More News, Rumors and Opinions Friday PM 5-10-2024
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Clare: Gold bullion is sold like street candy in an Asian country!
5/10/2024
Aside from ramen (noodle soup) and sausages, convenience stores in South Korea are now offering a new popular item on the menu - gold bullion.
The country's largest convenience store chain, CU, is collaborating with the Korea Mint and Security Printing Company (KOMSCO) to provide customers with small gold bars - which are in huge demand like hotcakes, according to what CNBC reported and Al Arabiya Business reviewed.
A variety of micro-sized gold bars weighing between 0.1 gram and 1.87 gram have been on sale at CU outlets since April. A 1.87 gram piece is sold for 225,000 won (US$165.76), and a 0.5 gram piece is sold for 77,000 won.
The People's Bank of China increases its gold reserves for the 18th consecutive month
and at a price of 113,000 won per piece, the one-gram bullion sold out within two days, according to local news reports. The bars come with congratulatory messages, happy birthday wishes, and even designs of character types.
People in their 30s have been most active in purchasing these gold bars, accounting for more than 41% of total sales since launch, according to CU's Pocket CU trading phone app. People in their 40s account for 35.2% of sales, followed by people in their 50s at 15.6%. People in their 20s account for 6.8% of total sales.
The World Gold Council said in a recent report that demand for bars and coins in South Korea rose by 27% year-on-year to 5 tons in the first quarter of this year amid rising prices for the yellow metal. The World Gold Council noted that this was the largest quarterly increase in gold purchases in South Korea in more than two years.
Other small stores are also riding the bullion wave. At the GS25 convenience store chain in South Korea, customers can buy small gold flakes from vending machines.
For his part, Head of Market Strategy, Global Economy and Market Research at UOB, Heng Kun How, said: “Usually in times of economic uncertainty when the value of the local currency declines, demand for gold jewelry will increase as local investors seek to invest in safe haven assets.”
According to the Korea Gold Exchange, gold prices rose to a record high of 456,000 won ($335.3) per 3.75 grams, or 0.13 ounces. Conversely, the Korean won has fallen more than 5% against the dollar so far this year, and is currently trading at 1,358.7 against the dollar.
The World Gold Council noted the recent trend of growing investment interest among young people in Asia, even as gold prices hit record levels.
“Many Asian economies are dealing with inflation and financial uncertainty for the first time in a generation,” Shaocai Fan, head of global central banking at the World Gold Council, told CNBC. “It makes sense that many young investors are exploring gold as a way to diversify and protect their assets.”
Consumers in China, Asia's largest economy, are also buying gold, as collecting small one-gram bars in glass jars has become a trend among the country's youth. China is also driving consumer demand for bullion, and will overtake India in 2023 to become the world's largest buyer of gold jewellery.
Separately, in the US last year, warehouse retail giant Costco became a popular one-stop shop for one-ounce gold bars priced at around $1,900. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
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“The Evolution of Money” Robert Kiyosaki – LFTV Ep 172
Kinesis Money: 5-10-2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined by world-renowned “Rich Dad, Poor Dad” author, Robert Kiyosaki.
Andrew and a returning Robert discuss the changing global economy and how to preserve wealth.
Timestamps:
00:00 Start
03:45 Protecting your wealth - is it too late?
05:30 How the Fed scam works from Robert’s perspective
07:30 Silver to $500?!
13:30 2000 tonnes of Indian & Chinese silver orders
18:30 How the rising price of oil might impact - or implode - the system
25:00 Hypothetcation & Rehypothecation explained
29:00 The US Sound Money Movement & Kinesis
51:00 The Evolution of Money
56:00 What about referrals?
66:00 Doing the right thing
71:00 Money printing is all the Fed knows how to do