Gold bars sold at convenience storers in South Korea
[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:
Trending on NextShark: Kindergartner helps lead advocacy for AAPI inclusion, education in Delaware
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.
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.
Trending on NextShark: Japan teen faces criminal charge for alleged high-tech cheating on exam
Download the NextShark App:
Want to keep up to date on Asian American News? Download the NextShark App today!