Peter Schiff Blog | South Koreans Buying Up Physical Gold | Talkmarkets

Peter Schiff Blog | South Koreans Buying Up Physical Gold | Talkmarkets: "Song Jong-gil, general director for sales at Korea Gold Exchange 3M, said that of the more than 500 billion won of gold sales the company made in the first half of 2015, more than 20 percent went to financial investors in the form of thin cards and bars ranging in weight from 1 gram to 1 kg.

“‘Low interest rates are the biggest reason. And gold is preferred to stocks and real estate thanks to high liquidity,’ Song said, adding sales picked up as bullion dropped below $1,100 an ounce.”"

During the 1997/98 Asian financial crisis, the authorities launched a campaign to buy gold from patriotic individuals, selling it on to get dollars to bolster foreign reserves.

“‘Lots of people sold gold during the Asian financial crisis. Then prices surged and many were unable to buy back,’ Song said. ‘Now people are buying gold rings and small bars, thinking prices have fallen a lot and it’s a good time to buy.'”

'via Blog this'