Thailand: People sell gold for cash during flood

[PatColo]

a real-world reminder of what [gold-owner] people are likely to do when calamity strikes, need cash when dealing with the gold-unaware,

People sell gold for cash during flood (http://www.bangkokpost.com/business/economics/263719/people-sell-gold-for-cash-during-flood)
By Darana Chudasri (http://www.bangkokpost.com/search/news-and-article/?xAuthor=20&xAdvanceSearch=true), Newspaper section: Business (http://www.bangkokpost.com/search/news-and-article/?xNewsSection=Business&xAdvanceSearch=true)
» During the flood, apart from stocking up on food and water, people are keen to turn their gold into cash for emergencies, though it doesn't hurt that global gold prices are up, says MTS Gold Futures chairman Kritcha...

436 bank branches now closed (http://www.bangkokpost.com/news/local/264209/436-bank-branches-closed-by-floods)
By Online Reporters (http://www.bangkokpost.com/search/news-and-article/?xAuthor=1&xAdvanceSearch=true)
» Thirteen commercial banks and a financial firm reported that they had now temporarily closed a total of 436 branches in flood-hit provinces, the Bank of Thailand reported on Tuesday.

Food safety during a disaster (http://www.bangkokpost.com/food/features/264304/food-safety-during-a-disaster)


Newspaper section: Life (http://www.bangkokpost.com/search/news-and-article/?xNewsSection=Life&xAdvanceSearch=true)
» With empty supermarket shelves, sky-rocketing food prices and scarcity of essential items _ including rice, eggs and drinking water _ it appears that Bangkok residents are facing desperate food shortages in the worst flo...


also see, at xinhuanet.com:
Bangkok near chaos, with flood mobs and drinking water shortage (http://news.xinhuanet.com/english2010/world/2011-10/31/c_131222234.htm)



all Bangkok Post's flood articles:
http://www.bangkokpost.com/search/news-and-article/flood

[BabushkaLady]

Interesting!!

Maybe the bank closures and halted ATMs (2nd article) is the actual event that is causing the sale of gold?

[Neuro]

Interesting!!

Maybe the bank closures and halted ATMs (2nd article) is the actual event that is causing the sale of gold?

An emergency supply of cash is never a bad idea... But I bet things like cars, houses and LED-screens are really difficult to sell in Thailand now... Gold is still a liquid form of wealth, but prone to boating accidents...

[PatColo]

One problem is, a single 1-oz gold coin being worth so much, and the average merchant being duly skeptical that maybe it's fake. Doesn't help that the world's ~22 karat gold coins vary in color, based on the mix of metals they add to harden them. Think of a k-rand vs an eagle vs a .9999 maple?! What's the name of that measure/weigh device where the average person can verify common gold coins- or at least rule out badly done counterfeits? I could see TPTB/satanists undermining any developing gold currency underground economy by injecting a flood of fakes into the market, then publicizing through the ZioStream Media (ZSM)- and bang, everyone gets spooked and doesn't trust gold coins, insists on cash. They already created their tungsten-filled 400oz bars and tried to pass them off to other countries!

Notice the first BKK-Post article above: People sell gold for cash during flood (http://www.bangkokpost.com/business/economics/263719/people-sell-gold-for-cash-during-flood), says:

"Customers around Greater Bangkok are coming to our shops at either The Old Siam or Wong Wian Yai to sell their gold assets. They thought it best to keep cash instead of gold for emergencies," said Mr Kritcharat.

"Our shops normally close at 5.30 pm, but now we've stayed open to nearly 9 pm to wait for cash from the central bank as our daily cash overdraft at the bank of 500 million baht is not enough to serve the high number of sellers."
So gold-holders aren't trying to sell to each other, but to shops. I wonder if the shops are paying, and/or sellers accepting, big discounts from spot, just to make the deal happen and get the cash they apparently need? It is impressive that they're staying open late to accommodate sellers.

[Twisted Titan]

This my friends is a Text book example of why The Mercury Dime will be King and command a Legendary Premium as The Coin of The Relm

The smallest unit of Divisible Silver.

Recognized on Face Value alone.

Ease of use for daily Transactions.

Low Security targeting : you control how many coins carried at any one time.


That is why I by them hand over fist every chance I get.

[BabushkaLady]

Notice the first BKK-Post article above: People sell gold for cash during flood (http://www.bangkokpost.com/business/economics/263719/people-sell-gold-for-cash-during-flood), says:

"Customers around Greater Bangkok are coming to our shops at either The Old Siam or Wong Wian Yai to sell their gold assets. They thought it best to keep cash instead of gold for emergencies," said Mr Kritcharat.

"Our shops normally close at 5.30 pm, but now we've stayed open to nearly 9 pm to wait for cash from the central bank as our daily cash overdraft at the bank of 500 million baht is not enough to serve the high number of sellers."
So gold-holders aren't trying to sell to each other, but to shops. I wonder if the shops are paying, and/or sellers accepting, big discounts from spot, just to make the deal happen and get the cash they apparently need? It is impressive that they're staying open late to accommodate sellers.

Yes, BUT---Isn't the Need for cash resulting from the closed banks?? and closed ATMs? Not necessarily from a desire to liquidate their PMs for cash? This article is skewed to just encourage gold sales and not mention many banks aren't available for withdraws.



436 bank branches now closed
Published: 1/11/2011 at 03:28 PM
Online news:

Thirteen commercial banks and a financial firm reported that they had now temporarily closed a total of 436 branches in flood-hit provinces, the Bank of Thailand reported on Tuesday.

