gold runSD reader Anders has submitted a boots-on-the ground report from Bangkok Thailand, which is normally flooded with physical gold.
In the wake of this week’s massive gold take-down by the cartel, Anders reports that:
EVERY Gold-shop in Bangkok is out of Bullion…there is not 1 single ounce of gold bullion available for purchase in the entire city of Bangkok!  The Gold is going down in price like everyone is selling.. while there is no Phyzz to buy at all in all Thailand!

Full first-hand report from SD reader Anders: 

Hi Doc,

I live in Thailand and am 100% invested in PM.
Today when I walked by a Gold-shop here in Bangkok, there was a long queue outside.
Since I’m curious and also have seen how the cartel has smashed down the Gold the last 2 days I walked in and asked whats happening…
and not 1 ounce is possible to buy. (they only have some jewellery for sell)
To buy Bullion you must order and wait (at least) 5 days.. and you can only order 2.5 ounce per person.
And they stopped taking orders at 3pm today as well.

I saw later long long queue outside many Gold-shops.. and the info I got was that there is not 1 ounce of Gold-bullion to buy in the whole Bangkok.
(possibly the whole Thailand)
The Gold is going down in price like everyone is selling.. while there is no Phyzz to buy at all in the whole Thailand.
The cartels naked -shorting is hilariously obvious now.
(Btw. Thaigold is 96.5%, not 99.9 like the Eagle/Maple leafs Etc)
But anyway.. all Thailand is out of Gold and there is a limitation on how much you can order.. and it will take at least 5 days to get it.

Frankly.. I’m shocked… Thailand is a huge Gold community.. so no one has ever heard of gold being sold out here before.

I just thought this would be of some interest for you.



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  1. Maybe the Thai people should begin looking at silver as an alternative. Sure gold is great but you can get FIFTY times more silver than gold for your money. That is a  screaming deal, the deal of a century really.

    • This is really funny.   Why does being able to buy MORE equate to value?
      You might as well by Copper or Iron.   You’d get even more for your money.

    • @ GBS – depending on your point of view. If you believe that silver is extremely undervalued and that the silver:gold ratio will decrease to anything less than 50:1 than you are getting a smoking deal.
      Some gold bugs don’t even view silver as being a monetary metal. Considering gold is in the 2nd phase of a 12 year bull market… gold is likely less undervalued than silver. Stack some of both!

    • Maybe, but I ran into a similar issue for the first time EVER at LCS this week.  I’ve NEVER had problems going in to add to my stack in the year+ I’ve been doing this now, but on Thursday, I stopped in for my normal purchase… and they were 100% OUT of ASEs and 90% silver.  Odd.  That’s NEVER happened before.
      They did let me buy and lock in the price, and they did get SOME stock in on Friday to fill my purchase… but it’s telling.  They cant’ get 90% dimes at all right now, and have very limited stock of ASEs still.  I picked up a couple extra cause hey… fire sale prices, even with rising premiums.  They mentioned that their dealer is saying the mint wants to raise prices or premiums or something, so I think we’re seeing more and more of these cracks in the facade starting to show.  Pulling sales from March into April to keep it from being an all-time-record month of sales, difficulty getting delivery in an area where, generally speaking, there has NOT been a massive demand for silver (or gold)… yeah.  Maybe it’s accelerating?
      In happier news, I just got a couple 1893 Colombian Expo World Fair coins off ebay… in what’s got to be close to AU shape.  BEAUTIFUL coins.  You can still find some nice deals out there, but it’s harder and harder and a quick look at going rates on ebay and a few other sides shows that paper and physical prices (in terms of premium over spot) are VERY much starting to disconnect.  Fun times, I just wish my stack was bigger (and I had the fiat to add a few oz of gold, but hey… I’ll take what I have over the nothing I had 1.5 years ago ;) ).

    • If I were a dealer, I’d raise the premium as the price went down.  So yes, gold and silver can still bring in a profit in a down spot market.  There is no law, capping a premium charge.  If silver was $10 on the CRIMEX, I’d be selling it with a $20 premium per ounce.  Think outside the box.

    • South India the biggest gold buying region in the world is already short of gold. Gold is basically being siphoned from the west to east at these shit cheap rates. Gold and more importantly silver simply has to go up now.Let’s see what the guys are CRIMEX are upto. I’m guessing those guys are money junkies. They’ll sell gold and silver at shit cheap prices till the last ounce lasts. So we may see this play out longer.

