South Korean convenience stores have taken a shiny leap into the world of precious metals, selling gold bars as casually as they do candy bars.
This new gold phenomenon, driven by the surging price of gold and worldwide economic uncertainties, has seen bite-sized gold bars flying off the shelves since their introduction in April 2024. These bars, weighing between 0.1 and 1.87 grams are being priced between $56 to $165, are available not just at the checkout but also from vending machines, adding a novel twist to gold shopping.
The initiative, spearheaded by South Korea’s largest convenience store chain, CU, has found a particular fanbase among the younger crowd in their 20s and 30s. It appears that Gen Z and Millennials, often pegged as digital currency enthusiasts, are also hedging their bets with tangible assets, albeit in snackable sizes.
Other chains like GS25 have joined the bullion bonanza, reporting impressive sales numbers. This trend is part of a broader regional surge in gold demand, with many Asian countries, including China, seeing a spike in gold purchases as a hedge against inflation and currency depreciation.
We wrote about the surging popularity of Gold in comparison to cryptocurrencies like Bitcoin in our March 11, 2024 newsletter, then posted a YouTube video entitled “Bitcoin Who? Gold Is Still Trader’s Favorite Investment”. I’m guessing this won’t be the last time we write about gold as its price continues to rise, while global instability also increases.
Whether it’s a birthday gift, an investment, or just an impulse buy next to the instant noodles, South Koreans are proving that convenience and investment can indeed go hand in hand, one gold bar at a time.
Gold bars are selling like hot cakes in Korea’s convenience stores and vending machines