Thread: Thai currency continues upward trend

Originally Posted by socal

haha, remember when the baht crashed in value in 1997 ? Do you think the value of gold in Thailand also crashed ? NO, IT STAYED THE SAME BECAUSE IT HAS INTRINSIC VALUE. After the baht crashed, if somebody that bought gold a week before the crash, came back and exchanged the gold for the new devalued baht, they lost no purchasing power. The person holding the baht cash lost tons of purchasing power.

One of Social's absolute classics............pure genius.....took me a long time to stop laughing after reading this master piece!

I wonder if there's a chance he's been spotted by the current government yet? Or maybe Thaksin's read what Social writes and will headhunt him? Just can't wait to read his next post!

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores. Many Thai women sell or trade gold to the department store Jewellery depatments, at Internationally ruling daily rates! So all you disbelievers are wrong......24 carat gold of course, and hence your wife or girlfriend won't want other than 24 carat gold items, which can be weighed and easily traded!
.....

Originally Posted by Roger Ramjet

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores. Many Thai women sell or trade gold to the department store Jewellery depatments, at Internationally ruling daily rates! So all you disbelievers are wrong......24 carat gold of course, and hence your wife or girlfriend won't want other than 24 carat gold items, which can be weighed and easily traded! .....

At gold shops yes, but not in department stores. Try it in Central or Robinsons.

local Thai take Gold as an investment to store value, but don't think the price is international, it's mostly a local thing

can you pay in Gold at TESCO ? don't think so, so it's NOT a currency

can you deposit Gold in your bank account directly ? same, not possible, it needs to be exchanged first like any other commodities

Originally Posted by Roger Ramjet

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores. Many Thai women sell or trade gold to the department store Jewellery depatments, at Internationally ruling daily rates! So all you disbelievers are wrong......24 carat gold of course, and hence your wife or girlfriend won't want other than 24 carat gold items, which can be weighed and easily traded!
.....

So you are saying that you can buy and sell gold at a jewellery shop.

Whooda thunk it eh!

If you go the right car dealership, you can buy and sell cars. Does that make cars a currency?

Originally Posted by Roger Ramjet

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores.

Everyone knows you can buy and sell gold in these places, you can buy the gold with your credit card and exchange it for cash immediately less a substantial % charge of course.

But that does NOT make Gold a currency, it's a comodity and an asset used as a security.

Can we just forget this now and talk about the weather instead?

Originally Posted by Butterfly

can you pay in Gold at TESCO ? don't think so, so it's NOT a currency

This is such a dumb argument.

All because Socal won't accept that a gold nugget isn't Legal Tender.

and then roger ramjet comes along and tries to back it up with gibberish.

Originally Posted by The Bold Rodney

Can we just forget this now and talk about the weather instead?

Roiet. Heavy rain and lightning. 28C.

Bangkok Bank - 30.74 baht to USD.

Originally Posted by Butterfly

It's ok, I find him quite amusing. You should take his posts for what they are, a delusional American

We've got a new BkkAndrew

Originally Posted by Norton

Roiet. Heavy rain and lightning. 28C.

Thank you very refreshing.

Chucking it down in Korat too!
1.00 GBP = 47.5530 THB.

Originally Posted by crippen

Chucking it down in Korat too! 1.00 GBP = 47.5530 THB.

Ohhhhhh for the good old days, no climate change, no unrest, no instablity in the markets, no poverty, everything was just perrrrrfect!

That is until everyone got wealthier, the fat cats got fatter and political correctness became the new religion, worshipped by do gooders, accademics and appeasers the whole world over and muslims suddenly had to learn to read in order to claim their benefits!

Got fuck all to do with Gold Nuggets, Thai Baht just thought I'd have a quick rant.

Originally Posted by lom

Originally Posted by Butterfly

It's ok, I find him quite amusing. You should take his posts for what they are, a delusional American

We've got a new BkkAndrew

isn't this a blessing

[quote=The_Ghost_Of_The_Moog;1549971]

Originally Posted by socal

Originally Posted by The_Ghost_Of_The_Moog

Originally Posted by socal

Originally Posted by Butterfly

you are confusing a currency exchange rate with a currency

have you tried doing your grocery at Tesco with gold ? let me know how it went

you remind of the Americans who used to give USD to pay for their grocery and thought it was universal currency

for the tenth time on this thread, you are the confused one, not me.

Gold is a currency, you exchange it for other currencies. You don't need to use gold at Tesco, all you have to do is bring the gold to a bank and exchange it for the local currency. Try buying groceries in france with thai baht or in russia with zimbabwe dollars. There is not way, but if you had gold, you can exchange it for any other currency.

Why don't you say, gold is a "quasi-currency". Because as you point out, you first have to convert it into legal tender (meaning: banknotes and coin) before one can use it as a medium of exchange.

are you aware of what a note even is ?

-a written promise to pay a sum of money or a written acknowledgment of a debt from which a promise of payment can be inferred.

In other words, when you hold fiat currency, you are always holding somebody elses liability. Not the same with gold, gold is nobodys liability.

Gold is not legal tender. It can be converted easily into legal tender once assayed.

A failure to be classified as Legal Tender means that you cannot legally demand that someone accepts it in settlement of an obligation. (Regardless of whether you are American and can shout really really loudly that you are fucking right, and they are fucking wrong)

The reason it is not legal tender is because governments and central banks dont want it to be. Also, it does not have to be legal tender to serve its purpose.

Yes I am aware what a bank note is, and i'm aware that a sterling five pound note is no longer an obligation to deliver five lbs of bullion.
Your stubborness in not acknowledging the gaps in which you express your case is remarkable. Why are you behaving in such a patronising way?
You seem to be a living metaphor for 'a little knowledge is a dangerous thing'.