    • No, imdbstar.
      The cartel are stacking. And the COMEX, albeit price setting, is not demand encompassing. Lots of other channels are available and in use to get the bulk of the freshly mined supply to the end user.
      They WANT you to think they only try to dump the price. In fact, it’s an epic dump&pump. Ain’t that sweet, they’ll not only give up keeping prices low, they’ll be doing what they can to let them explode and overshoot like crazy. Why? Because they’ll have all gold the gold they could reasonably take control over. I say gold, but no commodity is being ignored. Not enough gold in the world to still the appetite of the dark bankers.

    • xc, indeed. the majority of silver is bought i the forwards market and thus pricing is unknown. the crimex now is literally a casino for managing the us dollar via manipulative fraud.
      i was at the cambridge house resource conference yesterday and chatted with my dealer about things. demand, high, rcm still on allocation, ases tough to get, private mints 6-8 weeks lead time on orders. the market is breaking before our eyes.

  2. I spent 13 years in the US Navy and in that time I went to Thailand a couple of times and Dubai well over 50 times.  Back then I had no idea how important gold was, or the value of it.  Dubai is known as “the city of gold” because they have an area of town called “the gold souk” where every store not only sells gold, the fronts of the stores, the actual building structure is literally made out of gold.  Back then, in the mid and late 90′s, gold was about $280 – $300 an ounce and I had A LOT of disposable income, BUT that income went to drinking and other meaningless activities.  If I had only known then what I know now…. If I had a time machine!  Anyway, I would be curious to see what the gold market is like in Dubai today, because back then you would be tripping over 5oz gold bars as you walked down the street.

    type this into Google images dubai gold souk pictures

    • “If I had only known then what I know now….”
      Agreed.  Many of us probably feel the very same way.  As my Gram used to say, “Too soon old, too late smart!”.  ;-)

    • People have a clue but they choose to not do any thing.  I tried to convince some colleagues at work to buy gold and silver.  They thought I was crazy.  One guy said he couldn’t understand why people thought gold was money.  These are college educated, white-collar workers in the computing industry.  If they don’t understand real wealth and money then there is now way the general public understands money.

    • Just to clarify.  As I understand things re: the gold Eagles, the physical coin is 91.67% gold, but it does contain one full oz of gold.  In other words, the weight of the gold Eagle is around 1.09 oz.  (1 / .9167), but contains a full 1 oz. of gold (which further means that they would slightly larger than a comparable gold Maple Leaf which is pure gold).  If I am incorrect, please let me know, and direct me to a source so that I can correct my misunderstanding.  Offered with respect.

  3. Avatar of
    IndenturedServant says:

    A few days ago I reported that I had no trouble getting 90% dimes. I decided to drive around to the numerous LCS’s and see what supply was like. Almost no 90% was available. Eagles were still plentiful but premiums varied from $4-$8. Premiums on bullion rounds are $1-$3 per ounce and supplies varied but it is available.
    The two local shops I have built a relationship with are in a better part of town but off the beaten path. My favorite shop looks like an antique shop as that is their primary business but they have (had) a stash of several 5-gallon buckets of dimes. Since the world was introduced to the reality of Cyprus, it seems that PM supplies are getting tight not only here in the US but all over the world. Once I noticed that supplies are getting tight in my own locality this week I decided to liberate those buckets of dimes and give them a safe home. They aren’t making 90% anymore and with supplies getting so tight I may never have another chance to buy it in quantity.

    • It seems its not just the old silver coinage that is beginning to dry up… I stopped by two of my local credit union branches yesterday, asking for any half dollars they might have. They’ll typically have a few small bags kicking around; often with one or two 40% mixed in, but nothing yesterday. I asked if I could order a case, (thinking I might do some roll seaching); and both branches told me they can not order these; period!
      At the second stop, I pressed further and the teller supervisor suggested I contact ‘the mint’ directly. When they get any halfs in they ‘dispose of them’ asap… I asked what she meant; and she said they now either sell them back to members on request if you catch them, else they get taken in when the branch has a delivery from the main office; but they do not stock or hold half dollars any longer…
      Time is likely growing short to stockpile physical cash of ANY variety.

