Buying Gold Thread

[hhinner]

That is Thailand to a tee - no problem selling it to you and taking commission, but they don't want it when they're not profiting. There should be a legal obligation to buy it back ... but TIT!

Is it that simple? Maybe they don't see the upward trend continuing. Maybe they've already bought enough without being at risk of large losses if the price should tank. Maybe they're getting tight on liquidity. Are the large chains (!) also not buying?

Price of gold is fixed so they can't make an offer. There are always the pawn shops . Though they may also be overstocked because of the pandemic.

[buksida]

Gold to top $2,000 this year
Gold prices are expected to rise above US$2,000 by the end of the year, amid expectations of an economic slowdown in the US and Europe, intense geopolitical factors, and fewer interest rate hikes, says YLG Bullion & Futures.

Interest rate increases have recently made gold investments unattractive, but now that rates are nearing their peak and the US dollar is depreciating, such factors are supporting gold prices, said YLG chief executive Tipa Nawawattanasub.

"When interest rates turn downward, it will be an opportunity to invest in gold," she said.

Last week the US Federal Reserve announced a 0.25% increase in its policy interest rate to a range of 5.25-5.50%, the highest level in 22 years.

YLG expects the Fed to only raise interest rates once more this year. After that, there will be a period of three to five years during which the price of gold is expected to increase, according to YLG.

Gold is normally perceived to be a safe haven asset, with demand particularly high during recessions.

"Today, the global economy faces lots of uncertainties and only Asia has positive growth. Geopolitics, meanwhile, has intensified for both the China-US and Russia-Ukraine conflicts and need to be monitored," Ms Tipa said.

Therefore, it is possible that gold could reach new highs by the end of the year, she added.

If the gold price passes $2,079 an ounce by year-end, there is a chance it would continue to rise to $2,400 an ounce in the next resistance. Therefore, YLG advises investors to accumulate gold at $1,900 an ounce.

https://www.bangkokpost.com/business/ge ... -this-year

If it does top $2K it'll be much more on Thailand's manipulated gold markets which also factors in the USD/THB exchange rate to its own advantage.

[buksida]

Gold prices look like they're approaching an all-time high ... over $2K/oz again.

https://goldprice.org/gold-price-chart.html
https://www.fxstreet.com/news/gold-pric ... 2403011455

[buksida]

Global gold prices see uptick, domestic level sets record
The Gold Traders Association (GTA) has raised its outlook for global gold prices to US$2,250 per ounce by the end of this year, up from $2,100, as domestic prices rose to a record high of 36,700 baht per baht weight on Thursday morning.

GTA president Jitti Tangsithpakdi said the uptick is partially because people are continuing to buy, believing prices will increase further.

In many previous instances, people sell gold when prices rise to take profit, said Mr Jitti.

In addition, the central banks of many Asian countries, including China and Thailand, increased their gold purchases for international reserves, which is another factor propelling gold prices, he said.

https://www.bangkokpost.com/business/ge ... ets-record

[buksida]

More proof that Thailand has its own gold market ...

Gold market distortions create different problems in Poland, Thailand and Pakistan

White-hot gold prices are resulting in a range of disparities and distortions in local precious metals markets around the world, according to various recent reports.

Meanwhile, in Thailand, local gold prices set three consecutive all-time highs in a single day on March 21, underlining the steep upward trend which has seen the yellow metal gain more than 25 percent since the end of 2022.

“This has never happened before in history, especially as it is only 3 months into the year and the price has already risen by more than 10 percent,” Jitti Tangsitpakdee, President of the Gold Traders Association, told local media outlet Khaosod.

Tangsitpakdee said the sustained uptrend was being driven not only by the prospect of central bank rate cuts, but also by continuous local buying of physical bullion.

According to the Thai Ministry of Commerce, this period of skyrocketing gold prices has also contributed to an unprecedented surge in counterfeit gold, including both gold bars and jewelry, with over 1,600 cases reported in 2023.

https://www.kitco.com/news/article/2024 ... ailand-and

[buksida]

Mideast jitters push gold past $2,400
Gold prices climbed to a fresh record on Friday as demand for the safe-haven asset was spurred by simmering Middle East tensions.

Bullion broke the $2,400-an-ounce mark for the first time on Friday morning, climbing as much as 1.2% to $2,400.67. Thai selling prices reached 41,350 baht per baht-weight (15.2 grammes), according to the Thai Gold Traders Association.

The United States and its allies believe a major missile attack by Iran or its proxies is imminent in retaliation for an Israeli strike on the Iranian embassy compound in Syria.

“Gold prices are up again, as more investors view it as a better hedge against geopolitical risk than government bonds due to US inflation concerns,” Mohamed El-Erian, the president of Queens College in Cambridge and a Bloomberg Opinion columnist, wrote in a post on X.

https://www.bangkokpost.com/business/ge ... past-2-400