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  1. #1
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    Gold price may rocket to 19,000 THB/1-baht weight

    Gold price may rocket to 19,000 THB/1-baht weight : National News Bureau of Thailand

    Gold price may rocket to 19,000 THB/1-baht weight



    BANGKOK, 26 August 2010 (NNT) – Domestic gold price is likely to reach 19,000 THB per one-baht weight due to the current economic conditions of both US and European countries, according to Gold Traders Association President Jitti Tangsitthibhakdi.

    Mr Jitti said the gold price in the global market this period would still be fluctuating since investment in gold would remain attractive for investors, noting that it might make a record above 1,300 USD per ounce.

    Nevertheless, the president added that the current Thai Baht appreciation would help slow down the price surge, elaborating that the gold price would reduce by 50-60 THB for every 10 Satang increase in currency.

    Mr Jitti hence urged people to hold the precious metal for short-term profits; otherwise, they might suffer from the price fluctuation in a long run.

    The current buying rate of gold bullion is quoted at 18,350 THB per one-baht weight and the selling rate at 18,450 THB per one-baht weight.

    Regarding recent news reports about robberies in dozens of gold shops, the president suggested that all retail gold shop owners should insure their shops against the robberies in order to lessen their losses. He deemed this mode of prevention effective than others.
    "Slavery is the daughter of darkness; an ignorant people is the blind instrument of its own destruction; ambition and intrigue take advantage of the credulity and inexperience of men who have no political, economic or civil knowledge. They mistake pure illusion for reality, license for freedom, treason for patriotism, vengeance for justice."-Simón Bolívar

  2. #2
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    It could easily double in the next couple years.

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    in the "greater fool theory", it could indeed. Actually, it could tripe within the year

    it used to be 2,000 THB for 1 baht, and that was less than 10 years ago

    also keep in mind that Gold in Thailand is regarded as a long term of investment along with empty condos for most rich Thais. So it's no surprise that they would heavily invest into such assets as soon as they converted their profit in USD or other foreign currency into THB

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    Quote Originally Posted by Butterfly
    it used to be 2,000 THB for 1 baht, and that was less than 10 years ago
    Thats too low butterfly. I was paying 4500 20 years ago when it was marriage time.

    2000 baht for 15 grams of gold at 37 baht to the dollar would be what 100 to 120 and ounce?

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    Smart people are selling gold.

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    What taxes are there, if any , on buying and selling gold in Thailand ?

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    None- it's chinese controlled.

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    Quote Originally Posted by Butterfly View Post
    in the "greater fool theory", it could indeed. Actually, it could tripe within the year

    it used to be 2,000 THB for 1 baht, and that was less than 10 years ago

    also keep in mind that Gold in Thailand is regarded as a long term of investment along with empty condos for most rich Thais. So it's no surprise that they would heavily invest into such assets as soon as they converted their profit in USD or other foreign currency into THB
    If you have never studied macro economics and Austrian economics then you know nothing about gold.

    US treasuries are the bubble, not gold.

    Just when the sheeple thought they had this bubble thing figured out, along come Ben Bernanke with the fiat bubble.

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    Quote Originally Posted by sabang View Post
    Smart people are selling gold.
    Like 3 of the biggest hedge fund superstars in the world today ? Every one of these guys have huge gold positions that they have added to as early as last month.

    Buyers

    David Eihorn of Greenlight Capital- Famous for shorting Bear Sterns and Lehman Bros. in 08.

    John Paulson of Paulson & co.- Famous for shorting US housing in 07

    George Soros of Soros LCC- Famous for breaking the bank of England

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    [quote=socal;If you have never studied macro economics and Austrian economics then you know nothing about gold.

    US treasuries are the bubble, not gold.

    Just when the sheeple thought they had this bubble thing figured out, along come Ben Bernanke with the fiat bubble.[/quote]


    I dont agree with some of BF's posts but i have to say that, I, as a dealer in PM's for 30 years have never heard/read so much repetitive clap trap.
    There is no such thing as a long term investor in gold or any other metal. We all watch the market hourly and would sell all at the drop of a hat. It matters not what is written in books. Get out there and risk your own money and see how easy it is to watch your 'investment' shrink, try then to settle your nerves with 'its ok i am in for the long haul'. Gold will rise now for 5-6 weeks i feel because of the Western jewellers increasing their Christmas stock and the onset of the marriage season in India and constant demand by growing wealth in China. China's property bubble is the biggest threat to the gold price, i feel. I dont read books about the world economy,i read the market to-day and react accordingly. If people want to hold some of their wealth in gold, buy coins, as i have mentioned in other threads. You then have some comfort in there numastic value...6% min premium.
    I have been dealing in gold for a long time with my own money and my family are not hungry and they all have a pair of shoes !......

