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1 Gold and Silver Bars Shortage in South Korea

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GoldBroker

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The price of gold in South Korea rose sharply, fuelled by a “fear of missing out” (FOMO) rush. This resulted in a record “kimchi premium”, with a spread of almost 20% over the London market. On February 14, gold was trading at 161,990 won per gram in Korea, compared with 135,588 won in London. The depreciation of the Korean won against the US dollar also contributed to this price surge. In response to this strong demand, South Korean banks suspended the sale of gold and silver bars, citing a shortage. Korean investors, no longer able to buy gold, turned to silver, causing a new shortage and also leading to a temporary suspension of silver bars sales. The Korea Stock Exchange has announced a halt to the supply of silver bars, having already restricted the supply of gold bars due to high demand. Some banks, such as Woori Bank, were informed of this decision on February 13. In addition, 1 kg gold bullion bars are becoming increasingly scarce, with prices exceedi...

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