Gold, Silver Bullion Still Hugely Popular
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Gold and silver bullion remain popular despite the steadily falling price, amid predictions that their value will soon rise again.
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Gold bars have always been a popular investment for the rich, and demand seems to be rising amid expectations that the price has bottomed out.
According to the Korea Gold Exchange, 850 kg of silver bars were sold in October bringing the total so far this year to 8,915 kg, already exceeding last year's total of 2,029 kg by a whopping four times.
Sales of gold bars have been consistent, with 64 to 87 kg sold every month since April. At the end of last year and early this year, only around 10 kg were sold per month.
Currently, 3.75 g of gold trades for around W190,000 (US$1=W1,061). Prices have fallen steadily since April, when it was traded for around W250,000.
The price of silver also dropped nearly 30 percent compared to the beginning of the year, as 3.75 g is now roughly W2,800.
The silver price tends to fluctuate more, and it dropped to around W2,600 from June to August. Currently, one kilogram of gold is worth W52.5 million and a silver bar W960,000.