Searching for SDB's in Thailand

Discussion of the Gold portion of the Permanent Portfolio

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toddsqui
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Searching for SDB's in Thailand

Post by toddsqui » Sun Mar 12, 2017 8:52 am

I am living in Chiang Mai, Thailand, and was wondering if anyone had had any luck with the banks in this region of the world, specifically with respect to securing safety-deposit boxes for their gold.

I was informed by a representative the other day that Siam Commercial Bank had frozen the opportunity for foreigners to even rent safety deposit boxes (as of 2017) while my own bank, Bangkok Bank, does not have any space available, save for one branch in the city (Chang Phuak) which requires a 1000 USD yearly insurance deposit, which basically defeats the purpose for me (at least at my present economic situation).

If anyone can recommend any self-storage facilities or banks in this city, or even in Thailand in general, it would be much appreciated.

Thanking you all in advance for considering this.


Sincerely,

Todd
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Re: Searching for SDB's in Thailand

Post by dualstow » Sun Mar 12, 2017 2:01 pm

I wish you luck, Todd.
I lived in Thailand for nearly a year, but before all the unrest (this was 1995).
If you're a farang, I strongly, strongly recommend holding your gold outside of Thailand.

I do miss the mango sticky rice. O0 And the price of pretty much all food.
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Re: Searching for SDB's in Thailand

Post by toddsqui » Mon Mar 13, 2017 12:12 am

Hi Dualstow,

Thank you for the feedback!

Interesting what you said about recommending keeping the gold outside of Thailand if I am a farang. Why do you say this? Have you any stories?

I am a farang from the United States. Would you recommend New Zealand or Australia instead? Or should I just keep it on my person instead. We're only talking a minimal amount way south of 2000 USD.

Send me your thoughts!

Sincerely,


Todd
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Re: Searching for SDB's in Thailand

Post by ochotona » Mon Mar 13, 2017 5:36 am

I can imagine the possible scenario of a disorderly and perhaps not entirely voluntary emigration from Thailand where they turn you upside-down and shake your pockets... oh, kind of like TSA here. >:( And then take whatever falls out that's bright and shiny. My family is from Asia, we landed here in the USA in the 1950s after going through that kind of thing.

If it's just a tiny amount, have a relative keep it for you, or buy an ETF.
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Re: Searching for SDB's in Thailand

Post by toddsqui » Mon Mar 13, 2017 5:50 am

So I guess gold ownership is for the super wealthy.
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Re: Searching for SDB's in Thailand

Post by sophie » Mon Mar 13, 2017 7:00 am

If it's just a small amount and especially in small denominations, why not keep it in a purse with other coins. Seems unlikely a search would extend to poking through the coins.

Leaving it in a safe deposit box in the US is probably what I'd do, assuming you plan to return here. Alternative is to sell it and buy gold through a storage facility with online access, like Global Gold or Perth Mint.
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Re: Searching for SDB's in Thailand

Post by ochotona » Mon Mar 13, 2017 9:28 am

sophie wrote:If it's just a small amount and especially in small denominations, why not keep it in a purse with other coins. Seems unlikely a search would extend to poking through the coins.

Leaving it in a safe deposit box in the US is probably what I'd do, assuming you plan to return here. Alternative is to sell it and buy gold through a storage facility with online access, like Global Gold or Perth Mint.
They strip-searched and body-cavity search people leaving Cuba in the early 1960s when it was still legal to leave. They made sure they left with NOTHING of value.
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Re: Searching for SDB's in Thailand

Post by ochotona » Mon Mar 13, 2017 9:32 am

toddsqui wrote:So I guess gold ownership is for the super wealthy.
Not at all. It's for Everybody. You can buy a 1/10 ounce coin... not a good way to buy, but if you have a very small budget, it's an option. But, where you live matters. I daresay some Americans want to keep their gold outside of America also. I'm not to that point... yet.
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Re: Searching for SDB's in Thailand

Post by dualstow » Mon Mar 13, 2017 9:40 am

toddsqui wrote:Hi Dualstow,

I am a farang from the United States. Would you recommend New Zealand or Australia instead? Or should I just keep it on my person instead. We're only talking a minimal amount way south of 2000 USD.
Sorry I'm late.
Yeah, I have stories about Thailand, but I cannot tell them here. O0 And no, they're not dirty, Mountaineer, so get your mind out of the gutter. O0

Regarding gold: I may have held it in Thailand in the mid-90s if I'd truly had no other option, but I really wouldn't now, not since the political and military events that have transpired since then. Not to mention the flooding. You need a country with a more stable government, and yes, NZ and Australia fit the bill. I've only been to New Zealand as a tourist, though, and don't know how the banks do things there. Haven't been to Aus, but it's well established, as you can see from all the talk about Perth Mint.

That said, way south of 2000 USD is one coin. I guess it comes down to how comfortable you'd feel having it around.
I'd probably vote for ETFs until you have more money, and/or you move.
Still, gold is *not* just for the super wealthy. I am not super wealthy.

EDITED for typos.
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Re: Searching for SDB's in Thailand

Post by toddsqui » Mon Mar 13, 2017 10:51 am

Thanks everybody. I appreciate having this conversation with you all. It helps me weigh my options and figure out how best to allocate things.

Appreciate it!
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Re: Searching for SDB's in Thailand

Post by ppport » Wed May 17, 2017 3:06 am

There are private safety deposit boxes in Pattaya. A private vault company in Bangkok. However, I wouldn't store gold in Thailand or any third world country. If I remember the PP book also recommends against it. Store it in a nearby stable country.

Singapore would be a good option for Thailand residents. Cheap airfare from Thailand and could also drive if it came to that.

More specific to OP, none of these options are likely cost effective when buying 1 coin. Buy a baht gold jewelry chain or ring. Low markup from spot and you can resell back to any jewelry store. For under 2k of gold just store at home. Don't advertise that you own gold jewelry in Thailand by actually wearing it, showing it to friends, girlfriends, etc... Just keep it for private pleasure to fondle from time to time.

(Baht gold is a unit of measurement in Thailand for gold. 1 Baht = 15.16 grams of 96.5% pure gold jewelry. Not to be confused with the local currency which is also called Baht. 2 baht of gold is 30.32 grams, almost a troy ounce, but don't forget it's not pure. It's 96.5%, so you are actually getting 29.26 grams of pure gold in a 2 baht gold chain, 1.84 grams short of a troy ounce.)
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Re: Searching for SDB's in Thailand

Post by dualstow » Thu May 18, 2017 7:04 am

Store it in a nearby stable country
Stability + transparency are key.

Though I don't use them, I'm thankful that the U.S. has treasury.io & data.gov
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Re: Searching for SDB's in Thailand

Post by jpop » Fri May 19, 2017 8:25 am

Hi Todd.

I'm an American living in Chiang Mai.

Just before Songkran, I checked the SCB branch in Mae Jo and they were willing to let me rent a large size box. I passed and ended up getting a small box at Krung Thai bank on Mahidol Road just down the street from Airport Plaza. The do require a 30k baht deposit.

Do you have a work permit? If not, that might've been the problem with SCB.

Regarding risk, I'm more worried about counterfeit ingots than any government shenanigans or floods.

Good luck
jpop
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