I am not expressing a case. If you ever want to know anything about money, markets or macroeconomics you must understand the unique role gold plays.

the reason i got pissed off is because it seems like people are just trying to wind me up without even thinking about the subject.

Originally Posted by Butterfly

Originally Posted by socal

Go to your local bank with a bag of fucking table salt and see if they will take it in exchange.

I might be mistaken, but I think it's illegal for a bank to receive Gold from retail customers, they can only be exchanged through specialized dealers. Banks do not accept Gold and pay you for it. So your whole arguments seems to be on thin air as usual.

Have you tried to deposit Gold at your local bank ? see what they say. In Europe, it's illegal to "hold" gold bullion, they can only be held in a bank custody, basically a line on your account, not different from everything else. Which means if everything goes to hell, you still don't have access to your Gold.

I believe in the US the procedure to buy Gold bullion is also regulated, obviously they don't want people to start stashing gold in their basement. It's part of the leaking theory of currency and money.

Yes, gold is a threat to the governments and central banks debt based fiat regimes. If enough people understand that if they collect their pay check and instantly convert it to gold, that they will never lose purchasing power of their earned money because the central bank cannot debase the gold by printing it. Central banks can only debase and dilute the fiat currency and they do this to devalue the debt of the government.

Is their plentiful physical gold {and projected future found gold} to reflect the very grotesque physical {and seemingly imaginary} wealth? Probably not. So what's the anxious discussion all about. Real wealth and value is about credit, illusion, and magic. Creating an imaginary wealth from nothing.....ain't we special?

[quote=Butterfly;1550010]

Originally Posted by Rural Surin

Originally Posted by socal

Gold has been money for thousands of years. It evolved through the barter system as the most marketable good.

Gold is the most marketable good known to mankind. More things can be paid for with gold then any other element. No other commodity shares this legacy.

One might recheck historical comparatives, as silver played a greater role in worldwide trading development and universal bartering standard more so than gold for centuries. The gold thing is just a recent occurrence - the last 300 years. There was a time, when "practical" goods were applied as more valued and worthy than metallic wealth.

you actually raise a really interesting question. What makes people think that Gold or Silver has any intrinsic value as a currency ? it only has value for the "buyer power" it represent and that can only happens if that "value" perception is shared

Thats right and gold has the longest history of having precived value. Fiat currencies always eventually have no value. the german mark, the argentine dollar, mexican peso, or thr zimbabwe dollar. that is just some very recent examples.

Barter is different, value is right there, in the eye of the beholder, in its utility. Silver as a currency ? what's its intransic utility ? none, only if it's backed up by a common believe that it has value, basically the same idea behind issuing legal tender notes. Silver or Gold as a currency is only "accepted" if it's legal tender, not because it has "intrinsic value".

Gold has unique charicteristics that give it the best record(6000 years+) in the world for having a common belief in value.It is completely durable. It does not rust, tarnish or rot. And it is soft and malleable making it easily divisible when called upon for trade. It is rare and difficult to remove from the earth, which makes it impossible to debase any faster then you can mine it. Paper or virtual currencies have none of these charicteristics, that is why they don't stand the test of time.

more on that hereFOFOA: Search results for gold barter

double post

[quote=Butterfly;1550072]

Originally Posted by socal

Its just the opposite of 1997. In 1997 Thailand had huge forign debt and current account deficits. Today Thailand has huge forign exchange reserves and trade surpluses.

it's the exact opposite which can bring the exact same result, a financial crisis. Right before the 1997 devaluation, THB was getting stronger. You don't understand that both extremes will bring the same disastrous economic consequences. It's not a linear world, things go in circle here.

No you moron. Its the US and the western world that is in those shoes now. The US has the HUGE forign debt and trade deficit. Its the US dollar and the Euro that is in danger of falling. Thailand is a creditor nation, not a debtor nation like in 1996. YOu don't know shit.

Its like saying the guy with all the money in the bank is in danger of going broke.

Originally Posted by Moonraker

Originally Posted by Roger Ramjet

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores. Many Thai women sell or trade gold to the department store Jewellery depatments, at Internationally ruling daily rates! So all you disbelievers are wrong......24 carat gold of course, and hence your wife or girlfriend won't want other than 24 carat gold items, which can be weighed and easily traded!
.....

So you are saying that you can buy and sell gold at a jewellery shop.

Whooda thunk it eh!

If you go the right car dealership, you can buy and sell cars. Does that make cars a currency?

No. Gold is the most tradable and marketable good, not cars.

Originally Posted by aging one

Originally Posted by Roger Ramjet

In Thailand, Gold is as well a being an Internationally traded commodity, is also effectively a currency in most large department stores. Many Thai women sell or trade gold to the department store Jewellery depatments, at Internationally ruling daily rates! So all you disbelievers are wrong......24 carat gold of course, and hence your wife or girlfriend won't want other than 24 carat gold items, which can be weighed and easily traded! .....

At gold shops yes, but not in department stores. Try it in Central or Robinsons.

And the reason why people in third world countries understand money and gold better is because they have lived through events where fiat currencies lose half their value or go to zero.

retirees and tourists are all rethinking their plans to go elsewhere as the baht means Thailand becomes less of a bargain ,keep up the good work BOT

Originally Posted by aging one

and then roger ramjet comes along and tries to back it up with gibberish.

hahaha, and this is in the very thread where westerners are getting poorer because their central banks are printing and debasing their fiat currency to bail out the retail banks.

If you save your money in gold, you will not realize any of these losses of purchasing power that you are all complaining about.