Gold bars

Gold bars from vending machines – whatever next – coffee at Royal Mint?

Buy gold bars from South Korea’s convenience stores and vending machines

South Korean convenience stores are now the latest attraction for gold enthusiasts. Instead of the typical snacks and beverages, customers can now buy gold bars.

Convenience store gold bars

GS Retail, one of South Korea’s largest convenience store chains, introduced gold bars in vending machines at select locations in September 2023. These machines offer five different sizes, ranging from a tiny 0.13-ounce bar to a bigger 1.3-ounce bar.

The most sought-after option is the diminutive 0.13-ounce gold bar, with a price tag of approximately $225. It’s the younger demographic – individuals in their twenty’s and thirty’s – who are eagerly acquiring these lustrous assets. They possibly view gold as a secure refuge in the face of worldwide inflationary pressures and heightened global geopolitical tensions.

GS Retail has reported total sales of gold bars amounting to $19 million in the past nine months, concluding in May. The rising popularity of these bars has led the company to increase the number of stores offering them, aiming to reach 50 locations by the end of the year.

CU collaboration

In a competitive move, CU, the nation’s premier convenience store chain, has partnered with the Korea Minting and Security Printing Corporation (KOMSCO) to sell mini gold bars ranging from 0.1 to 1.87 grams. These diminutive bars have been on sale at CU stores since April.

The pricing of these mini gold bars is tied to fluctuating international gold prices, updated daily. Evidently, even these small quantities of gold are attracting keen interest from young consumers.

Accessibility and fun

The soaring popularity of gold bars in South Korea can be attributed to their accessibility. With convenience stores at every corner, purchasing gold has become as simple as walking in and making a selection.

A representative from Inha University reportedly noted that while some may purchase gold bars as a serious investment, others might buy them for the novelty and ease of access. Imagine the allure of picking up a gold bar along with your daily groceries.

To sum up, convenience stores in South Korea have become modern-day treasure chests, where gold bars are sold next to daily necessities. Whether for investment purposes or for a bit of indulgence, these shiny objects are creating a buzz in the country known for K-pop and kimchi.

So, next time you visit a Korean convenience store, don’t miss the chance to check out the shiny vending machine – it could present a golden opportunity.

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