"I collected about 0.1 to 0.7 grams each day, participating about 30 times every Saturday."
On the 29th of last month, a post was made in an online community. The author, Ms. A, uploaded a photo of three sparkling gold nuggets, stating, "I will sell it according to the market price." The total weight was 17 grams, with a market price considering purity of about 1.83 million won. Comments such as "Congratulations" and "(Don't sell it) keep it. The gold price keeps rising," followed.
As gold prices continue to hit record highs, a wave of 'gold collecting' is sweeping across the country. People are flocking to valleys to mine gold, and inquiries about selling 'gold crowns' (dental gold) received after dental treatments are on the rise. With an increase in crimes targeting gold, many are now keeping their jewelry in safes.
◇Era of 600,000 won for 1 geun… "I mined gold worth 230,000 won a day" certification
According to the Korea Exchange on the 7th, gold finished trading at 159,430 won per gram on the 5th. The price for 1 geun (3.75 grams) was 597,862 won, close to 600,000 won. This is an increase of about 32% from a year ago.
Gold prices are high globally. On the 5th (local time), gold futures traded at more than $3,600 (about 5 million won) per ounce (about 31.1 grams) on the New York Mercantile Exchange (NYMEX). This is a record high. It has increased over 30% just this year.
Some who saw the gold prices have rushed to the valleys. Recently, every weekend, people have been flocking to rivers in Jeongseon and Yeongwol counties with 'panning dishes' to mine gold. Korea was once a world-renowned gold-producing area. Now, gold dust can be found in the valleys near old, closed gold mines. Gold particles are deposited on the riverbed, and by scooping sand and gravel into the panning dish and shaking it, only the heavy gold dust remains.
Those skilled can obtain a decent harvest in just one day's work. One online community saw a post with a photo of sparkling gold dust collected, captioned "Today's results." The weight was 1.52 grams, worth about 230,000 won at the current market price. A member of a well-known gold dust exploration internet cafe recently surpassed 40,000 members.
Gold crowns returned after dental treatment are also a new popular item. Mr. Hong (56), residing in the Buk-gu district of Daegu, sold four gold crowns that had been in a drawer for years through an online vendor on the 4th, making 400,000 won. He stated, "I hurried to sell after hearing news that gold prices have risen significantly."
The purity of gold crowns varies by type. Crowns can be up to 70%, inlays up to 80%, and porcelain can reach 90%. Porcelain can be sold for about 140,000 won per gram. A representative from a gold crown purchasing company said, "Inquiries about selling gold crowns have been coming in steadily recently."
◇With rising gold prices, crime has increased… sales of safes have surged
As gold prices surge, related crimes are following suit. On the 23rd of last month, in Incheon, a researcher is under police investigation for allegedly stealing a 20 geun gold necklace (worth about 12 million won) worn by a deceased person. He stated, "Seeing the gold necklace made me greedy in the moment." On the 28th of the same month, in Gwangju, two high school students were caught in the act for stealing a necklace and bracelet worth 30 million won from a jewelry store.
There was also a case of deceiving people by passing off relatively cheap silver jewelry as gold. Mr. B (37) traveled to 18 pawn shops across the country in September and October of last year, claiming gold-plated silver bracelets were actually 20 geun gold bracelets, swindling a total of over 120 million won, and was sentenced to two years and six months in prison on July 27.
The number of people who do not wear gold jewelry but hide it at home is increasing. This has led to an increased demand for safes. An industry representative noted, "Recent sales have been about 20% higher than usual," and added, "In the past, only those in their 50s and 60s would come to buy safes, but this year, there has been a significant increase in those in their 30s and 40s."
Mr. Kim (47), who usually wore a 20 geun gold necklace, now keeps it at home. He stated, "Gold prices have risen so much that I am afraid of being a victim of robbery," and added, "At first, I kept it in the drawer of my vanity, but worried about thieves, I recently got a small safe and placed it inside."