Dodgy dealings in the gold trade?

It is pleasing to note the authorities’ concerns about unfair gold trading in Thailand. Having a traders association fixing the daily price of gold does not seem to represent independence. Worse, sometimes its president has the audacity to opine on the future trend in gold prices. 

It would be fairer to all to use the referred prices of the world’s commodities-exchange centres as the basis of a spot price, with no time lapse allowed. The US dollar’s value on spot could be converted by an independent party to baht weight and baht price after including a fixed percentage of freight charges and other incidental expenses. Its movement could be based on real time and also independently published. We could then call the trading price fair and not subject to the influence of any interested party.

Songdej Praditsmanont

Bangkok