Gold Tooth Fairy Buys in Seoul
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South Koreans are cashing into the soaring price of gold by trading in their (gold) teeth. “We are handling gold teeth far more than usual as the price of gold is rapidly increasing” Nam Seung Woo, CEO of dealer Gold Seven told AFP. And it’s not just teeth being cashed in; gold fillings and crowns from more than 100 customers in the past month.
South Koreans are cashing into the soaring price of gold by trading in their (gold) teeth. “We are handling gold teeth far more than usual as the price of gold is rapidly increasing” Nam Seung Woo, CEO of dealer Gold Seven told AFP. And it’s not just teeth being cashed in; gold fillings and crowns from more than 100 customers in the past month.
A gold crown fetches between S$45 and S$113 depending on condition and size. The high gold price is also undermining the Korean tradition of giving a 3.75 gram (0.13 ounce) gold ring to babies for their first birthday. Jewellers are now marketing one gram rings instead, along with nine carat gold rings for adults rather than 18 carat ones.
Even engaged couples are economising.
‘In the past, it was common custom to prepare three sets of matching necklace, earrings and ring in three themes: simple gold, gold with diamonds, and gold with pearls,’ Kim Ki Joon, a goldsmith in Seoul’s Jongno district, told the JoongAng Daily. ‘But now couples tend to settle for one set in simple gold.’
Gold hit $1,509 an ounce on the London Bullion Market on April 21, topping $1,500 for the first time on record.
http://www.nationaljournal.com/economy/gold-prices-safe-haven-or-speculative-bubble–20110425
Story from The Straits Times.
