Gold bars are selling like hot cakes in Korea's convenience stores and vending machines [MSNBC.com]
Costco Wholesale Corporation (COST)
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Source: MSNBC.com
Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023.Bloomberg | Bloomberg | Getty ImagesThe country's largest convenience store chain, CU, has been collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer customers mini gold bars — and they're selling like hot cakes.A variety offinger-nail sized gold barsPriced at 113,000 won each, 1 gram bars weresold out within two daysPeople in their 30s were most active in purchasing these gold bars, accounting for over 41% of the total sales since their launch, according to CU's commerce phone app Pocket CU. Those in their 40s make up 35.2% of the sales, followed by people in their 50s at 15.6%. People in their 20s accounted for 6.8% of all sales.Demand for bars and coins in South Korea rose 27% year on year to 5 tons in the first quarter of this year amid rising prices of the yellow metal, the World Gold Council said in arecent reportIt makes sense that many younger
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