rooster59 Posted August 7, 2020 Share Posted August 7, 2020 Hordes cash in as gold price rockets past Bt30,000 By The Nation 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. Queues spilled out onto the pavement at one Chinatown gold shop as people rushed to exchange their jewellery and ornaments for record high prices. 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 -- © Copyright The Nation Thailand 2020-08-08 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Jack Mountain Posted August 8, 2020 Share Posted August 8, 2020 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! 1 2 Link to comment Share on other sites More sharing options...
Sharp Posted August 8, 2020 Share Posted August 8, 2020 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 !!! 2 Link to comment Share on other sites More sharing options...
Popular Post Phuketshrew Posted August 8, 2020 Popular Post Share Posted August 8, 2020 Good to see that social distancing is alive and well in Chinatown. 2 1 3 Link to comment Share on other sites More sharing options...
4MyEgo Posted August 8, 2020 Share Posted August 8, 2020 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 2 Link to comment Share on other sites More sharing options...
wcoast Posted August 8, 2020 Share Posted August 8, 2020 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. 1 Link to comment Share on other sites More sharing options...
petedk Posted August 8, 2020 Share Posted August 8, 2020 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. Link to comment Share on other sites More sharing options...
Pilotman Posted August 8, 2020 Share Posted August 8, 2020 My wife's first gold jewellery was bought at 12,000 Baht per Baht. Link to comment Share on other sites More sharing options...
Bender Rodriguez Posted August 8, 2020 Share Posted August 8, 2020 imagine some robbers showing up, the job of their lives ... thousands of baht in gold 1 Link to comment Share on other sites More sharing options...
Bender Rodriguez Posted August 8, 2020 Share Posted August 8, 2020 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 Link to comment Share on other sites More sharing options...
Sharp Posted August 8, 2020 Share Posted August 8, 2020 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.. Link to comment Share on other sites More sharing options...
JensenZ Posted August 8, 2020 Share Posted August 8, 2020 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. Link to comment Share on other sites More sharing options...
Foghorn Posted August 8, 2020 Share Posted August 8, 2020 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 1 Link to comment Share on other sites More sharing options...
JensenZ Posted August 8, 2020 Share Posted August 8, 2020 (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 August 8, 2020 by JensenZ Link to comment Share on other sites More sharing options...
Susco Posted August 8, 2020 Share Posted August 8, 2020 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. 2 Link to comment Share on other sites More sharing options...
Sharp Posted August 8, 2020 Share Posted August 8, 2020 Think ill sorry the missus will take the plunge and sell soon anyhow ... Link to comment Share on other sites More sharing options...
RichardColeman Posted August 8, 2020 Share Posted August 8, 2020 Dear Thai people, after you sell your gold and use the money, its gone, it aint coming back and your broke. After that you can fight for the 230 part time jobs Link to comment Share on other sites More sharing options...
Sharp Posted August 8, 2020 Share Posted August 8, 2020 53 minutes ago, RichardColeman said: Dear Thai people, after you sell your gold and use the money, its gone, it aint coming back and your broke. After that you can fight for the 230 part time jobs Yeah sad state of affairs incoming! Link to comment Share on other sites More sharing options...
Airalee Posted August 8, 2020 Share Posted August 8, 2020 All the articles these days are the same as the ones in 2006-2008. Articles such as this that would make you hesitant to buy gold from 2006 and really only recommending buying miners And other exchange traded funds (which didn’t go anywhere for years compared to bullion) https://money.cnn.com/2006/05/12/pf/expert/ask_expert/ to selling gold....(even the IMF to give it an air of legitimacy) https://www.reuters.com/article/gold-scrap/hard-times-more-selling-grandmas-ring-for-cash-idUSN1838035420081218 https://www.bullionvault.com/gold-news/IMF_gold_sales_G7_tokyo_021120081 And now...we have history repeating itself. Isn’t this article a repeat of a similar article on TV from just a couple weeks ago? And look at this one from yesterday... https://www.marketwatch.com/story/gold-is-a-foolish-place-to-put-your-money-right-now-if-you-check-the-facts-2020-08-07?siteid=yhoof2&yptr=yahoo DYODD Link to comment Share on other sites More sharing options...
Leaver Posted August 8, 2020 Share Posted August 8, 2020 (edited) 2 hours ago, Sharp said: Yeah sad state of affairs incoming! Thailand is only at the start of its problems. There very well could be the Thailand Financial Crisis (TFC) looming. Edited August 8, 2020 by Leaver Link to comment Share on other sites More sharing options...
