The Phaserl


Demand for Gold, 50,000 won notes climb in South Korea

from BullionStreet:

Four years after it’s introduction, South Korea’s 50,000 won currency joined gold to become hot favorite among Korean people.

According to Bank of Korea during the first four months of this year alone, the amount of 50,000 won banknotes in circulation as of April reached 35.52 trillion won ($31.83 billion).

The amount increased by 3.76 trillion won in May.It is almost double the increase from the same period last year of 1.92 trillion won.

Analysts said demand is soaring after the new government led by Park Geun-hye vow to tax the underground economy, fourth largest in Asia.

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