Thailand : No gold bars for sale during weekends

[Mid]

No gold bars for sale during weekends
Fri, October 24, 2008 : Last updated 17:51 hours

Some gold shops will not trade gold bullion on weekends starting from next months after they ran out of stock the bullions and gold ornaments.

Large crowds of people were seen flocking in many gold shops after the prices of the metal reduced sharply.
However the gold ornaments will be for sale as usual.

Jitti Tangsithpakdi, the president of Gold Trader Association said Friday that the gold traders decided that starting from next month, many of gold traders would not trade the gold bullion on weekend.

"Foreign markets across the world are closed on weekend, therefore if we still trade, sellers and buyers will take risk in price margin, therefore many gold traders don't want to trade gold bullion and asked the association to explain to consumers," said Jitti

The president said that the volatility of gold price in the global market caused the gold price in Thailand to changes for many hundreds Baht in a day.

Besides the trade volume recently is much higher than usual, therefore it's risky to trade without knowing the exact price.

"Right now there are only big amount of buying order or selling order, therefore after receiving the order, we can't trade in the country but we have to trade in the foreign market which gain lower margin, so we must protect our risk," said the president.

nationmultimedia.com

[Mid]

Gold bullion sales halted on weekends: Public switches to buying ornaments

BANGKOK, Oct 26 (TNA) -- Well-to-do consumers in Bangkok and upcountry began buying ornamental gold Saturday, after most gold dealers throughout Thailand have stopped selling gold bars on the weekends, a policy initiated only Saturday.

Sales of ornamental gold sharply improved Saturday and Sunday October 25 and 26 as most traders suspended sales of gold bullion on weekends for an indefinite period after they found it was more difficult to buy gold bars in the market, according to Jitti Tangsithpakdi, president of the Gold Traders Association.

At present most shops in Thailand import gold from Hong Kong and New York.

Traders have also decided to stop selling bullion on Saturdays and Sundays because it is not sold on weekends in the global market, and traders run the risk of selling gold bars that are not sufficiently in synchronisation with world market prices.

A number of traders also said consumers are now buying more ornamental gold for collections and not for speculation because it is difficult to make enough profit from it. (TNA)

enews.mcot.net


classic ....................

laugh or cry is the question ??

.

[Mid]

Suspension of gold bars sale continues
Monday October 27, 2008 11:45

Gold retailers in Bangkok’s Chinatown, better known as Yaowaraj, continued to suspend the sale of gold bars on Monday due to constant fluctuations in global gold prices.

The Gold Traders’ Association earlier ordered local gold retailers to stop trading gold bars during the past weekend, claiming that gold bars were out of stock and its prices in the global market continued to decline.

However, the association will announce when the suspension will be lifted at 2pm Monday.

Meanwhile, the purchasing and selling prices of 15.2 grams of gold ornament on Monday morning were 12,400 baht and 12,500 baht respectively.

bangkokpost.com


yep a good investment

[Texpat]

Can they still sell the fake ones?