Author Topic: Am I getting rich here? (Read 27406 times)

Lourens · « **on:** June 06, 2008, 02:04:38 PM »

The dollar is climbing steadily now for the last couple of days while the Baht is getting weaker. I'm no expert in these things but every time the dollar gains a baht or two, I get an increase. Good news for me but will this go on? It went from a low 31 Baht to a dollar to more than 33 Baht this morning. I hope this won't stop soon.

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Admin · « **Reply #1 on:** June 13, 2008, 10:57:41 AM »

getting rich?? I hope so,the only things I see is the dollar lost 7 baht within 2 years only,
gas went 10 baht extra per liter and still going up !!

Lourens · « **Reply #2 on:** June 16, 2008, 04:15:27 PM »

Please forgive me if I feel giddy here but have a look at the three month chart of the Baht against the dollar. It is a steady climb and not as rapid with the equally rapid decline as before. Let's hope it lasts this time...

Lourens · « **Reply #3 on:** June 16, 2008, 04:18:32 PM »

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Admin · « **Reply #4 on:** August 03, 2008, 07:34:02 PM »

You're right : "The Nation":Baht likely to weaken to 35 per dollar this year

http://www.nationmultimedia.com/2008/07/30/business/business_30079330.php

While the US dollar is bottoming out, experts predict the baht will grow weaker, ending up about 35 to the greenback by the end of the year.

Mr.Steve · « **Reply #5 on:** August 06, 2008, 09:28:13 PM »

The US dollar is flat due to fears of recession. The Thai baht has little support because of fears of inflationary pressure and political unrest.
Unless you have a 4X or futures account it is unlikely that any move you make will be affected by short term fluctuations.
As we all know, the local banks take their time about moving/clearing foreign transfers.

Lourens · « **Reply #6 on:** August 06, 2008, 10:51:58 PM »

I can attest to that. It usually takes about a day for money sent from abroad to arrive in my Thai bank account. Lately it has taken sometimes up to a week. Someone is using my money to speculate with. But I'm not complaining. Bank charges are almost non existend here whereas the same charges in South Africa will amount to a large percentage of totals transferred.

HappyinIsaan · « **Reply #7 on:** August 07, 2008, 04:24:46 AM »

If you are from the UK, I would recommend opening a Nationwide Flex Account (must be opened in person in the UK). With the provided debit card, you can withdraw up to the equivalent of Â£300 a day in Thai baht from any ATM - there are absolutely NO charges and the exchange rate is nearly always more than the posted telex transfer rate which is higher than for both cash and travellers cheques.

Lourens · « **Reply #8 on:** August 07, 2008, 04:33:38 AM »

Thanks for that advise. I'm sure someone will find it handy. Unfortunately I'm sending my money from the Middle East but that's not so bad either. There are minimal bank charges and I get Inter-bank exchange rates - also better than posted rates on most websites. We have to take advantage of all these little differences and every satang counts when you're saving for retirement.

RayBan · « **Reply #9 on:** August 09, 2008, 05:31:40 PM »

Hi Lourens and other interested US $ parties,

We have had so much negativity this past 12 months in regards to the US$ and baht exchange rates that I thought I would cheer you all up a bit.

I have a great interest in this particular subject, as my salary, savings and eventual company pension is all $US related. I therefore keep my ear to the ground and monitor everything written on this particular subject.

Currently the BOT (Bank of Thailand) is openly using its $US reserves to soften the blow of the baht sliding. There are many articles on this subject on other forums too and the general consensus of opinion is that the baht will eventually slip back to around 42 - 43 baht to the $US, where it comfortably settled during the 97 crisis.

So if you are sitting on sums of US $'s, or your salary is paid that way etc, I would just bring in what you need and sit on the rest for another year or so, that is what I am doing and I feel confident that the above pointers will turn out to be true...........yeah!!!!!!!!!!

Lourens · « **Reply #10 on:** August 19, 2008, 05:09:09 PM »

YESSSS!! The Baht just went above 34 to the dollar

Bring on the 40's

RayBan · « **Reply #11 on:** August 21, 2008, 09:17:22 AM »

Quote from: Lourens on August 19, 2008, 05:09:09 PM

YESSSS!! The Baht just went above 34 to the dollar Bring on the 40's

Below I have copied a quote from today's breaking news in the Thai national "The Nation," which says:-

Thai baht hits nine-month low

The Thai baht hit a nine-month low against the dollar Wednesday, trading at 34.15 to the greenback, bank sources said.

The sharp decline in the currency was attributed to heavy buying of dollars by foreign banks in Thailand and importers, said the Kasikorn Research Center, a think-tank attached to Kasikorn Bank.

Like most Asian currencies, the Thai baht has steadily appreciated against the dollar, gaining almost 20 per cent over the past two years before starting to weaken in June in the wake of rising inflation, growing political instability, declines on the stock market and slowing growth projections.

KRC projected the baht would continue to depreciate against the dollar in the short run, in tandem with other Asian currencies which have also been weakening against the greenback.

The think tank said the weaker baht might help boost Thai exports that were expected to slow in the latter part of this year as a result of economic slowdowns in South-East Asia, Europe, Japan and the United States.//DPA ............ unquote.

TBWG · « **Reply #12 on:** August 22, 2008, 02:47:39 AM »

Hi Ray

What does it say in your crystal ball about Sterling?

TBWG

RayBan · « **Reply #13 on:** August 22, 2008, 09:22:31 AM »

Quote from: TBWG on August 22, 2008, 02:47:39 AM

Hi Ray

What does it say in your crystal ball about Sterling?

TBWG

Hi to my good friend TBWG,

I hate to be the bearer of bad news, but since you asked the question.................... The Daily Telegraph "money-man" Mr. Ambrose Evans-Pritchard made a very apt description the other day in which he described the pound as about to fall off the White Cliffs of Dover..............sorry............see the hyperlink below

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/18/ccview118.xml

Admin · « **Reply #14 on:** August 22, 2008, 11:14:34 PM »

ummm....

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