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Bangkok, Chinatown: No gold for sale

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Gold shops in Chinatown have run out of gold, gold ornaments can't be produced fast enough to meet demand. Gold prices not falling now. 

A gold bar with standard weight of 12.4 kg, called a Good Delivery Bar (Source: Wikipedia)

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Gold shortage in Chinatown

7 May 2013
Online Reporters

Many gold shops in Yaowarat, Bangkok's Chinatown, have no gold for sale after prices plunged below 20,000 baht recently, sparking a buying frenzy, Gold Traders Association chairman Jitti Tangsithpakdi said on Tuesday.

"There's no gold to be sold because manufacturers can't produce the items quick enough [to meet the demand]," said Mr Jitti, owner of Chin Hua Heng gold shop. 

Some gold shops even confronted each other, competing to buy gold from sellers, he said.

He said investors with gold in hand should not sell at this time because prices would likely increase from now on, after the gold bar price earlier tumbled to 18,600 baht per baht-weight.

"I think gold prices will be about 23,000 to 24,000 baht by the end of this year," Mr Jitti said.

As of 2.55pm on Tuesday, buying prices stood at 20,208.28 baht per baht-weight for gold ornaments and 20,500 baht for gold bar.

Selling prices were set at 21,000 baht per baht-weight for gold ornaments, and 20,600 baht per baht-weight for gold bar.

On Jan 2, gold prices were as high as 24,650 baht.

The Bank of Thailand announced that the country imported 190 billion baht of gold in the first quarter of 2013, up 61% year-on-year.

(Source: Bangkok Post, BUSINESS, Gold shortage in Chinatown, 7 May 2013, Online Reporters, link


Gold Supply Vocabulary

gold - the yellow coloured valuable metal used in jewelry and held by some as an investment and way of saving money ทอง (See Wikipedia)
gold bar - ทองคำแห่ง (See Wikipedia)

baht-weight - the Thai measure for the weight of gold บาท (See Wikipedia)

demand - the need and desire to buy goods and services by households and businesses อุปสงค์
supply - the availability of goods to buy; whether goods exist and can be bought อุปทาน
supply and demand -
the two most important ideas in economics อุปทานและอุปสงค์  (See Wikipedia)

run out - when something is finished, used up, exhausted หมด
run out of gold - ทองหมด
gold shops in Chinatown have run out of gold

shortage - when there is not enough of something การขาดแคลน
gold shortage
gold shortage in Chinatown

plunge - a sudden quick fall or decrease
gold prices plunged below 20,000 baht recently

frenzy - craziness, people acting like they are crazy
a buying frenzy - people buying things like they are crazy

spark - cause something to happen
sparking a buying frenzy
gold prices plunged sparking a buying frenzy

Many gold shops in Yaowarat, Bangkok's Chinatown, have no gold for sale after prices plunged below 20,000 baht recently, sparking a buying frenzy, Gold Traders Association chairman Jitti Tangsithpakdi said on Tuesday.

meet demand - when there are enough things so that everyone who wants to buy can buy, when supply meets demand 
can't produce items quick enough to meet demand

"There's no gold to be sold because manufacturers can't produce the items quick enough [to meet the demand]," said Mr Jitti, owner of Chin Hua Heng gold shop.

confront -
when two people with a problem, disagreement, argument, etc meet and come face to face and deal with it เผชิญหน้า
compete
- when two or more people or companies are trying hard to get the same limited thing แข่งขัน

Some gold shops even confronted each other, competing to buy gold from sellers, he said.

investors -  นักลงทุน, ผู้ลงทุน
investors with gold in hand

tumble - fall quickly ล้ม
the gold bar price earlier tumbled to 18,600 baht per baht-weight

He said investors with gold in hand should not sell at this time because prices would likely increase from now on, after the gold bar price earlier tumbled to 18,600 baht per baht-weight.

ornaments - nicely look objects that are used as decorations รูปพรรณ
gold ornaments - เครื่องทอง, เครื่องทองหยอง   

As of 2.55pm on Tuesday, buying prices stood at 20,208.28 baht per baht-weight for gold ornaments and 20,500 baht for gold bar.

quarter - a time period of three months on company or government calendars
first quarter - the first three months of the year on company or government calendars
the first quarter of 2013

year-on-year - the amount for a time period this year (month, quarter, half year) compared with the same time period last year
up 61% year-on-year

country imported 190 billion baht of gold in the first quarter of 2013, up 61% year-on-year.

announced - to the tell the public or large numbers of people something official ประกาศ,ป่าวประกาศ
The Bank of Thailand announced that ...

The Bank of Thailand announced that country imported 190 billion baht of gold in the first quarter of 2013, up 61% year-on-year.

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