Thais queuing to PAWN all that GOLD
Thai media reported that business owners in #Pattaya are queuing up at the pawn shops as it is now cashing up time.
The resort – once one of the most famous red light resorts in the world – is now closed down and with businesses moving out every day owners are desperate to release whatever cash they can.
The gravy train has pulled out now, possibly never to return, and tons of stolen gold is changing hands on the ‘cash only’ market One of the ways is to go to pawn shops with items like necklaces, robbed from previous tourists.
77kaoded went to “Sathan Thanuban” – a government pawn shop” – where they spoke to the manageress Amnuay.
She said that trade was much brisker than normal. Most of her new customers are business owners.
But she insists they can handle the influx caused by the Covid-19 crisis with cash reserves of 100 million baht.
She said the terms now in place from April 1st were 0.125% per month interest on items under 5,000 baht value. Over 5,000 baht then interest must be paid at a rate of 1% per month.
This means that pawning a one baht weight gold chain (worth almost 25,000 baht at today’s prices) will cost 250 baht per each month on redemption.
Every crisis has a silver and gold lining. – Winston Smith, Crime Correspondent