it all off her . I kept the house gold money and children 

  • Haha 1

Share this post


Link to post
Share on other sites
Posted (edited)
7 hours ago, petedk said:

 

I agree with you about keeping it. I read one analyst who even predicts 3000 USD next year.

 

I bought a lot at around 18,000 baht a couple of years ago. No intention of selling yet as it makes up for my losses on the stock market.

To put the actual value of gold into an historical perspective, we are still lower than the all time record value.

 

Adjusting the USD for inflation:

 

 Jan 1980: Spot price max: $843. inflation adjusted value (212%): $2637 per ounce or approx. 38,879 THB per thai baht measure (14.71g of gold)

 

Sep 2011: Spot price max: $921. inflation adjusted value (14.6%): $2,201 per ounce (32,450 THB)

 

It might be of some interest that even in 100 years, the actual value of gold has not changed much. In 1920 the gold price was $20.67. With a this you could buy a really good suit. In 2020, a really good suit will cost around an ounce of gold.

Edited by JensenZ

Share this post


Link to post
Share on other sites
29 minutes ago, JensenZ said:

That's exactly what I've been telling people (and my wife). Unless you absolutely need the money, which I'm sure many do, it's the wrong time to sell it. I don't buy physical gold, but on margin in a trading account and right now I'm nervous to buy it at these prices due the risk of a substantial pull back, which is coming. It's just a matter of when.

Only 3 days ago you said something completely different.

 

It's a crisis hedge, pure and simple, and we will probably see prices above $3000 by year's end or even higher. You've seen nothing yet.

 

 

 

 

  • Haha 2

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...