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Home » News from Thailand » Short news » Thais buy gold like crazy
Thais buy gold like crazy
Gold is selling like hot cakes in Thailand. YLG Bullion International Co., Thailand's largest gold importer, published a very optimistic report regarding expected sales. For this year, no more or no less than a doubling in sales of physical gold is expected.
The fall in the gold price has only fueled Thai consumers' hunger for gold, they are currently buying like crazy. Chief Executive Officer Pawan Nawawattanasub of YLG Bullion International expects to import 200 tons of gold this year.
Rather gold than a Hermes bag
Last year it was only 92 tons. In the first six months, the amount of gold imported was 112 tons. Nawawattanasub points out that his compatriots currently prefer to buy gold than, for example, a handbag from Hermès. We assume that he is referring to the female inhabitants of his country.
Nawawattanasub sees gold purchases picking up further this year. Buying gold is an essential part of Thai culture.
Source: Beurs.com
Last month I saw the following on a financial website: “Don't buy gold, invest in it”. That could be a hint for the wealthy in this country. 🙂
Thought they (the Thais) only earned around 300 euros per month?! ... you won't have to buy a lot of gold after deducting rent and food costs.