Buying Gold in Thailand - Are you getting the real thing?

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Gaybutton
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#1 Buying Gold in Thailand - Are you getting the real thing?

Postby Gaybutton » Thu Aug 26, 2010 7:32 pm

As many of you know, there are gold shops all over the place in Thailand. Many buy gold for themselves, the boyfriend, as an investment, as a hedge against the soaring value of the baht, etc. But can you be certain you are actually getting the real thing? With new scams appearing all the time, maybe what you think is the genuine article isn't the genuine article.

Have a look: http://www.pattayadailynews.com/en/2010 ... eal-thing/

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mahjongguy
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#2 Re: Buying Gold in Thailand - Are you getting the real thing

Postby mahjongguy » Thu Aug 26, 2010 9:05 pm

1) If you buy from any of the better dealers in Bangkok's Chinatown you will get a receipt for the item in which they guarantee to purchase it back from you at (that future day's) posted daily price. Note that every shop has a sign posting four prices of the day:
- 24k ingot sale
- 24k ingot buy-back
- 23k jewelry sale
- 23k jewelry buy-back

2) Don't buy gold as a hedge against the rising baht. As the baht rises, all other factors being equal, the baht price for gold goes down.

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xiandarkthorne
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#3 Re: Buying Gold in Thailand - Are you getting the real thing

Postby xiandarkthorne » Fri Aug 27, 2010 9:15 am

For what it's worth, many of my female relatives in Thailand prefer to buy gold in Malaysia. I don't know about whather it's because they are worried about not getting the real thing, but I do know they prefer what we call 918 (20 carats) and 920 (22 carats) gold which have higher percentages of the shiny yellow stuff. They say that most items in Thailand is 916 or only 18 carat gold and the colour of Thai gold is quite pale compared the yelower kind we get in Malaysia and Singapore. I do know that many items in Malaysia are actually 918 like in Thailand - especially things like ring, bangles and chains as the lower gold content makes them a bit harder and less likely to get bent out of shape, but it is a fact that much of the gold I see in Thai shops is less yellow.
I'm too old to be an enfant terrible so I'll just have to settle for being an irrrrrrrascible old fart! My Blog is here http://xiandarkthorne.blogspot.com/

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#4 Re: Buying Gold in Thailand - Are you getting the real thing

Postby mahjongguy » Fri Aug 27, 2010 4:41 pm

In Thailand there are jewelry shops that sell all kinds of stuff, some of it 18k or less, but the actual gold shops (members of the Gold Traders Association) that I have seen only sell 23k jewelry and 24k ingots. Basically, 23k jewelry is like cash; 22k or less is really just jewelry.

I could see where it might make sense to go shopping in Malaysia if you want quality jewelry with the stronger 20k or 22k gold. But, the only way to get a full return on the value of the gold in the jewelry is to sell it back to the shop where you bought it. That would be inconvenient.

I have a heavy 23k bracelet that I never take out of its safe deposit box, so I will take it back to BKK Chinatown someday. Even the most legitimate shops in Pattaya won't pay anything near the daily posted rate for it.


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