    • Avatar of
      IndenturedServant says:

      I should add that two local dealers told me that the Sunshine Mint in N. Idaho is completely out of silver. I don’t have a way to verify this but I’m certain that Mulligan Mint, the outfit making SBSS medallions for Chris Duane is/was buying planchetts from Sunshine Minting and this is/was part of the reason for the delay in shipping SBSS medallions. I believe Sunshine also supplies planchetts to the US Mint.

    • Avatar of
      IndenturedServant says:

      @sillymellon, every situation is different but here’s my two cents. Pay off all debt except for your fixed rate mortgage and any student loans you might have. Keep making payments on them and after your other debts are paid off, spend any spare cash on preps. Being cash rich in this environment gives you options. If your debt is high, talk to a few different credit unions about a debt consolidation loan if that would help you. 
      If your debt is on credit cards, consider opening new card accounts with 0% interest rates on the life of balance transfers and put every spare penny towards debt. Get a second job delivering pizzas or something to speed up the process. Sell all the useless crap you might have laying around your house and pay down your debt with the proceeds.

    • @sillymellon: I agree with all IS states above and every situation is different. But an additional option – my two cents. I would get in touch with your bank (or whoever) and say. I am struggling to meet my payments. I can only make a nominal payment until my situation improves. You will be able to make nominal $1, £1 payments. You’ll find they will likely agree to this for 6 months possibly more whilst you get back on your feet. Make sure they freeze the interest. You might need to fill out a form with your expenses etc – do as you need. As long as regular payments are being made, their books are ‘straight’!
      But then use every extra cent/penny etc to purchase physical.
      Banks are creaming us and the debt is bogus except the capital (I think). You’re not shirking your responsibility, just giving yourself some breathing space.
      Just a thought.

  4.  Packing up supplies for a coin show in MT on Sunday .  I can still get gold without delay overnight. Silver is a different story. Premiums are rising and delays from wholesalers is longer depending on the particular item. My prices will be high as I just going to ride out this pricing. What I do sell will go right back into an order on Monday as I have another two day show next weekend.   Mainly going to this show as I have built up clients and still need to stay in touch with them.  Hoping some silver will come in from the public to buy.

  5. I read this earlier and had to email my buddy stationed in Bangkok.  He frequents a shop just off their compound, which he verified does indeed have gold bullion for sale.  He did not disagree that some shops are out, but attributed that to the dealers that were frustrated selling at a loss with falling prices.  My LCS is sort of the same, he has not bought much recently scared he will be selling at cost, he even raised premiums due to a large order he got from the sunshine mint at just under $29/oz, instead of $1.60 premium as normal he is asking $4 over so he can at least make a buck and instead of $50 over on gold he is now at $80. When I asked why, he simply said he would lose money if he didnt. I asked if supply was short and he laughed, saying he can get as much as he wants. His father had purchased $1Million worth of gold/silver bullion last week and an armoured truck showed up within 3 days.
    Personally, I changed the game a little.  I found shops that buy gold/silver for 20-30% under from the public and sell to refiners at 10-15% under.  I have arrangements with 2 guys to buy at $25/oz and $1450/oz as long as prices are under 30/1600.  You can also find refiners out west that will sell a little under spot.  Makes me feel like a fool for paying premiums for so long, now it’s all about discounts. 

    • Yea, I suspect shops would hold off on selling if the price goes too low…
      Hmm so you made a side deal with the gold buying shops?
      Maybe I should try…

  6. According to the World Gold Council, 534 metric tons of gold was purchased by central banks in 2012. This is a 17% increase over 2011.
    534 + 444= 978 metric tons
    1 metric tons = 32150 troy ounces
    @1600.00 per ounce x 31442700= 50,308,320,000.00 USD
    50 billion dollars…how is 50 billion dollars even doubled, going to replace the Reserve Currency, the USD?
    What sense is there to have a gold backed currency when the money supply around the world is in the trillions and having industry wide uses for gold such as gold plated video jacks on our DVR’s? Gold can not be 5000.00 an ounce. The re-evaluations pertaining to industrial usage prevents this.
    The metric tons of gold in central banks can not, nor can the Yuan or Rupee, or Ruble as a basket of currencies ever be a new World Reserve Currency, even if combined. Trading pacts between nations using a currency other than the USD is not going to pan out, not the way China and Russia are governed. What a laugher to expect brutal atheist communists to be trust worthy with their closed government and a purged citizenry.
    I hypothesize the USD is going to be “saved” and “replaced” with a North American Union currency supported with the known and undiscovered NAU gold and silver deposits to be controlled by the yet to be seen hostile takeovers and consolidations of US, Canadian, and Mexican precious metal concerns and oil deposits north of Panama to the Arctic Circle. Why not? This is the logical conclusion following NAFTA.

