buying gold bars

[dragonz]

Hi today my wifes daughter bought 2 bars of 1 baht gold in udon for my son . Money i had saved in the bank for him which was getting no interest . The 2 bars cost 38,000 baht with 400 baht comission which was ok but she came home with no receipt ? She told me no need as it was registered in the shop but now i have no paperwork to say the gold belongs to me or it is not fake ? Should i get a receipt or is this normal practice ?

[lassebasse]

I always get a receipt and I never had to ask for one. Of course you should have one, how else can you prove that the goldpieces are legally yours.

[hairyharry]

Watch the Brinks Mat documentary on You Tube lol Amazing what you can do with 11 receipts for gold bars 555

[TJ]

Interesting. Searching the internet I find for today: 1 Baht Gold Price = $590.26 USD and 1 Baht Weight = 0.49000 Troy ounce.
I'm assuming that your gold Bahts are 24 carat gold. However, it seems that Thai gold Bahts may be available in less carats: 23, 22, 21, 20, etc.

[sometimewoodworker]

Interesting. Searching the internet I find for today: 1 Baht Gold Price = $590.26 USD and 1 Baht Weight = 0.49000 Troy ounce.
I'm assuming that your gold Bahts are 24 carat gold. However, it seems that Thai gold Bahts may be available in less carats: 23, 22, 21, 20, etc.

Today's price at 13:30 is ฿18,850 per Baht weight so down from the ฿19,000 paid. Thai gold is almost always 23 carat. 24 can be found with difficulty , never 22, 21, 20.

We have always got a receipt as it makes it easier to remember the price. The ฿400 extra charge is probably because your wife doesn't have a relationship with the shop and the 1 Baht bars are unusually small, the smallest we have bought is a 5 most are 10 and we have never paid commission on any bar.

[dragonz]

I went to the shop yesterday morning and took me nearly an hour to get a receipt . Kept telling me if i wanted a receipt i would have to pay tax ? Got worried that the gold was fake and when i tried to sell would be worthless.
They kept phoning someone about what to do ? I said refund they refused or would not pay back the commission . Started to phone the police and then they gave me a receipt!?
Not understand . when i go to the 7/11 and spend 5 baht i get a receipt but when i spend 39,000 baht they say no receipt.
I am not sure but if i leave the country with gold i would have to have a receipt ?

[semperfiguy]

I purchased several larger gold bars and just one 1baht bar a few years ago and have long since sold them back to the same gold shop. Seems like I did pay an extra fee for the 1baht because it had to be ordered from Bangkok. Very few people request the smaller denominations so they don't commonly stock them. I definitely asked for a detailed receipt with weights, carat and price and even had my wife take photos of the shop owner making the transaction with me. Get every possible proof that you can get, especially if you are not familiar with the gold shop. Personally, I wouldn't buy from any shop unless they were highly recommended by a longstanding customer who happens to be in your circle of TRUSTED friends or relatives. No doubt there are some unscrupulous traders out their. Sorry dragonz, but the whole thing smells fishy to me. I would have your wife's daughter accompany me back to the gold shop immediately and get the receipt. If there's any monkey business going on you will expose it right then and there.

[dragonz]

Yeh i went back to the shop today and got a receipt but was hard going .They did not want to give me one.Kept phoning someone to ask what to do . Asked for a receipt or refund but would refund but not the commission .Then said if i wanted a receipt i would have to pay tax ? Threatened to go to the police and finally after an hour or so got a receipt . free
Still worried about the gold though .
Got an an idea they were avoiding tax on the sale perhaps and the gold is ok ( i hope) I am sure that normally you would need a receipt to take gold through customs or for insurance purposes and for proving it belongs to me

[sometimewoodworker]

Yeh i went back to the shop today and got a receipt but was hard going .They did not want to give me one.Kept phoning someone to ask what to do . Asked for a receipt or refund but would refund but not the commission .Then said if i wanted a receipt i would have to pay tax ? Threatened to go to the police and finally after an hour or so got a receipt . free
Still worried about the gold though .
Got an an idea they were avoiding tax on the sale perhaps and the gold is ok ( i hope) I am sure that normally you would need a receipt to take gold through customs or for insurance purposes and for proving it belongs to me

You can be sure that the gold is OK. I have never heard of fakes from a gold shop. It would be far too dangerous to their business for them to try.

I am amazed at the difficulty you had getting a receipt. There is no tax on gold sales either bars or jewellery and that makes the attitude even more strange. A lot of Thais don't bother with a receipt but will be given one if they want it.

[dragonz]

I do not understand either ., They told me if i buy jewellery i would get one but not with these bars ? Talked to a few thais since who have bought these bars including my wife and they say they never get a receipt but they have all sold back no problem .
I can only think it was them trying to dodge the tax on items they sold .Anyway have the bars and a receipt so feel a bit better this morning