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Home » Reader question » Reader question: Is it wise to convert my piggy bank into gold in Thailand?
Dear readers,
Given the situation in Thailand, I intend to convert our savings into gold. I think that would be a great idea for her in the future. I would like half baht pieces because it is a bit easier to exchange later.
Is this wise?
Where can you buy the best gold in Thailand, not jewelry but just gold. I have problems with the Chinese stores because they make up all sorts of costs. I was there yesterday and she added a number of surcharges totaling 1.500 baht on top of the gold price. So per piece.
The price could go down to 250 baht if I bought XNUMX baht pieces. “for transport by special truck” To my question, do I have to pay per piece if I buy ten? So the answer was, yes.
Is there a possibility in Thailand to buy sec gold?
Yours faithfully,
Jan
If you often fly back to the Netherlands, make a stopover in Dubai, the gold is also very cheap here and you can even go to shopping centers instead. withdraw cash from a machine, enter money, for example 1000 dollars and receive an X number of ounces of gold in 18 or more carats in bar form. The more you want, the more expensive it becomes of course.
http://www.telegraph.co.uk/news/worldnews/middleeast/unitedarabemirates/7720491/The-ATM-that-dispenses-gold-bars.html
If you want to sell bar gold again, you will of course receive less back. Why not just buy gold on the stock exchange? The buying and selling costs are a lot lower there
250 baht is not that crazy in itself.
When I looked myself 2 months ago, the sales price in the store, even calculated back to the weight of pure gold and US dollars, was below the international spot price.
No idea what that is like now. However, processing costs were charged for a piece of jewelry. I think transport costs are nonsense because that should be included in the buy/sell spread of the business.
You can also buy via the stock exchange, but there too you have a difference in bid and ask (buy and sell) and most gold is traded through futures (forward contracts). And there is also a difference in the spot price and the future price due to the pricing. This is because the futures price is normally compensated for interest (you pay now, but want delivery in 6 months, of course you want to see interest on your money) and for storage (if the seller has costs for storage, he will also charge this). ) this price difference between future and spot becomes smaller and smaller as you move towards the delivery date. Before the end you can choose whether you want to settle your contract (there are also costs involved) or roll it over (sell the current contract and purchase the next contract), but if the next contract is more expensive than the current one, you will also lose on that. Quite apart from the fact that you have to take into account margins etc if you trade in futures yourself.
It's quite difficult if it's just a piggy bank. Then you can sit in a gold fund or ETF or something else, but they usually also charge management costs in connection with the above.
The disadvantage of buying physically is that you do not receive interest (although it is hardly worth it at the moment) and that you have to store it, so yourself in a safe or somewhere else, which also entails costs. At least I assume that you don't just put large amounts of gold in the bedside table 🙂 otherwise you still run the risk of price fluctuations. If the futures market collapses, the spot price also collapses, for example.
Just some things to think about.
Gold fluctuates a lot in price. And you will always see, the moment you HAVE to sell for whatever reason, you are at the bottom of the historical price.
For comparison: July 2009: approx Euro 22,000 per kg, Sept 2011 – Dec 2013 between Euro 40-45,ooo, 31 Dec 28,212 and 4 Feb: Euro 29,702.
Dear Harry would you like to be a little clearer in your comparison,
Gr. corriole
Just thought me!
In my opinion, it is best not to buy "physical" gold in your own country. Gold prices are, I think, identical all over the world.
When buying in a shop, you obviously have to pay some profit for the shopkeeper, that person must, after all, also be alive!
However, the big question is, in my opinion, is it allowed to bring “physical” gold to Thailand without a permit??
If so, a few 50 gram bars or a few Krugerrands can solve your problem.
Unfortunately I don't have this problem!
Hopefully everything works out.
Didit.
Buying gold is easy and safe in the Chinese neighborhood in Bangkok.
If you buy jewelery gold, you have to pay surcharges, the difference between purchase and sale is relatively high (the gold that the store buys is melted down)
If you buy bars, the surcharge is low.
Do not buy paper gold, that is exactly like paper money and shares, it is in the hands of the banks and they use the cheese slicer. Every time you move your property they scrape a layer off it.
Paper gold is very fragile because the real stock is about 1% of the appier stock, so if something happens paper is just paper.
Gold is also really just gold, in times of scarcity it is best to have land so that you can provide food.
Buy regular bars, if panic sets in you can still chop the bars into pieces. Buy gold bars with a Thailand respected mark. And of course go to one of Bangkok's respected establishments, they can't afford to make crazy claims.
Success !
I'll write it here phonetically (as my wife pronounces it), a good and cheap shop with both jewelry and bars is Huasengheng on Yaowarat (Chinatown) (on the corner with a small soi, and on the right when you come from the train station towards ). it is very busy at any time of the day.
