South Korea looking to Buy Gold

South Korea will attempt to Buy Gold in significant quantities when it reviews its foreign exchange reserves in the coming weeks, Business Daily Asia reported on Sunday (July 5th).

The country's economy is widely regarded to be 'developed' - similar to that of Japan - mainly due to the fact that it possesses the world's sixth-largest foreign exchange holdings.

However, it is currently 56th overall in terms of the amount of gold it owns and is now looking to follow China's leading by upping its reserves amid concerns about the US dollar.

A Bank of Korea official told the news provider: "The bank has begun to set up a plan to manage foreign exchange reserves for next year.

"It has also closely watched central banks in other nations and trends in the global gold market. Given the changing global financial environment, the bank's management plan is critical."

Meanwhile, Kevin Grewal, editorial director of investment portal smartstops.net, explained on seekingalpha.com last week that Gold Bullion is still a prudent investment.

He noted that the yellow metal is retaining its appeal because uncertainty over the greenback and the possibility of a spike in inflation are refusing to subside.

"Despite a drop off in prices, bullion still remains very attractive and continues to shine amongst investors, and for good reason," he wrote on the website.

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