  11. #11
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    Gold price may rocket to 19,000 THB/1-baht weight
    Hardly rocket, it was there (or just about - 50 or 100b short 2 months ago), and has been middle 18,000s for a while.

    according to Gold Traders Association President Jitti Tangsitthibhakdi.
    Would this man gain by telling us all about how its going to rocket I wonder...

  12. #12
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    There is something almost psychotic about some of these people who seem to think they are going to live fat and happy clutching their little bag of shinny metal after everything else collapses and everyone else in the World is starving. They remind me if the survivalist gun nuts back home.

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    [quote=Bower;1537874]
    Quote Originally Posted by socal;If you have never studied macro economics and Austrian economics then you know nothing about gold.

    US treasuries are the bubble, not gold.

    Just when the sheeple thought they had this bubble thing figured out, along come Ben Bernanke with the fiat bubble.[/quote


    I dont agree with some of BF's posts but i have to say that, I, as a dealer in PM's for 30 years have never heard/read so much repetitive clap trap.
    There is no such thing as a long term investor in gold or any other metal. We all watch the market hourly and would sell all at the drop of a hat. It matters not what is written in books. Get out there and risk your own money and see how easy it is to watch your 'investment' shrink, try then to settle your nerves with 'its ok i am in for the long haul'. Gold will rise now for 5-6 weeks i feel because of the Western jewellers increasing their Christmas stock and the onset of the marriage season in India and constant demand by growing wealth in China. China's property bubble is the biggest threat to the gold price, i feel. I dont read books about the world economy,i read the market to-day and react accordingly. If people want to hold some of their wealth in gold, buy coins, as i have mentioned in other threads. You then have some comfort in there numastic value...6% min premium.
    I have been dealing in gold for a long time with my own money and my family are not hungry and they all have a pair of shoes !......
    So US treasuries have been in a bull market for 30 years. A ten year auction just hit a record low yield.(bond prices are the inverse of the yield)

    Like I said before, the unmolested low for gold in 2000 was not $255. It was only the announced sales and dumping of the UK gold by Gordon Brown (to bail out the LBMA)that brought the price that low.

    $500 gold to $1200 gold over a ten year period where derivative markets expanded ten fold and where the Fed balance sheet doubled, is not an over heated market.

    ^also I forgot to mention, that was also a ten year period where central banks all over the world where selling gold and mine production was declining. Central banks just started buying gold.

    Gold is cheap and treasuries reek of a bubble. I have been buying gold all summer and I have the receipts to prove it.

  14. #14
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    Quote Originally Posted by The Master Cool View Post
    Gold price may rocket to 19,000 THB/1-baht weight
    Hardly rocket, it was there (or just about - 50 or 100b short 2 months ago), and has been middle 18,000s for a while.

    according to Gold Traders Association President Jitti Tangsitthibhakdi.
    Would this man gain by telling us all about how its going to rocket I wonder...
    Back to the original question: should we buy now, or wait for a pullback?
    The answer comes when you look at the big picture. If you pull up a 9-year chart of gold, what sticks out is that the price is near its all-time nominal high. One could be forgiven for thinking it looks toppy or at least ripe for a pullback. But I assert that the highs for gold have yet to be charted.

    What will a gold chart look like after adding five years to it?

    When projecting gold's potential price peak, there are many ways to measure it. Conservatively, gold reaching its inflation-adjusted 1980 high would have it topping around $2,400 an ounce. More radically, if the U.S. tried to cover its cumulative foreign trade deficit with its current gold holdings, gold would need to hit about $32,000/oz.

    Let's take something more middle of the road, and apply the same trough-to-peak percentage advance gold underwent in the 1970s. (I think there's a greater than 50/50 chance it does more than that, given the precarious nature of the U.S. dollar.) Gold rose from $35 in 1970 to $850 in 1980, a factor of 24.28. Our price bottomed in 2001 at $255.95; multiply that by 24.28 and you get a gold price of $6,214 per ounce.

    Sound too high? Well, would it feel high if you had to pay $12.50 for a Big Mac? At $3.39 today at my local McDonald's, that's about what it would cost ten years from now if we get the same rate of inflation we had in the late 1970s.


    That was a cut and paste job but let me tell you, gold is cheap.


    You have a choice, you can side with Bower, butterfly and Sabang on Teakdoor.com or you can side with the richest sovereign wealth funds in the world, the hedge fund superstars of the world and the central banks of the world who are all buying gold as early as last week.

