Author Topic: Thais are going berserk for physical gold  (Read 1524 times)

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Offline exchange

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Thais are going berserk for physical gold
« on: April 21, 2013, 08:50:51 PM »
Here is a link to a Thai news show, in Thai language but take a look at all the pictures of people lining up filling gold shops.

In summary:

Since price of gold dropped, Thais are flooding gold shops

ATM machines are out of money in Yaowarat (gold district) because so many people have gone there to get paper notes to buy gold

Malaysians are flooding across the border into Thailand to buy gold

The news goes on and on about this, even if you don't understand Thai take a look at the video. This news is only a few hours old, but gold shops have been full all week.


http://finance.forumsee.com/a/m/s/p12-26044-053456--thais-are-going-berserk-for-physical-gold.html


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Offline Birdman

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Re: Thais are going berserk for physical gold
« Reply #1 on: April 21, 2013, 09:03:27 PM »
Here is a link to a Thai news show, in Thai language but take a look at all the pictures of people lining up filling gold shops.

In summary:

Since price of gold dropped, Thais are flooding gold shops

ATM machines are out of money in Yaowarat (gold district) because so many people have gone there to get paper notes to buy gold

Malaysians are flooding across the border into Thailand to buy gold

The news goes on and on about this, even if you don't understand Thai take a look at the video. This news is only a few hours old, but gold shops have been full all week.


http://finance.forumsee.com/a/m/s/p12-26044-053456--thais-are-going-berserk-for-physical-gold.html


exchange

While Asians line up at the counter to BUY gold, the more prevalent scene in the US is the American lining up at the counter of "Cash For Gold" stores to SELL their gold.  In my town, for every 1 coin shop there seem to be 10 Cash for Gold shops.  I went into those shops a few times asking if I could buy some gold coins.  They said, "We don't sell.  We only buy."

Offline r3globe

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Re: Thais are going berserk for physical gold
« Reply #2 on: April 22, 2013, 04:13:39 AM »
While Asians line up at the counter to BUY gold, the more prevalent scene in the US is the American lining up at the counter of "Cash For Gold" stores to SELL their gold.  In my town, for every 1 coin shop there seem to be 10 Cash for Gold shops.  I went into those shops a few times asking if I could buy some gold coins.  They said, "We don't sell.  We only buy."

I can 100% attest to your experience. I have never had a cash 4 gold shop agree to sell me anything! I don't even bother with them anymore!

Offline PandaCollector

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Re: Thais are going berserk for physical gold
« Reply #3 on: April 23, 2013, 01:15:42 AM »
I can 100% attest to your experience. I have never had a cash 4 gold shop agree to sell me anything! I don't even bother with them anymore!

Some, at least, will sell to you if you buy in large quantities. They aren't interested in "small" customers, but will perk up at a big buyer.

Best wishes,
Peter Anthony
www.pandacollector.com
China Pricepedia

Offline KeyDate1/2ozPandas

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Re: Thais are going berserk for physical gold
« Reply #4 on: April 23, 2013, 01:54:36 AM »
Many cities have laws that require those that are buying jewelry, scrap and possibly coins to hold all purchases for 30 days to allow authorities to inspect in case a police report is filed for stolen goods.  This is the primary reason these stores can't sell to you, they are obligated to put the material away and then once the 30 days are up, those at the corporate office go through everything to determine what should be melted, what should be auctioned, what should be sold to jewelry stores, what should be sold to coin dealers, etc.  The employees at the store level are not authorized or qualified to determine what is worth reselling and what is scrap.  This 30 day hold rule is partly the reason these stores have to pay less than they would if they could immediately flip the material. 

Arif