Soaring gold prices have sparked a rush to sell among Pattaya residents, hoping to cash in on the surest sign the world economy is in trouble.
Gold ornaments were selling at 28,800 baht per baht-weight and bars at 28,400 baht, July 27 when Banjong Banthoonprayuk, president of the Pattaya Gold Traders Club, said that a surging coronavirus pandemic and plunging currency values are pushing people to safe-haven investments.
Gold increased another 5 percent since his interview, hitting 29,975 bahton Tuesday. Prices are up 25 percent in the past six months and 38 percent from a year ago.
Pattaya locals who haven’t sold already saw the latest spike as the surest sign it’s time to cash in, he said.