First, it was Costco selling (and selling out of) gold bars, as we reported last year. Now, you can buy them in vending machines in South Korea.
One way or another, it looks as though the public wants gold.
Bloomberg reported this week that in Seoul’s upscale Gangnam district, a GS Retail Co. convenience store features a vending machine selling gold bars, ranging from less than 1 gram to 37.5 grams, with prices starting at around 88,000 won ($64) and fluctuating daily. Initially launched in 2022, these machines are now in 30 stores nationwide.
South Koreans are joining the global investing trend, with many investing in fractional shares and physical gold, amid widespread interest in various asset types, from meme stocks to cryptocurrencies, the report noted.
The one thing we see in common with the United States? People that want to exit from the fiat system.
A GS spokesperson told Bloomberg: “Currently we are seeing about 30 million won of sales per month. The gold vending machine draws customers’ attention due to increasing demand for safe haven assets and the spreading trend of micro-investing.”
Park Sang-hyun, an economist at HI Investment & Securities in Seoul, added that investors have a “fear of missing out when everything rallies, and that partially contributed to the scene.”
He added: “Feeling uncertainty about the global economy prompts safe haven demand.”
In South Korea, the convenience store CU, a competitor of GS, quickly sold out its ultralight gold cards, with the 1-gram options disappearing in just two days due to high demand from people in their 30s.
As of May 31, CU had sold 95% of its 770 gold items, buoyed by prices falling below market rates, according to a statement from BGF Retail Co. The chain plans to introduce gold bars ranging from 2 to 10 grams, although no specific date has been given.
Additionally, Kbank, an online bank with over 10 million users, began a service on May 9 allowing the purchase of gold bars from 1.875 grams to 37.5 grams with free delivery, as online banks also respond to rising gold demand.
“With the price of gold recently topping $2,400 per ounce, investing in gold has become a popular way,” Kbank said in a statement.
About Costco, late last year, we wrote: “It’s an incredible commentary on the average American citizen. Americans are literally choosing to transact U.S. dollars for gold.”
“Just because it’s happening on a website that says ‘Costco’ and the transaction is being consummated by housewives named Florence doesn’t change the fact that enough people thought converting U.S. dollars into hard assets was a high enough priority that these bars sold out,” we wrote.
“These aren’t shoppers heading over to Kitco — these are people casually picking up some gold when they buy dog food and toilet paper. And if you think that’s crazy now, wait until we hit a period of volatility.”
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
If someone in the US placed Goldbacks in a vending machine, they would also empty just as quickly.
Buying gold like that is easy! Easy enough to be an impulse buy.
“One way or another, it looks as though
the public wants gold.”They are now trying to SELL gold.
And the motive is ?
Same reason they sell ammo…there’s strong demand because people are losing faith in government.
WAIT UNTIL THE PEOPLE FIND OUT THE “MEDICAL VALUE” OF SILVER FOLKS!!!
I ALREADY KNOW, BECAUSE I HAVE BEEN USING IT FOR OVER 17 YEARS,…WITH NO SIDE EFFECTS!
IT SOO EFFECTIVE, I NEVER BECOME ILL SINCE STARTING WITH…NOT EVEN HEADACHES!!!
I NO LONG EVEN KEEP MEDICINE AT ALL ANYMORE!
Let us know when you turn fucking blue!
It’s probably what caused the all caps bold commenting. Too much colloidal silver up the pooper.
Kenny,why not share with folks how you use silver for health,(many know/many don’t/many different ways)instead of a cap lock yell?
You can’t eat gold.
Why would I want gold for something that will keep me alive for weeks (like a 5 gallon bucket filled with rice)?
I will want something of value and useful, maybe a bottle of vodka or a couple of live chickens?
Those who are “investing” in gold will find this truth out the hard way.
You’re gonna be taking beatings all your life. I hope you have the constitution to match your stupidity. Otherwise? You ain’t gonna make it.
My financial advisor sneered and rolled his eyes when I mentioned I have some metal. He smiled and chuckled when I mentioned lead and brass…. He’s an old line middle of the market gentleman trained by the ‘very large’ institutions.