Transcript of the above video: 

As the title of this video suggests, we are talking about gold here in Thailand. I'll get to the thrust of the article I'm going to cite here in a moment, but I want to do a preface to this video and say a couple of things. 

First of all, with regard to gold, Thailand, please, for the love of God, do not mess with your gold system. It's conducive to outside investment into Thailand. We have the safeguards in place most notably in the form of our own weight and measure of gold here in Thailand to insulate this country from economic fallout, and yeah, there is heavy demand for gold, Thai or otherwise throughout the world because people are getting pretty skittish about the way a lot of these Central Banks have basically backed us all into a corner and really, and really just the overall way national policies have moved, especially in the West, insofar as undermining the industrial basis of those countries, offshoring them, and now that has led to an imbalance of trade primarily in the favour of the East. But the problem with the East is they have got to align their currencies, basically they have got to play something akin to the Special Olympics from the currency standpoint - and that's no offense to anybody who has ever been in the Special Olympics - but I mean this to say they have to sort of hobble themselves, these countries, weaken their own currencies, in order to deal with the fact that these Western economies are in decline. It's not a good place to be and quite frankly though, Thailand can benefit from this economically by being seen as a financial hub. And I thought that was the way we were going especially with the rise of the mBridge system where Hong Kong, Bangkok and the UAE would act as the sort of nodes if you will on the ridge of the rimland of the World Island, to borrow from Halford Mackinder. But it looks like yet again, bureaucrats and people who don't seem to be able to understand how economics work, also just pure greed, seems to be coming into play as they are looking at this gold situation. 

Quoting directly from a recent article in the Bangkok Post, that is bangkokpost.com, the article is titled: Thailand Tightens Reporting of Resident Cash Inflows. Quoting directly: "Thailand is taking a closer look at capital inflows by residents as part of the Central Bank's effort to manage Baht movements." I get it on a certain level. As I discussed in another video made contemporaneously with this one, I really don't like the fact that now they are going to heavily scrutinize money moving in over $200,000 that there is going to be all kinds of interference from the banks. There already has been with all of this biometric nonsense and capping out how much money people can transfer digitally. It has all led in my opinion, to a situation where it is having a detrimental impact on the velocity of money as well as having a detrimental impact on just the overall wealth effect here in Thailand, as well as a detrimental impact upon liquidity in the overall economic system to begin with, because people can't move their money around over a Digital System we were told would be more convenient. But now people are lining up around the block to have Biometrics done to be able to access their own money and are being told that they can only move their own money to a certain amount via their own banking apps which again it's just ridiculous, especially after we were told all this digitization was going to make everything so much more convenient. Yeah, I've stayed analog; nothing has changed for me.

Quoting further: "In addition, banks will be required to report Gold Trading transactions conducted via digital platforms both on a per day and per transaction basis." Here is my message to policymakers on this in Thailand. Please reconsider this, please. This could have serious detrimental ramifications. I understand. We have to deal with the exigencies as they arise and there are other jurisdictions that Thailand trades with that she just simply has to make accommodation for it; I get that. But long story short, a lot of these moves and it seems to be in my opinion driven by greed because these bureaucrats see “oh people are piling into that, there's capital gains being made, we can extract wealth that way" - I don't know - and use it to spend on some other harebrained scheme like shutting down our economy for 3 years at the behest of a Communist of the World Health Organization. I don't know what they think they need this money for, but they seem to have no problem shutting us all down for years and then telling us that they are out of money so therefore we need to pay more taxes. 

Heretofore, one thing to very much understand is gold is not subject to VAT here in Thailand. That's a very good thing. It leads to Capital being able to move freely in and out and to be able to go where it needs to go to invest in this economy. Tampering with this, messing with it - scrutinizing it is one thing - but again it comes down to the issue of do we know why we have these things in place before? And if we haven't examined what the benefits are to having the system the way it is, do we really want to go around and in my opinion haphazardly start meddling with a system that has been working quite well up to this point? 

It remains to be seen how all of this is going to play out, but we will certainly be keeping you updated on this channel as the situation evolves.