Gold price decline

balapas · 1 Gold price decline Wed May 15, 2013 8:34 pm

balapas

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Gold price has gone below $1400. If it can stay below $1400 for few days descend will be quick. I know lot of people rushing to buy gold even for weddings in December. But hold on jewelers expect a drop as well. Just that in SL it take time for downward price adjustments Very Happy

Yesterday sea street was quoting 49,200 for a pound up from last week. Do not look at websites for SL prices they are wrong.

mark · 2 Re: Gold price decline Wed May 15, 2013 9:02 pm

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tnx balapas,but our gold prices are not going down with world prices,bcz our idiots are always rushing to buy whenevr it try to plunge,typical buggers. XD

smallville · 3 Re: Gold price decline Wed May 15, 2013 9:21 pm

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balapas wrote:Gold price has gone below $1400. If it can stay below $1400 for few days descend will be quick. I know lot of people rushing to buy gold even for weddings in December. But hold on jewelers expect a drop as well. Just that in SL it take time for downward price adjustments Yesterday sea street was quoting 49,200 for a pound up from last week. Do not look at websites for SL prices they are wrong.

So any idea where in SL Gold prices are cheap mate?

Fresher · 4 Re: Gold price decline Wed May 15, 2013 11:01 pm

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same as world crude prices? not much relevance to SL context in a downward trend? Very Happy

micky · 5 Re: Gold price decline Wed May 15, 2013 11:30 pm

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mark wrote:tnx balapas,but our gold prices are not going down with world prices,bcz our idiots are always rushing to buy whenevr it try to plunge,typical buggers. XD

No mark, its not bcoz our people. Its because Sri Lanka do not have a establish market for gold trading. only sea street. People do not buy online and sell online. So, its normal to take some time when its with down trend. but with uptrend sea street people quickly do it.

Same for currencies. When its in down trend money brokers sometimes keep 5 rupee margin for there own safety.

wadi wenakota wadi wenawa, adu wenakota adu wenne na. like petrol and diesel. Very Happy

balapas · 6 Re: Gold price decline Thu May 16, 2013 5:40 am

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smallville wrote:

balapas wrote:Gold price has gone below $1400. If it can stay below $1400 for few days descend will be quick. I know lot of people rushing to buy gold even for weddings in December. But hold on jewelers expect a drop as well. Just that in SL it take time for downward price adjustments Yesterday sea street was quoting 49,200 for a pound up from last week. Do not look at websites for SL prices they are wrong.

So any idea where in SL Gold prices are cheap mate?

Unofficially price is determined at Sea Street and 95% of the time cheaper than buying from banks since most gold at Sea street has come in to SL with no taxes paid. Cool

Smuggling increased when GOVT imposed VAT on gold few years back but now its removed. Legally brought gold was low during those days. So better to check prices from both sources. Its like going to Pettah, danagana giyoth wade goda. Best is to get it from Dubai or Singapore if anyone coming from those countries since prices there are always cheaper. There is a good legal limit you can bring which will be enough for a wedding. Best time to buy from the middle east is during their festive periods when gold declines a bit. I can't remember which one. Someone there can enlighten you. I'm getting some gold for a friend from Dubai this week so can see the physical price difference.

manula · 7 Re: Gold price decline Thu May 16, 2013 9:44 am

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balapas wrote:

smallville wrote:

balapas wrote:Gold price has gone below $1400. If it can stay below $1400 for few days descend will be quick. I know lot of people rushing to buy gold even for weddings in December. But hold on jewelers expect a drop as well. Just that in SL it take time for downward price adjustments Yesterday sea street was quoting 49,200 for a pound up from last week. Do not look at websites for SL prices they are wrong.

So any idea where in SL Gold prices are cheap mate?

Unofficially price is determined at Sea Street and 95% of the time cheaper than buying from banks since most gold at Sea street has come in to SL with no taxes paid. Smuggling increased when GOVT imposed VAT on gold few years back but now its removed. Legally brought gold was low during those days. So better to check prices from both sources. Its like going to Pettah, danagana giyoth wade goda. Best is to get it from Dubai or Singapore if anyone coming from those countries since prices there are always cheaper. There is a good legal limit you can bring which will be enough for a wedding. Best time to buy from the middle east is during their festive periods when gold declines a bit. I can't remember which one. Someone there can enlighten you. I'm getting some gold for a friend from Dubai this week so can see the physical price difference.

If you buy from Middle East/Singapore not only the price difference we can see the quality also. Many time I am buying from here in Qatar, and can see the quality of the items. Seen in the papers the price will be further fell down in coming days.. Very Happy

Aubrey Perera · 8 Re: Gold price decline Thu May 16, 2013 10:46 am

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Gold will plunge look at 1150 -1300 range don't buy just yet...some european countries will sell out. then we wiill see the fall. I have seen many jeweelers advertising in papers last few days selling coins etc. this is a signal they see gold prices falling as well . Yes Middle east gold better quality. when you buy from sea street sometimes uality is not guranteed. better in that case to buy coins/bars from bank.

UKboy · 9 Re: Gold price decline Thu May 16, 2013 2:04 pm

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Few days ago Vogue was selling 22k coins for Rs46,300.

balapas · 10 Re: Gold price decline Sun May 19, 2013 4:54 pm

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So they admit there is a significant issue to banks http://forum.srilankaequity.com/t28428-pawning-business-gold-mine-or-mine-field#166626

Double whammy when forex gains are reduced in the coming quarter. Its not a matter about default, the P&L needs to show the impairment. Sampath bank annual report page 175-176 talk about this http://www.cse.lk/cmt/upload_report_file/431_1363059607.pdf

Banks would have risk management strategies in place but not sure about finance companies. I see most of them still advertising claiming they give the higher rate etc.