Exactly http://www.thailandbullion.com/huasengheng
After some thought.
Finally, the answer is very simple.
You only buy gold; official !
So not in shops or the like! Those people also have to live.
So find the way to OFFICIALLY buy gold !!!
Unless, of course, it concerns a piece of half a bath.
All the best with your investment.
Didit.
Be careful with the gold content in Thailand, it is not always 99,99%, but sometimes 96,99% and that seems cheaper
mvg
ronny
Dear Jan,
what is the purpose of buying gold? are your money in a thai bank and you fear a devaluation? are your money in NL or BE and you fear a collapse, so you buy as capital protection??? or do you want to try and make money on it?
if the goal is capital protection, it is best to buy physical gold, in Thailand in BKK in china town, in your own country through the bank or gold dealers or of course you can also buy online.
http://www.gold4ex.be
Always buy 99,99%, ask for a certificate and see if the number on the certificate matches the number struck in the bar and also ask for an invoice, especially if you buy in Europe and want to take it to Thailand. In the latter case, ask before departure at customs, what formalities you have to fulfill and also be aware of the capital controls, do not know how they are at the moment, but they will certainly become stricter to prevent capital flight due to the situation in Europe.
do you want to earn money and be able to buy / sell easily, you can open an account with a futures broker and trade in futures, but that is more something for someone who is used to trading, not good for the heart (think before you start) !
**eg http://www.selfinvest.be if you want your bill in europe, which i don't really recommend.
** in america there are dozens of future brokers, google agree,
** another option is trading in CFD (contracts for difference), best via an English broker (spread betting) profits are not taxable there? www.caiptalspreads.com or google
or as someone said above, trading in ETF (exchange traded funds) exists on just about everything, so you can also buy gold through an online broker in shares and you can then buy and sell in the number of shares you want, depending on your strategy. also check out the gold mines.
Conclusion: do you just want gold as capital protection, buy PHYSICAL gold, and know that huge fluctuations can occur and it can take a long time (years) before you can break even or make a profit, of course it cannot rise immediately and that after a few months you can make 20-03-40% or more profit, but one kilo remains one kilo 🙂
if you want to trade through some broker and buy and sell constantly, know that you only own paper gold, although some have the right to buy gold, but it will have to be there, because even the largest brokers / banks only have a few % gold to cover their outstanding contracts, how much no one knows exactly, but it's very little. and I sincerely hope that the day will come as soon as possible when the paper customers want to convert their gold into physical, then we will probably have HUGE fireworks Look at Germany, it asked for its gold back from America a year ago, they promised to return it over a period of 7 years, if it was there, it shouldn't be a problem to put it in a container and send it to them. got a first shipment back this year, and what a! now we're deviating too far, but i think physical gold is the best choice, of course never put all your pennies in it. and maybe buy some coins (Krugerrands), easy to exchange ok to pay something in case of a serious crisis
Small addition to this:
If you do it via 'paper gold' then there is a very important difference between a so-called futures contract and, for example, a CFD broker.
A futures contract is a registered security and the seller is actually obliged to deliver on the settlement date, either in cash or physically. This is taken care of by the Clearing which ensures that you actually get your money.
With a CFD you actually have nothing at all. You enter into an agreement with the 'broker' that you bet on the price difference. So you don't buy anything on a market. Those brokers have the same modus operandi as an online poker game. They take the money from their customers. They put it in an account in a tax haven and draw interest from it, or invest it themselves. They know exactly through their software how many customers are long and short in which product, and they cover that risk in the real market. They keep a margin because they have to pay out now and then and that's it. If you park a lot of capital there and such a broker is about buying, you can lose all your stuff and you can whistle at everything. Personally, I only like CFDs if you have a few hundred euros of play money, that's all.
In any case, this is an essential difference in the case of capital protection.
You should never bet your money on a horse. But buying gold one piece at a time (real gold and not paper gold) is definitely a good idea. Because when a country's economy goes really bad or due to inflation, gold becomes more valuable .Buy the gold here and not in the Netherlands or Belgium because that is a maximum of 18 carat and here it is almost 24 carat. And still cheaper.
Buy the gold in Thailand as it is for a reserve in Thailand.
So buy the kind of gold that the Thai have the most confidence in.
And that is 96,5% gold (23 karat) from a reputable seller.
There are many chinese gold shops all over Thailand. Most don't want a bar of gold, because they can't earn much from it. So go to Bangkok, there in Yaoworat road are the most renowned ones.
