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Gold bars sold at convenience storers in South Korea

Ryan General
·2-min read

[Source]

South Korea's young investors are getting into gold by buying bite-sized bars sold at convenience stores and vending machines.

Key points:

  • Sales of small gold bars (0.1-1.87 grams) are booming in South Korea, targeting younger demographics.

  • Rising geopolitical tensions and inflation are driving Koreans towards gold as a safe investment.

  • Gold vending machines and stores in Seoul offer easy access for budget-conscious investors.

The details:

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  • Gold prices in Korea have recently hit record highs, reaching a record 456,000 won ($ 333) per 3.75 grams (0.13 ounces) on Friday. The trend is attributed to due to a combination of factors, including geopolitical tensions in the Middle East, escalating conflict between Iran and Israel and surging high inflation.

  • CU, South Korea's biggest convenience store chain, partnered with the Korea Minting and Security Printing Corporation to offer mini gold bars priced from 77,000 Korean won ($56.40) for the smaller ones and to 113,000 won ($82.67) for the 1-gram bars. Since the program's launch on April 1, 42% of the products available were sold in 15 days. One-gram bars, which even come with personalized messages, reportedly sold out in just two days.

  • GS25 convenience stores also offer tiny gold wafers in vending machines.

  • Younger demographics are leading the charge, with those in their 20s and 30s accounting for 41.3% of the gold bar purchases from CU. Gen Z investors in China are also buying small gold products.

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What's next:

  • Analysts predict gold prices could continue to rise, with some forecasting a 30-50% increase by 2025.

Tangent:

  • This surge in demand for physical gold indicates a growing distrust in traditional fiat currencies, particularly among younger generations.

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