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hen Kritcharat Hirunyasiri lefta career as a medical doctor to become the head of his family’s gold business, he was determined to turn it into one of Thailand’s best. Today the MTS Gold Group president is one of the country’s leading gold analysts, best known from regular appearances on TNN 24 and the Money Channel, as well as various radio and television programmes.MTS Gold Group began over 60 years ago as a modest shop selling gold ornaments. After a period of rapid growth, it expanded into a wholesaler for over 1,000 retailers, an importer and exporter of gold bullion and a broker of gold futures in Thailand’s stock market. The company’s revenue totalled 400 billion baht last year, a marked rise from the 100 million when Mr Kritcharat first came to the helm.What are the secrets behind his success? Mr Kritcharat has promised a few of his insider’s tips. To explain the current climate in gold investment, he begins by pointing to two significant trends. Firstly the world has seen a recent shift in demand from Western to Asian countries, in particular China, India and Southeast Asia. Gold has always been a prominent part of Asian culture. Now the region’s rising buying power means China has the world’s largest consumption, followed by India. Thailand ranks fifth, with a total consumption of 140 tonnes last year.Secondly, people’s attitude towards gold investment is changing. Ten years ago, there was no interest in gold investment within Thailand. Gold was seen either as a form of accessory or small asset. In recent years, however, people’s interest has shifted from the purchase of physical gold ornaments to investment in gold bullion and, finally, speculation, or gold trading.“The current market is still lucrative, unlike equity trading, gold investment is borderless and not vulnerable to domestic risks”Now more than ever, Thais need a better understanding of the fundamentals that affect gold prices. According to Mr Kritcharat, fluctuations hinge on the performance of US dollar economies and the US Dollar Index. In 2008, the Fed’s series of post-GFC Quantitative Easing (QE) triggered a literal gold rush, with prices surging 15% annually and peaking close to $1,930 per ounce in 2011. Now, with the tapering of QE3, prices have seen a drop of over $600 per ounce. WithinThailand, the price of gold bullion experienced a 30% drop last year and has remained in the lower range. This was countered by a 5 to 10% rise in retail sales for gold ornaments. After one to two more years of stagnation, Mr Kritcharat is predicting an imminent overall upturn.But the current market is still lucrative, says Mr Kritcharat. Unlike equity trading, gold investment is borderless and not vulnerable to domestic risks. Most importantly, gold is a 24-hour investment, with pricesElite+ 11