As gold and silver prices hit all-time highs day after day, shortages of gold bars and silver bars are unfolding.
According to the financial sector on the 14th, the Korea Gold Exchange notified Woori Bank that it will suspend supplies of 1-kilogram silver bars from the 20th until Jan. 1 next year. Earlier, Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) also halted supplies of all gold bar products from 1st until Jan. 1 next year. The only item available for purchase at Woori Bank is the exchange's 1-kilogram gold bar.
KB Kookmin Bank is also selling only the exchange's 1-kilogram gold bars and silver bars. That is because supplies from the mint have been halted since 1st. Even for the remaining gold bars and silver bars, buyers must wait 10 business days after purchase to receive them.
Shinhan Bank and Hana Bank are also selling only 1-kilogram gold bars. Shinhan Bank has exhausted its inventory of gold bars, such as 10 grams, supplied by LS MNM. However, NH NongHyup Bank is selling the Korea Gold Exchange's 3.75-gram, 10-gram, 100-gram, and 1-kilogram gold bars, as well as Samsung Gold Exchange's 37.5-gram, 187.5-gram, and 375-gram gold bars.
The gold banking balances at KB Kookmin, Shinhan, and Woori Bank totaled 1.513 trillion won as of 9th. It is the first time that bank gold banking balances have topped 1.5 trillion won.
On this day, the international gold price broke through $4,100 per ounce, setting a record high. On the same day, silver also recorded $52.5 per ounce. This price is at the level seen during the United States "silver crisis" in 1980.