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Gold Rush in Seoul: Political Chaos and Currency Fears Empty South Korean Vaults

South Korea is running out of gold bars. The national mint (KOMSCO) stopped sales last month because they can’t get enough raw materials. Even Seoul’s gold vending machines have sold out completely.

Why the gold rush? Retail investors are seeking safety during political chaos. President Yoon faces impeachment, and acting presidents have sparked controversy. This political turmoil coincides with Trump’s White House return and fears of new trade wars.

As the Korean won fell 11% against the dollar in late 2024, gold investment jumped 29%. Investors are abandoning South Korea’s disappointing stock market (which lost ₩224.88 billion from individual investors) in favor of gold’s better returns.

This shortage isn’t just happening in Korea. Gold is being redirected to the United States as traders prepare for Trump’s threatened tariffs on Canada and Mexico.

Original Source: CNBC

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