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    Quote Originally Posted by BobR View Post
    There is something almost psychotic about some of these people who seem to think they are going to live fat and happy clutching their little bag of shinny metal after everything else collapses and everyone else in the World is starving. They remind me if the survivalist gun nuts back home.
    If you had 2 million bucks to invest today, where would you put it ?

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    Quote Originally Posted by aging one
    Thats too low butterfly. I was paying 4500 20 years ago when it was marriage time.

    2000 baht for 15 grams of gold at 37 baht to the dollar would be what 100 to 120 and ounce?
    I clearly remember in the late 90s seeing Gold in Thai shops being sold for 2,000 to 2,500 THB, might have been shortly before 1997

    Quote Originally Posted by socal
    David Eihorn of Greenlight Capital- Famous for shorting Bear Sterns and Lehman Bros. in 08.
    gee, what a genius, everyone was

    Quote Originally Posted by socal
    John Paulson of Paulson & co.- Famous for shorting US housing in 07
    isn't that firm being questioned by the SEC over an allege deal over them shorting those securities while their investors were actually pushed to buy ? I guess when you have a market of "buyers", it's easy to sell

    Quote Originally Posted by socal
    George Soros of Soros LCC- Famous for breaking the bank of England
    that was over 20 years ago

    Quote Originally Posted by BobR
    There is something almost psychotic about some of these people who seem to think they are going to live fat and happy clutching their little bag of shinny metal after everything else collapses and everyone else in the World is starving. They remind me if the survivalist gun nuts back home.
    right on, exactly. I bet socal is also a gun nut, since he is American, wouldn't surprise me. There is a strong link between those catastrophic scenario and those psychotic nutters. They should invest in a few pills first before buying gold and guns.

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    Quote Originally Posted by socal
    If you have never studied macro economics and Austrian economics then you know nothing about gold.

    US treasuries are the bubble, not gold.


    we went through this already, you are still barking at the wrong tree and make your investment decisions on the wrong benchmark.

    This is going to end in pain

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    Quote Originally Posted by socal
    You have a choice, you can side with Bower, butterfly and Sabang on Teakdoor.com or you can side with the richest sovereign wealth funds in the world, the hedge fund superstars of the world and the central banks of the world who are all buying gold as early as last week.
    oh boy

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    Quote Originally Posted by Butterfly View Post
    Quote Originally Posted by socal
    You have a choice, you can side with Bower, butterfly and Sabang on Teakdoor.com or you can side with the richest sovereign wealth funds in the world, the hedge fund superstars of the world and the central banks of the world who are all buying gold as early as last week.
    oh boy
    oh boy what ? Are you aware that if the US trade deficit with China was to be settled in todays gold price ($1200 pissy assed dollars an oz.) it would take 55,000 tons ?

    The US and the European unions total gold hoard is 18,000 tons. So where is the rest of the gold going to come from ? Nowhere, the price in dollars just has to rise to solve China's problem.

    But you think gold is in a bubble, haha.

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    hint: Gold is not a standard of measurement for economic activity.

    We do not need gold to conduct general business, may it be International or local business. When was the last time someone asked you to be paid in Gold ?

    is that easier to understand ?

    this reminds me of the gun loons who think that freedom is measured by how many guns you own

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    Quote Originally Posted by BobR
    There is something almost psychotic about some of these people who seem to think they are going to live fat and happy clutching their little bag of shinny metal after everything else collapses and everyone else in the World is starving. They remind me if the survivalist gun nuts back home.
    It worked for many Khmers trapped in Cambodia during the Khmer Rouge regime.

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    Quote Originally Posted by Butterfly View Post
    hint: Gold is not a standard of measurement for economic activity.

    We do not need gold to conduct general business, may it be International or local business. When was the last time someone asked you to be paid in Gold ?

    is that easier to understand ?

    this reminds me of the gun loons who think that freedom is measured by how many guns you own
    Obviously you know nothing about central banking and I dont have time to give you a lesson.

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    Quote Originally Posted by Nostradamus View Post
    Quote Originally Posted by BobR
    There is something almost psychotic about some of these people who seem to think they are going to live fat and happy clutching their little bag of shinny metal after everything else collapses and everyone else in the World is starving. They remind me if the survivalist gun nuts back home.
    It worked for many Khmers trapped in Cambodia during the Khmer Rouge regime.
    and what does that have to do with the fact that gold is a good investment right now ?

    I never said anything about civil collapse.

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    Thailand's gold trading price hits record high of Bt21,050 per one baht weight of ornamental gold (15.244 grams); Gold bars now Bt20,650

    Thailand's gold trading price hits record high of Bt21,050 per one baht weight of ornamental gold

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    Quote Originally Posted by socal
    they are going to live fat and happy clutching their little bag of shinny metal
    Make a crown out of it and be a King, or for some a real queen.

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