Of the total, 155 outlets are in Pathum Thani, 146 in Bangkok, 69 in Nonthaburi, 35 in Auttthaya, 19 in Nakhon Pathom, 10 in Nakhon Sawan,and 2 in Chai Nat, the central bank said.

Services at 4,338 ATMs operated by the banks were also halted.

Of the total, 1,431 are in Pathum Thani, 1,213 in Bangkok, 734 in Nonthaburi, 663 in Ayutthaya, 56 in Nakhon Sawan, 49 in Samut Prakan and the remainder scattered through other flooded towns.

The central bank on Wednesday, Oct 26, reported the banks had closed 295 branches.

[Ponce]

There is a difference between you coming to me to sell your eggs and me going to you to buy your eggs......the price would be different between the two transactions because in one you want to and in the other you have to.......same for gold or PM in general.

[Uncle Salty]

Meanwhile, the Thai royal family is worth $35 billion.

[ximmy]

This goes to show how valuable precious metals are. Even when they supposedly only accept cash, it will still trade for gold.

TV's, furniture, other household or precious objects are disregarded. Those holding gold are the survivors.

[madfranks]

Great thread, we're seeing exactly how it plays out in real life.


I could see TPTB/satanists undermining any developing gold currency underground economy by injecting a flood of fakes into the market, then publicizing through the ZioStream Media (ZSM)- and bang, everyone gets spooked and doesn't trust gold coins, insists on cash.

I hate to say it, but I think you're on to something here. I wouldn't put it past TPTB to use this tactic to infuse distrust into gold and more trust into paper money.

This also shows how valuable it may be to hold a large stash of paper cash in order to buy the PMs when people are desperate for paper cash and have PMs to trade.

[Ponce]

I for one don't know which way the tide will go so that's why I am read for either way.......who knows, someone may want to sell their PM cheap for my to buy with cash.........

[PatColo]

436 bank branches now closed (http://www.bangkokpost.com/news/local/264209/436-bank-branches-closed-by-floods)
By Online Reporters (http://www.bangkokpost.com/search/news-and-article/?xAuthor=1&xAdvanceSearch=true)
» Thirteen commercial banks and a financial firm reported that they had now temporarily closed a total of 436 branches in flood-hit provinces, the Bank of Thailand reported on Tuesday.
[...]
all Bangkok Post's flood articles:
http://www.bangkokpost.com/search/news-and-article/flood

482 bank branches now closed (http://www.bangkokpost.com/news/local/264554/482-bank-branches-now-closed)

By Online Reporters (http://www.bangkokpost.com/search/news-and-article/?xAuthor=1&xAdvanceSearch=true)
» Thirteen commercial banks and a financial firm reported that they had now temporarily closed a total of 482 branches in flood-hit provinces, the Bank of Thailand reported on Thursday.


Banks waive ATM fees (http://www.bangkokpost.com/business/economics/264481/banks-waive-atm-fees)

By Somruedi Banchongduang (http://www.bangkokpost.com/search/news-and-article/?xAuthor=21&xAdvanceSearch=true), Newspaper section: Business (http://www.bangkokpost.com/search/news-and-article/?xNewsSection=Business&xAdvanceSearch=true)
» Banks have agreed to waive some automatic teller machine (ATM) fees for cash withdrawals nationwide for all banks during the flood crisis.


these are just of general interest:

Simple ways to avoid dehydration (http://www.bangkokpost.com/lifestyle/family/264485/simple-ways-to-avoid-dehydration)

Newspaper section: Life (http://www.bangkokpost.com/search/news-and-article/?xNewsSection=Life&xAdvanceSearch=true)
» Under these critical flood circumstances, one real health threat that is looming is the spread of diarrhoea, or even worse, cholera. And without proper treatment, cholera can kill children and adults alike in a matter of...


Last minute flood tips (http://www.bangkokpost.com/lifestyle/family/264307/last-minute-flood-tips)

Newspaper section: Life (http://www.bangkokpost.com/search/news-and-article/?xNewsSection=Life&xAdvanceSearch=true)
» If this is already the last minute and you are not prepared at all for the flood, here are some tips to get ready for the premature flood.




Flood-safety inventions (http://www.bangkokpost.com/learning/learning-from-news/264401/flood-safety-inventions)

About technology
By Jon Fernquest (http://www.bangkokpost.com/search/news-and-article/?xAuthor=642&xAdvanceSearch=true)
» Floating toilets with wastewater treatment solve one big flood problem, keeping floodwaters safe and clean. Plastic car wraps & steel boats also, now very useful.

[Twisted Titan]

Great thread, we're seeing exactly how it plays out in real life.



I hate to say it, but I think you're on to something here. I wouldn't put it past TPTB to use this tactic to infuse distrust into gold and more trust into paper money



It dosent mater alll it will do is train the astute of the proloteriat on how to spot these phonys.

anyone who beileves the gubbermint line will soon be suffering from a grumbling belly

[Book]

People sell gold for cash during flood (http://www.bangkokpost.com/business/economics/263719/people-sell-gold-for-cash-during-flood)




You guys have it backwards. Read the title again.

People SELL gold and BUY paper money.

::) desperate people need CASH

[AndreaGail]

I could see TPTB/satanists undermining any developing gold currency underground economy by injecting a flood of fakes into the market, then publicizing through the ZioStream Media (ZSM)- and bang, everyone gets spooked and doesn't trust gold coins, insists on cash. They already created their tungsten-filled 400oz bars and tried to pass them off to other countries!



This is one thing I've thought about for some time...An intriguing possibility!