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Gold Smuggling Soars, Using “Classic Tricks”

Gold Smuggling Soars, Using “Classic Tricks”

INCHEON, Dec. 29 (Korea Bizwire) – The Korea Customs Service announced Thursday that gold smuggling has risen rather dramatically since 2011, with 99 cases last year worth 9.1 billion won ($7.5 million) in total value.  According to the KCS, inbound gold smuggling cases dropped following the 2008 financial crisis, from ten cases (33.2 billion won) [...]

Korean Researchers Discover Massive Gold Deposit

Korean Researchers Discover Massive Gold Deposit

DAEJEON, Aug. 24 (Korea Bizwire) – The Korea Institute of Geoscience and Mineral Resources (KIGAM) announced Tuesday that it had discovered a deposit of 211,283 tons of gold ore in Jindo and Haenam, South Jeolla Province, using newly-developed technology. According to the institute, the ore should account for 627.5 kilograms of pure gold, which at [...]

Investors Head Toward Short-Term, Safe Assets amid Brexit Crisis

Investors Head Toward Short-Term, Safe Assets amid Brexit Crisis

SEOUL, June 27 (Korea Bizwire) – Local investors are increasingly beginning to lean toward the U.S. dollar and other safer assets, such as short-term deposits, market data showed Monday, following Britain’s unprecedented vote to quit the European Union (EU) that has apparently left long-term commitments riskier, as well as unattractive, amid record low interest rates.  [...]