The Koreans are going to grab the gold, too.Bingobingo39?

Source: Huang Yu on Wall Street

After gold hit an all-time high of $2431 in AprilBingobingo39In a rare statement this week, the Bank of Korea said it would buy more gold in the medium to long term.

The Bank of Korea, which has not bought gold for 10 years, suddenly remembered to buy gold.

On Tuesday, the Bank of Korea said unexpectedly that it was considering buying more gold in the medium to long term as foreign exchange reserves grew.

This is also the first time in more than a decade that the Bank of Korea has said it wants to buy gold.

The last time the Bank of Korea bought gold on a large scale was in 2011, when gold was also at an all-time high. At that time, the Bank of Korea continued to buy more than $1 billion of gold because of global economic growth and uncertainty over European sovereign debt. It was not until 2013 that the Bank of Korea stopped buying gold.

By the end of March this year, South Korea had 104 gold reserves out of 419.3 billion US dollars in foreign exchange reserves.Bingobingo39.4 tons, valued at $4.8 billion, accounting for about 1.Bingobingo39.1%.

Kwon Min-soo, head of the foreign exchange reserve management group of the Bank of Korea, said this week that you need to be cautious when investing in gold. The benefits of investing in gold include hedging against inflation and as a substitute for the dollar, but you need to seize the opportunity to buy.

"We have no immediate plans to buy gold because we need to weigh a number of factors to ensure the right time to buy. Only when foreign exchange reserves show a sufficient growth trend and the foreign exchange market is stable, will we consider buying more gold as an asset, which is why we only consider buying gold in the medium to long term. "

The Bank of Korea will continue to buy gold while ensuring that gold prices continue to rise in the future.

The rare statement by the Bank of Korea on gold comes after spot prices hit an all-time high of $2431 a troy ounce in April after rising tensions in the Middle East prompted investors to seek safe havens and pushed up gold prices, which have risen more than 10 per cent this year.

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