arirang news

Gold Becomes Best Investment Option Since 2008 Financial Crisis Updated: 2011-09-14 00:00:00 KST

Those investing in gold since the onset of the 2008 financial crisis have seen a staggering return on their investment.
Research conducted by Yonhap News Agency on local banks and financial firms on Wednesday shows that the price of gold in Korea has soared over 1-hundred-37 percent over the past three years to around 2-hundred-54-thousand won roughly 2-hundred-32 US dollars per 3.7-5 grams as of this month.
This made the precious metal by far the best option for investors, followed by stocks and bonds which rose 32.1 and 20.1 percent respectively over the cited period.
The research suggests that investment in real estate was the worst option, as housing prices only rose around ten percent over the same period
The latest gold rush has been reflected in an over 130 percent increase in profits for Shinhan Bank's gold banking division.
Gold banking allows a customer to make their savings in gold by converting the amount of money they put into their account to the precious metal according to the day's international gold prices.
The number of gold accounts at Shinhan has more than doubled over the last three years to around 104-thousand.
However, some analysts have expressed concern as history shows that gold prices can fall quickly and without much warning.
Gold lost more than 30 percent of its value during a six month period in 2008, and many analysts say that while the precious metal remainsa safe haven in the short-term, investors should be aware of the high volatility of its value.
Hwang Sung-hee, Arirang News.
KOGL : Korea Open Government License
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