Gold Price Surge Nears 500,000 Won per Don
Pure Gold 162kg Golden Bat Statue Jumps to 20 Billion Won
From 2.7 Billion Won Dud in 2008 to Treasure No.1 as Gold Price Rises
The price of gold, which has been hitting record highs day after day, is expected to rise by another 10% next year. The value of the Hwanggeumbakjwi Statue in Hampyeong, which was criticized as a waste of money when it cost 2.7 billion won in 2008, has soared to around 20 billion won.
According to Bloomberg on the 16th, the London Bullion Market Association (LBMA) forecasted the price of gold to be about 10% higher by the end of October next year, at $2,917.40 per ounce, based on a survey of attendees at the annual conference held in Miami, USA. Gold prices are also rising steadily domestically. On the 16th, the Korea Standard Gold Exchange quoted the price of one don (3.75g) of gold at 497,000 won (buying price) and 435,000 won (selling price). Compared to the beginning of the year (370,000 won buying, 330,000 won selling), this is an increase of about 100,000 won.
The value of the Hampyeong Hwanggeumbakjwi Statue, made with 162 kg of pure gold, is also soaring. Its value, which was 2.7 billion won in 2008, surpassed 8 billion won in 2019, 13 billion won last year, and currently stands at 21.5 billion won (buying price) and 19 billion won (selling price). If it rises another 10% next year, it will increase eightfold to between 22 billion and 24 billion won.
Visitors are viewing the Golden Bat statue unveiled in line with the Hampyeong Butterfly Festival. [Photo by Asia Economy]
The exact name of the Hwanggeumbakjwi is the red bat. The red bat, the only flying mammal, was discovered in a gold mine and thus named the Hwanggeumbakjwi (Golden Bat). It is also called the red bat or orange-whiskered bat. It was believed to be extinct on the Korean Peninsula until 1999, when 162 were found in Hampyeong County, Jeollanam-do, and the area was designated as an ecological conservation zone. To commemorate this, a sculpture was made in 2008.
The Hwanggeumbakjwi Statue, which features six golden bats, stands 2 meters tall and weighs 460 kg. It contains 162 kg of pure gold, 281.25 kg of silver, and 129.88 kg of copper. The 2.7 billion won spent on the 162 kg of pure gold sparked controversy as a waste of money. However, as gold prices rose, its value increased accordingly, transforming it from a white elephant into ‘Hampyeong County’s Treasure No. 1’ and a representative tourist attraction of Hampyeong. In 2019, two thieves attempted to steal the statue but failed and were arrested by the police.
The Hwanggeumbakjwi Statue, which was housed in the Hwanggeumbakjwi Ecological Exhibition Hall in Hwayang Neighborhood Park, was relocated in April to a special exhibition on the first floor of the Hampyeong Memory Workshop, the Hampyeong Cultural Relics Exhibition Hall in Expo Park, to coincide with the Hampyeong Butterfly Festival. Since it has been open to the public regularly, it is reported that over 150,000 visitors have come to see it. Hampyeong County also created ‘Hwangbaki,’ a character inspired by the Hwanggeumbakjwi, to represent the tourism brand and slogan.
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