I bought gold at Hua Seng Heng a month ago. For large amounts you can go to the neighbour
rightly so, that is a bank and it applies the same rates. It is more convenient there because they count the money on the counter that you both have a view of. At Hua Sreng Heng the visibility is slightly less. So for larger amounts to the neighbor.
shop: http://bkkchinois.wordpress.com/2012/11/24/the-gold-shop-the-purest-gold-in-bangkok/
gold : http://www.thailandqa.com/forum/showthread.php?35247-What-makes-Thai-gold-so-much-better-Buying-advice-added
another : http://gold.yabz.com/where_to_buy_gold.htm
and then a picture of a real gold bar from Thailand (with the stamp of Seng Heng!).
http://www.thailandbullion.com/sites/default/files/pictures/HuaHengHeng/HuaSengHeng_goldbar1.png
the webpage : http://www.thailandbullion.com/huasengheng
As you can see, the gold is not extra polished, it has no collector's value for the Thai, it is money. There are collections, but then we are talking about completely different prices, coins with a value many times higher than their 'face value'.
success,
Climb.
Do not buy foreign coins in Thailand unless you are in the circuit who can appreciate these coins.
The average Thai knows gold as a chain (sin sod) and as gold bar. But collection gold that kind only knows the rich thai.
If I may give you my humble opinion, I would suggest you change your plans.
Of course I don't know the size of your savings and where they are at the moment.
However, I would advise you not to invest your money in gold, neither in physical gold nor in gold certificates.
You have to remember that gold is not an investment but a kind of insurance in difficult times.
The world economies are recovering from past crises (~9 years). So “difficult times” are really not in sight, on the contrary.
Also remember that gold earns 0% interest!
In Thailand you will soon receive 2.5 – 3.00% interest, with a deduction of 15%. So noticeably more than in the Netherlands or Belgium.
And if you plan to stay in Thailand, currency erosion is not so much to fear, then you are no longer dependent on exchange rates, your money is here and you also spend it here.
By the way, my personal opinion is that the gold price can be a few percent lower in the coming years. Simply because that “insurance” is no longer necessary in a strongly rebounding market, on which all economists agree.
I would say put your pennies on term accounts (fix account) for 6, 9 or 12 months and renew this after each term. It might also be worth considering investing a small portion in solid stocks that also pay a dividend. Of course, shares are investments that entail a certain risk. Your bank can provide you with the necessary information about this.
Good luck.
.
Gold has been gold for as long as humanity has been trading, paper money is paper and banks are going bankrupt.
And in Thailand there is no bank guarantee.
Gold retains its value even if it fluctuates when expressed in paper money. In other words what
you used to buy for a gram of gold, you can still buy it for the same weight of gold.
'strongly recovering markets' I'm sorry, but the economy is not stable yet, let alone a strong recovery.
Thailand's economy is currently being politically determined and the debts that have arisen from the rice scandal play a major role in this. Many people are whispering that the government is trying to use the money in the banks to reassure farmers. A type of loan with deferred repayment (robbery).
Hence it is good to convert a certain amount of money into gold. The gold is only getting lower in paper money value because a number of countries in Europe have to pay money back to the central bank and for that they are now carefully putting their gold stocks on the market little by little.
More gold is consumed than is 'made'. China is cautiously buying up as much gold as possible, because it wants to present itself as the next international currency. The economy of the USA is partly determined by the amount of paper money that the Federal Bank prints without a guarantee. And the reckless expenditure in the field of war (= capital destruction). In other words, the American money devalues. Given the world's problems, America expects a massive backlash if certain projections don't materialize and people find out they've been duped. A civil war is in the making.
It is also the investments in America that have ensured that the piggy banks of our Dutch pensions have been completely skimmed off, well, well, that was a big move.
So look as rosy as can be, but be prepared for a few more difficult years.
And well, this is a very outspoken opinion 🙂
success,
Climb.
Have a look at this link, here is everything you ask. In Thailand you do not pay any commission only the gold price at these shops. Is neatly indicated at the door. Buy jewelry eg necklaces of 23 carat no problems with customs, jewelry is free to tax free.
http://www.asiatradingonline.com/gold.htm
Hi Jan,
I would like to ask you to respond to all submissions. Then we will know a little more.
Now there is a good chance that we will just start speculating. I'm not into that, I like speculaas.
Greetings,
Climb.
Well that's about right Leo, I've seen a few comments that make sense for me. Read my article carefully and you might find out that:
– It is about a small amount of capital, not millions of THB.
– It is about capital security, not about investing
– It's about where you can buy the best gold in Thailand.
– I live in Thailand
If that had been fished out by the readers, the answers might have been more effective.
Thanks to BA, Diditje, Patrick and Leo Gerritsen who, in my opinion, gave the best responses.