    The idea here is to NOT accept settling international debts with athiest regime structures that suppress their people, that murder their people by the tens of millions, to not accept their errors upon humanity, but to think for myself and offer imperfect solutions, solutions that are viable to strengthen our way of life while purging out of our system their errors we somehow have adopted.

  7. Stopped at the local pawn today. Normally they have a bunch of overpriced gold and silver but the case was almost empty. I asked and he said buyers were cleaning out anything coming in. Only gold was some unmarked rings that I wasn’t taking a chance on. Only silver was some mexican coins and I am not interested in those.

  8. Thanks for the article, Anders.  It is much appreciated to hear from those who are in different locations around the world as to what is going on there.  If not for 1st hand eye-witness comments like yours, we would have to rely on the media for such news and they studiously ignore PMs UNLESS they are in temporary decline.  Then we hear all about them.
    While I was reading your article, two questions occurred to me.  First, is all of the gold in south Asia flowing towards India and causing the drought you see in Thailand?   They are well known as voracious gold buyers and would likely be taking advantage of the recent price dip if at all possible.  Second, as prices fall both gold and silver sales volumes tend to drop.  I believe that this is so because merchants have purchased gold and silver inventory at higher prices and do not want to sell at a loss.  They prefer to hold onto it for a while to see if prices will recover.  Do you know any PM dealers well enough to ask them this question?

    • Yes you are right. Thailand has a special trade agreement with India and therefore there isn’t the 6% import duty on gold like there is if it is imported into India from elsewhere. So most of the legal gold imports are coming into India through Thailand. Illegal imports still continue unabated through the middle east into India, since India has a long coastline,it would be impossible to counter it.
      Regarding the gold, silver dealers, I think a much more realistic scenario for them would be to simply jack up the premiums on silver and gold. Sell silver at 35$ irrespective of the paper Crimex rates. If silver drops to 25$, make the premium 10$. This will ensure sales and people will definitely be willing to buy at 35$ irrespective of the crimex rates. 

    • “Thailand has a special trade agreement with India and therefore there isn’t the 6% import duty on gold like there is if it is imported into India from elsewhere. So most of the legal gold imports are coming into India through Thailand.”
      Interesting info.  Thanks for sharing.
      “Regarding the gold, silver dealers, I think a much more realistic scenario for them would be to simply jack up the premiums on silver and gold.”
      Agreed.  We have seen some of that in the past, with dealers here in the US trying to make up for higher priced inventory via raising the premiums in a falling price market.  While this does work to some extent, there is a limit as to how much can be added on before sales collapse.  Currently, they could probably tack on quite a bit as it is definitely a sellers market now in spite of the falling prices.  US 90% silver coins have been scarce and spendy when found in my local area.  It ticks me off when Peace dollars sell for more than ASEs and Maples but only have about 3/4 of the silver of those 1-oz. coins.

  9. Did Anders have a chance to check out other PM stores?
    That being said, I went to my PM store once in January and just yesterday… both times they did not have Silver Maples available and needed pre-order… kinda sad.  As well, no 1oz Maple golds, just smaller denominations. Ah well.  Picked up something else from down my buy list instead.

    Need to reload n try buying later.

  10. Sunday 2 pm and i called my gold dealer here in Bangkok where i live and guess what?  He will sell me whatever amount of bullion  i want Monday morning – no shortage here in Bangkok, as far as my dealer is concerned.  

  11. Sorry could not should, silver is also available in shot form, 99.9 percent 10, or 20 kilo bags, I was told today if you want a ton you can get it.
    my gold stands me at 1700, my silver at 30 us an once, I wish the above report was true about gold.

    • NetRanger808, I admit I am missing the point re: posting the Martin J. Rothschild article.  The acts leading to Mr. Rothschild’s conviction truly are reprehensible and repulsive, but how does this relate to the issue re: availability of gold in Bangkok?  Thank you in advance.

  12. Can anyone please verify if this story is accurate? I find it strange that all gold in bangkok is sold out and it is not mentioned in any news article or even forum post (that I can find). I know this is submitted by a SD reader but unless it can be confirmed it is still a rumor in my mind…

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