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Buying Thai Gold bullion: USD or Thai baht?


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First time buying Thai gold bars, and I'd like to buy from a reputable gold shop in Chiang Rai.

 

Qun: Is there any advantage in paying for it in USD or must it be paid for in baht?
I ask because I have a fixed USD account maturing here soon.

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Because they serve completely different purposes, one is for speculation the other for disaster insurance.   OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

And if a run on stocks good luck turning in those stock papers Worthless , I would buy gold in Chinatown and find a place like Siam Secure in Pattaya to store in safety deposit box , I e had it for 5

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple.  If anybody wants bo

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21 hours ago, Don Chance said:

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

And if a run on stocks good luck turning in those stock papers Worthless , I would buy gold in Chinatown and find a place like Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

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23 hours ago, Don Chance said:

Why have the hassle of it getting stolen. Better to buy gold miner stock or gold stock. Personally, i think it is better to buy Oil now that it is cheap.

I had 50 baht bars at one stage and not that hard to hide if you really want to. I find it hard to take a barrel oil down to local servo and sell, I find 5 bar gold bars very easy.

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2 hours ago, Ireland32 said:

Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

In my home country I would tend to agree with you. Don't ask me why but my trust factor is very low in Thailand.

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23 hours ago, Barnabe said:


Because they serve completely different purposes, one is for speculation the other for disaster insurance.

 

OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

Spot on. Everything you said. 

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2 hours ago, Ireland32 said:

And if a run on stocks good luck turning in those stock papers Worthless , I would buy gold in Chinatown and find a place like Siam Secure in Pattaya to store in safety deposit box , I e had it for 5 years great security and English staff , or build a deep as hell floor safe but I like safe deposit boxes “Peace of Mind “

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

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1 hour ago, RocketDog said:

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

You think burglars don't read. 

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21 minutes ago, tweedledee2 said:

You think burglars don't read. 

They maybe able to read but still have to find.

 

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On 1/17/2021 at 6:47 PM, Barnabe said:


Because they serve completely different purposes, one is for speculation the other for disaster insurance.

 

OP: I doubt any shops will accept USD, and if they do expect a heavy markup.

The last time I bought gold here, the markup was 1000 baht on a 10 baht bar priced at 185,000 baht.

I'd agree any shop that actually accepted USD would be charging a hefty commission. Far better to exchange USD for baht at a money exchanger, most  don't have commissions and make their money by pitching their exchange rate a modest amount below the cross rate.

I do have to laugh when I see the exchange rates in the banks, they're dreaming if they think anyone would be stupid enough to accept them.

 

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13 hours ago, tweedledee2 said:

You think burglars don't read. 

No defense is 100% effective.

 

I lock the doors to my car and house when I'm away even though I fully understand that locks can be picked. All safes can be broken by skilled burglars. Condoms are only about 99% effective. Even the best combat weapons jam at times. The good  vaccines are in the 90% range. My daughter's airbag hyper - extended her thumb and scratched her face when it deployed in a wreck. Masks are not 100% effective against infection. I could go on. 

 

You lose 100% of the battles you never fight. 

 

You make your bets and take your chances. Up to you. 

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15 hours ago, RocketDog said:

Storage that you do not 7/24/365 private access to carries some risk. Even in a condo it is possible to find storage, you just have to be clever. In a house it's dead simple. 

If anybody wants books on hiding I can provide PDF versions. 

To my mind the best safe is one that doesn't even vaguely resemble a safe. 

IMO condos are much safer than houses. Any thief first has to negotiate 24 hour security, then internal security such as elevators that won't move without a keycard. They are in a building with 500 odd rooms, which room do they pick? How do they know there is anything of value behind the door? What if the occupant has a weapon? How much time do they have before another occupant raises the alarm?

Too much risk, too little potential reward. I've never heard of a condo burglary in Chiang Mai or Chiang Rai.

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4 minutes ago, Lacessit said:

IMO condos are much safer than houses. Any thief first has to negotiate 24 hour security, then internal security such as elevators that won't move without a keycard. They are in a building with 500 odd rooms, which room do they pick? How do they know there is anything of value behind the door? What if the occupant has a weapon? How much time do they have before another occupant raises the alarm?

Too much risk, too little potential reward. I've never heard of a condo burglary in Chiang Mai or Chiang Rai.

Hotels have all the advantages you name but rooms are still burglarized. Condo rooms have limited places for concealment. Houses have a much more extensive area to search not including the grounds around them. Most house are also in populated areas with observant neighbors too.

 

Besides that, what do burglars look like when they commit crimes? They don't all wear black clothes with masks so how would neighbors identify them to raise the alert? When I lived in a condo I didn't know any of my neighbors and I certainly didn't scrutinize their visitors. 

 

Pros and cons to both. 

Living in a private jail cell is probably safest except for the guards of course 😉

 

If where you live is primarily dependent on how well you can guard your assets it's better to keep metals in a real vault. Mine are in a private vault in Singapore. I made a visit there and inspected their premises for nearly two hours accompanied by two escorts who gave me the tour. Two escorts were required by vault rules. Access is available 7/24/365 through guarded portals. 

 

The best defense against robbery is to have nothing worth stealing but that sucks too. You make your bets and take your chances. Choices, choices. 

 

 

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