Major Banks Halt Silver Bar Sales
Following Korea Gold Exchange Supply Suspension
As the Korea Gold Exchange (Geumgeoraeso) has halted supply, major banks will be unable to sell silver bars to customers starting from the 14th.
KB Kookmin, Shinhan, Woori, and NH Nonghyup Banks are reported to have received official letters from the Gold Exchange stating that it is difficult to supply silver bars.
Silver bars displayed at the Korea Gold Exchange Jongno Main Branch in Jongno-gu, Seoul. Photo by Yonhap News
Following the Korea Minting and Security Printing Corporation's suspension of gold bar supply to many banks on the 12th, the Gold Exchange also notified banks on the same day that supplying silver bars would be difficult.
Recently, as gold prices reached record highs, a shortage of gold bars occurred, and as a balloon effect, demand for silver bar purchases has also surged sharply.
Some banks continue to sell gold bars by exhausting existing inventory or seeking alternative suppliers, but it is reported that supply is not smooth, causing long delivery times.
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