DrTuner Posted August 8, 2020 Share Posted August 8, 2020 (edited) Selling at the start of a bull market. And of course buying at the start of bear market. Great trading there. Sell the dip, eh? It's a strong HODL. Edited August 8, 2020 by DrTuner Link to comment Share on other sites More sharing options...
swissie Posted August 8, 2020 Share Posted August 8, 2020 Sold half of my Gold/Silver into the "upward-spike". Physical Gold is being sold (and not bought). It's all driven by "Investors" at the futures-markets. Also, if Gold hits the headlines, caution is advised. Plus the central-banks have more or less stopped buying Gold at this price. Ideally, a consolidation phase of 2 to 3 weeks would be healthy. A further (uninterrupted) upward stampede would turn the Market into a casino-like "feeding frenzie", where "the johnnie come lately's" are likely to get butchered. Link to comment Share on other sites More sharing options...
nightfox Posted August 8, 2020 Share Posted August 8, 2020 I remember gold being at 8k per bhat weight when I first came to Thailand some 15 years ago thinking thats expensive...What do I know... 1 Link to comment Share on other sites More sharing options...
swissie Posted August 8, 2020 Share Posted August 8, 2020 4 hours ago, RichardColeman said: Dear Thai people, after you sell your gold and use the money, its gone, it aint coming back and your broke. After that you can fight for the 230 part time jobs You may have a point here. I always found it remarkable, that even "poor" Thai's seem to have a little Gold on the side. Some kind of "Insurance", I guess. If those Thai's are selling their Gold now because the price is hight, fine. But I am afraid that during those times, a good part of the Thai-Gold-Sellers, must start to sell their Gold for obvious reasons. Hopefully, the Thai Economy recovers fast. Otherwise, what will they be selling after having sold their Gold and having spent those "emergency-funds". I don't even want to think about it. Link to comment Share on other sites More sharing options...
Catkiwi Posted August 8, 2020 Share Posted August 8, 2020 I am certainly no expert and all of the faux investor / financial advisory / strategists that have been posting so far have not made any significant clarifications, that I can ascertain. My understanding is that if I bought an ounce of gold 15 years ago for 8,000 Thai Baht and sold it today for 30,000 (approximately) today, I would make a profit????? Would that be an investment realised??? All the rubbish about bull markets and bear markets and so on are just that, rubbish! Put it into context, and you can surmise at your will here...someone has a piece of gold, normally reserved to porn for Songkran travel expenses or the new school term expenses, come on most of you have experienced those phases of life, they would receive significantly more cash now than in previous years, Yeah? Link to comment Share on other sites More sharing options...
Airalee Posted August 8, 2020 Share Posted August 8, 2020 2 hours ago, swissie said: Also, if Gold hits the headlines, caution is advised. Sure....if the headlines are saying “BUY!!!” But...the headlines are saying SELL!!! And the articles are specifically stating (as they did in the article two weeks ago here on TV) that people are “cashing in before the price falls” you think the hoards of people lining up to sell are the “smart money”? Contrary to what you say, the headlines are saying “Gold is a foolish place to put your money”https://www.marketwatch.com/story/gold-is-a-foolish-place-to-put-your-money-right-now-if-you-check-the-facts-2020-08-07?siteid=yhoof2&yptr=yahoo Yeah...sure...a story linked on Yahoo is a great place for financial advice. ???? 2 hours ago, swissie said: Plus the central-banks have more or less stopped buying Gold at this price. You sure about that? Where are you getting your information? I suppose we will know in 6 months if they have added to their holdings or divested. “According to the 2020 CBGR survey, 20% of central banks intend to increase their gold reserves over the next 12 months, compared to just 8% of respondents in the 2019 survey. The increase is particularly notable as central bank buying has reached record levels in recent years, adding around 650 tonnes in 2019 alone.” https://resourceworld.com/central-banks-to-increase-gold-reserves/ https://www.gold.org/goldhub/data/monthly-central-bank-statistics Link to comment Share on other sites More sharing options...
Airalee Posted August 8, 2020 Share Posted August 8, 2020 2 hours ago, nightfox said: I remember gold being at 8k per bhat weight when I first came to Thailand some 15 years ago thinking thats expensive...What do I know... I remember gold costing less than an ounce of good cannabis 15 years ago and thinking it was cheap. Seeing how easy and cheap It was to grow cannabis and how much “rock” was needed to produce an ounce of gold....well...something seemed backwards. https://www.businessinsider.com/tons-of-rock-for-an-ounce-of-gold-2013-4 Link to comment Share on other sites More sharing options...
teacherclaire Posted August 8, 2020 Share Posted August 8, 2020 A Thai friend gave me good advice many years ago. "Use all your money and buy gold were his words." One Baht was on 16 K, so my money would have doubled up. I should have listened to him. But..................................... Link to comment Share on other sites More sharing options...
jabis Posted August 8, 2020 Share Posted August 8, 2020 (edited) 1 hour ago, teacherclaire said: A Thai friend gave me good advice many years ago. "Use all your money and buy gold were his words." One Baht was on 16 K, so my money would have doubled up. I should have listened to him. But..................................... Still wouldn't've been a good idea to use all your money and wait for nearly a decade or so to see fruits of your labour Edited August 8, 2020 by jabis 2 Link to comment Share on other sites More sharing options...
ThaiFelix Posted August 9, 2020 Share Posted August 9, 2020 22 hours ago, Phuketshrew said: Good to see that social distancing is alive and well in Chinatown. Well seems the govt was correct in bragging how the low infection rates in Thailand were due to Thais being so disciplined lol. However it is good to see the vast majority are wearing masks. Link to comment Share on other sites More sharing options...
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