Thai Gold May reach 19,000 soon...

as reported on National News Network.

 

http://thainews.prd.go.th/en/news.php?id=255308260016

 

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 other.

 

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Should have bought Thai Gold...

kept it for myself...rather than giving to Thais

tj

We have bought a little gold during the last couple of years...not enough to make a big difference, but it is nice that the gold is going up rather than the other direction, which is where most other investments have been headed!!

Jim, if this happens, your heart will be worth a fortune!

Yes, gold is at an almost record high. In USD one ounce of gold is about $1240. I remember when I bought gold at $200 and sold it at $300 and I thought I was doing well.