The first sign of a new crisis? Gold bars are selling like hot cakes in shops and vending machines in an Asian country

In the article:

The largest chain of convenience stores in South Korea offers customers mini gold bars – and they sell like hot cakes, according to CNBC.

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A variety of fingernail-sized gold bars, weighing between 0.1 grams and 1.87 grams, have been on sale at in-store and vending machines since April 2024.

A 1.87 gram ingot sells for 225,000

of won ($165.76), and a 0.5 gram one sells for 77,000 won.

Gold bars, in high demand in South Korea

With a price of 113,000 won each, the 1 gram ingots sold out in two days, according to News.ro.

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The ingots come with greeting messages, birthday wishes and even designs for personality types.

People in their 30s have been the most active in purchasing these gold bars, representing over 41% of total sales since their launch.

Those aged 40 represent 35.2% of sales, followed by those aged 50 with 15.6%.

People aged 20 represented 6.8% of total sales.

Gold, considered the safest investment in times of economic crisis.

This phenomenon of selling gold, considered the safest investment in times of economic crisis, is not only happening in South Korea.

The first vending machines with mini gold bars have been installed in shops in Dubai, United Arab Emirates.

Demand for bullion and coins from South Korea increased by 27% year-on-yearto 5 tons, in the first quarter of this year, amid rising prices for the yellow metal, the World Gold Council said in a recent report.

This was the strongest quarterly increase in South Korean gold purchases in two years, the WGC said.

Other convenience stores are also riding the bullion demand wave.

“Usually in times of economic uncertainty, when the local currency depreciates, demand for physical gold jewelry increases as domestic investors look for safe haven asset investments,” said Heng Koon How, head of markets strategy, global economy and market research at UOB.