Gold prices

Mooser · Post by **Mooser** » Sat Dec 20, 2014 9:37 am

I will be in town for New Years, looking for a gold chain for my mrs.
I know better than to buy gems.

Lonestar · Post by **Lonestar** » Sat Dec 20, 2014 11:43 am

I am far from an expert on gold jewelry............but the best place for your missus to buy gold is locally. They will give her a receipt, and then she can walk in any time and resell it back to them based on the current spot price. Gold has always been used as currency here, and you lose very little in the exchange.

frank lee bent · Post by **frank lee bent** » Sat Dec 20, 2014 12:17 pm

yeah- not the way all the shonky gold buyers work in the west!

Kampong Spooner · Post by **Kampong Spooner** » Sat Dec 20, 2014 12:42 pm

Bought a 5g chain about 6 weeks ago- 1g came in at around $150 + $30 to do the fashioning.

As said, it's a 'money in the bank' idea for most Khmers, so it's really unlikely that you'll get ripped off (maybe price) if bought at one of the established Chinese jewellers around the markets.

Birdy · Post by **Birdy** » Sat Dec 20, 2014 9:05 pm

Kampong Spooner wrote:Bought a 5g chain about 6 weeks ago- 1g came in at around $150 + $30 to do the fashioning.

As said, it's a 'money in the bank' idea for most Khmers, so it's really unlikely that you'll get ripped off (maybe price) if bought at one of the established Chinese jewellers around the markets.

Thats exactly the price I was quoted yesterday.The designs were a bit basic but like you say you are paying for the gold with just a few $ added on for making it into a bracelet etc.
If you buy a gold chain from a High street jeweler in the UK for say $1000 it will have a resale value of about $300.

Mooser · Post by **Mooser** » Sat Dec 20, 2014 11:14 pm

Lonestar wrote:I am far from an expert on gold jewelry............but the best place for your missus to buy gold is locally. They will give her a receipt, and then she can walk in any time and resell it back to them based on the current spot price. Gold has always been used as currency here, and you lose very little in the exchange.

Yes exactly what the mrs told me, by the way Greg, I am staying at your place when in town.
See you soon.

frank lee bent · Post by **frank lee bent** » Sun Dec 21, 2014 9:12 am

1 gram $150?
if so you are getting robbed
spot in Phnom Penh is a little over USD 38
pure gold .999 Fine.
here is local data http://www.24hgold.com/english/gold_sil ... y=Cambodia

i had thought about operating a virtual gold desk for export ex thailand at one time as there is a big overseas thai community that want the baht gold.
you could just buy as each order came in and update prices daily.
close overnight so you didnt get bushwhacked.
wouldnt need to hold any stock.

Kampong Spooner · Post by **Kampong Spooner** » Sun Dec 21, 2014 10:22 am

Shit, well I whipped that chain off the Mrs and put it on the not so accurate digital kitchen scales and it comes up at 19-21g, which looks about right at the prices you said.

She is convinced it's 5g, which must be some sort of different weight system used here??? So roughly 1g=4 'Khmer'grams, know about this?

She cals it meeáh kilo (kilo gold?). It comes with a ticket, which guarantees a buy back at market rate in the future

I must admit it's all quite confusing, which is why I never actually deal with markets/monies/Chinese/Khmer people in business wherever possible.

General Chatter · Post by **General Chatter** » Sun Dec 21, 2014 3:29 pm

^that's good news...good to know you weren't burnt ...i may buy some soon...

frank lee bent · Post by **frank lee bent** » Sun Dec 21, 2014 4:05 pm

they do use a different unit weight to grams, see the tripadvisor link.
so you have a chain about 20 grams- what was the cost?
about usd 750?
if yes, you did real well.
right price and the riel is actually tied to gold via usd coupling.
so cheating is kinda rare because the data is published.

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