Buying Gold in Thailand
If you have already visited Thailand you will have noticed the number of gold shops – practically one on every corner! The Thai people use gold as an alternative currency and for investment purposes. The stock market is looking increasingly less attractive so get out while the going is good and buy Thai gold through our service.
The daily rates are set by the Thailand Gold Association and products are standardized. Gold shops in Thailand have been established for many years and the process to buy or resell gold has its’ own secure system. By contrast, there is a lack of cultural acceptance of the gold trade in most Western countries where there is no underlying cultural value for gold and it certainly doesn’t have the kind of history it has enjoyed in Thailand.
Thailand was previously known as Siam and this means gold in Sanskrit. The Chinese called Thailand Jin lin, which means “peninsula of gold”. China town is situated in one of the oldest areas of Bangkok, Yaowarat. Originally, it was settled by Chinese traders who came in junks to trade during the Sukhothai era. After 1891, King Rama V opened up this area which is now Songwat Road, Phatsai Road, Anuwong Road and Yaowarat Road.
In Thailand all Thai Baht gold chains, necklaces, rings and bracelets and other Thai Baht gold jewelry items termed ‘ Thai baht Gold’ are known and recognized the world over as 96.5% pure gold by product weight (23K) making it one of highest gold content jewelry products produced anywhere in the world today. Thailand Gold jewelry or Thai Baht gold jewelry is always sold by actual product weight, in a weight unit known as “Baht”, which is approximately 1/2 ounce or 15.16 grams.
In 2011 gold has hit a high US$1890 an ounce as the US $ loses its’ value as the worlds’ reserve currency and more people realize that gold is one of the last remaining safe havens for their life savings. Gold jewelry and other forms of gold function as security for many Asian people against the economic effects of difficult times. In Thailand gold can be pawned at legal pawn or gold shops and purchased back for a premium earned by the pawning business of as low as 1%.
We only purchase gold from the original Tang To Kang – the oldest gold business in Bangkok founded in the 1880’s by a Chinese immigrant called Tohkang Saetang. It was the only gold shop in the Sampheang area during the reign of Rama VI to be granted a royal appointment with the Garuda emblem in 1921. The shop has a high reputation for quality and craftsmanship and will repurchase any piece for not more than 1% lower than the prevailing market price of gold. Some other shops will want a margin of up to 5% on repurchased items.
Storing Your Gold in Thailand
A reputable secure storage company in Thailand is Safe Deposit Box Bangkok. This company offers G4S Security Guards, four deposit box sizes, no work permit or proof of bank account required and is centrally located at the 5th Floor, United Center, 323 Silom Rd, Bangkok. The Bangkok Bank main headquarter building is very close and opposite is the Bangkok Christian Hospital.
Security is tight with FINGERPRINT IDENTIFICATION, CCTV CONTINUOUS SECURITY, INVISIBLE LASER ALARMS and a STEEL AND CONCRETE STRONGROOM.
Charges for a box at Safe Deposit Box Bangkok are [sizes in CM]:
- Small 10 x 30 x 40 – 3,000 THB per annum
- Medium 20 x 30 x 40 – 3,500 THB per annum
- Large 30 x 30 x 40 – 4,000 THB per annum
- Jumbo 40 x 30 x 40 – 6,500 THB per annum
HSBC bank also has deposit boxes available with complete privacy for inspection of your valuables. However, eligibility is limited to individuals aged 20 years or above and residing in Thailand or existing HSBC current or savings account holders. HSBC charges are as follows:
- Large 9″ x 9″ x 18.25″ – 4,000 THB per annum
- Small 4.25″ x 9″ x 18.25″ – 2,000 THB per annum
- Key deposit charge : THB 4,000
The above box rental charges are for general customers. HSBC Premier customers will be given a 50% discount on the rental charge.
- If an individual who is blind, deaf, or mute desires to rent a box, he/she will be advised to appoint a legal representative.
- If an individual is not able to sign their name and desires to rent a box, he/she must execute an indemnity form to allow operation by thumbprint.