Surge in safe haven demand sees Korean banks offering silver bars

Surge in safe haven demand sees Korean banks offering silver bars by Michael Pinson for Bullion by Post

Korea’s NH Nonghyup Bank has started offering its customers silver bars following a surge in demand for safe haven assets.

The move makes Nonghyup the fourth bank in Korea to offer retail investors silver bars. Nonghyup already offers customers gold bars in six different sizes (10g, 37.5g, 100g, 187.5g, 375g and 1k), but announced it would be adding a smaller 3.75g gold bar, as well as introducing the 1 kilogram silver bars to its range.

Demand for safe haven assets has been increasing around the world in the past few months, with the US-China trade war escalating, and global economies slowing. Recession fears have also been growing following the inversion of yield curves in the US recently. Other countries – like the UK and Germany – also have recession looming over them, and investors worldwide are turning to safe haven assets in order to protect their money, with Korea no different.

With gold and silver prices both climbing in the past three months it’s easy to see why Nonghyup would want to enter the retail bullion market. According to figures released by Woori Bank and KB Kookmin Bank – two of the Korea’s leading lenders, the two sold silver bars worth 698 million won. This represents an 18-times increase in sales from just a year earlier, a sizeable increase in demand.

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Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.