That may change soon, however, because with gold hitting a new all time high in recent weeks, South Korea’s central bank may consider buying more gold in the mid- to long-term, even if it is not thinking of immediately buying more after a recent surge in prices of the precious metal, a bank official said on Tuesday.

The bank’s rare comments come after this month’s record high of $2,431.29 an ounce in spot gold as growing Middle East tension drove investors to seek safe-haven assets. The metal has risen 13% this year, building on a gain of 13% in 2023.

“We don’t have any immediate plans to buy gold now,” Kwon Min-soo, head of the Bank of Korea’s reserve management group told Reuters, adding that numerous factors needed to be weighed to ensure the right circumstances for such purchases.

“Foreign exchange reserves must be on a sufficiently increasing trend, and the foreign exchange market must be stable in order to ‘consider’ purchasing additional gold as an asset, which is why we would consider them only in the mid- to long-term,” he said.

Translation: South Korea will buy more gold, but only after spot prices have jumped another several hundred dollars.

In a blog post earlier, the bank’s Reserve Management Group said it needed to be cautious when investing in gold, but advantages offered by the precious metal included its role as a hedge against inflation and an alternative to the US dollar.

Recent gains in gold prices were due mostly to purchases by central banks of countries such as China, Russia and Turkey, which are trying to become less dependent on the US currency or guard against war, the bank said.

The thaw in sentiment toward gold is a reversal from the BOK’s June 2023 position when the central bank said it was more desirable to maintain dollar liquidity than boost its gold holdings, after its first inspection of gold holdings at the Bank of England.

According to a report by RT, Kim’s remarks came shortly after South Korea evacuated civilians from Yeonpyeong Island, accusing Pyongyang of firing 200 artillery shells into a maritime buffer zone off its west coast on Friday. The South Korean military later launched an artillery volley of its own in the same area. Pyongyang claimed it had not actually fired a single round, but had detonated “blasting powder simulating the sound of 130mm coastal artillery” to see how its neighbor would react.

According to additional reporting by the state-run Korean Central News Agency (KCNA), Kim inspected several munitions factories on Monday and Tuesday. Speaking during the visits, the North Korean leader said that while the DPRK was not planning to trigger a military conflict on the Korean Peninsula, “we have no intention of avoiding a war as well.”

KCNA quoted the official as warning that if South Korea “dares attempt to use armed forces against the DPRK or threaten its sovereignty and security… we will have no hesitation in annihilating the ROK [Republic of Korea] by mobilizing all means and forces in our hands.” Kim branded South Korea the “principal enemy,” insisting that this meant the DPRK must step up its defensive military capabilities, particularly nuclear weapons. –RT

While commenting on the recent shelling incident, Kim Yo-jong, the tyrannical sister of the North Korean leader, said on Sunday that Pyongyang was ready to respond with a “baptism by fire” to any “foolish miscalculation” by the South. The North has also branded the South a “colonial subortdinate state” of the U.S., and therefore fair game during wars.

Several days prior, Kim called on the North Korean military and industry to “further accelerate the war preparations,” citing “unprecedented” provocations by Washington and its allies in the region.

GS Retail, with nearly 14,000 branches all over South Korea, reported that it has already sold a total of $19 million worth of gold bars in the past nine months ending in May. The gold bars were introduced in September 2022 at five of its stores in five sizes, weighing between 0.13 ounces to 1.3 ounces.

“The most popular gold bar is the smallest, the 0.13-ounce one, which is currently priced at around $225,” said one representative of GS Retail to UPI News Korea, who added that the prices of the bars fluctuate daily in accordance with the current international valuations for gold. Nevertheless, this does not seem to deter many adult Koreans from making purchases.

“People in their 20s and 30s appear to be the main buyers, purchasing physical gold as an investment vehicle, especially in times such as these, when its value is continuing to rise,” the representative added. GS has rolled out 29 gold bar vending machines with plans to increase this number to 50 by the end of the year. (Related: Central banks continue their streak of accumulating more gold in 2023.)

Lee Eun-hee, a professor of consumer studies at the Department of Consumer Science at Inha University in Incheon, noted that the multiple economic crises occurring in the U.S. – including persistent inflation and the collapse of big banks like Signature Bank and Silicon Valley Bank – appear to have increased interest in anti-inflationary assets like gold.

“But a gold bar purchased at a convenience store seems more like something done in fun rather than as a means for serious investment,” she added. “I believe the popularity of these gold bars is mainly due to its easy accessibility, at convenience stores no less.”

SoKor’s central bank is more cautious in purchasing gold

However, the Bank of Korea (BOK) – South Korea’s central bank – is projecting a more cautious stance and has adopted a more careful approach to gold purchases, favoring the liquidity of the American dollar.

The BOK expressed concerns about the direction of gold prices, citing the potential peaking of gold values and the challenges associated with selling for liquidity purposes.

In its June report, the central bank highlighted the necessity of a cautious stance when considering an increase in the ratio of gold in foreign exchange reserves. The central bank currently holds 104.4 tons of gold in its reserves, representing approximately 1.14 percent of its total reserves.

In the early 2010s, Seoul’s central bank faced a major backlash after purchasing 90 tons of gold when prices peaked at more than $1,920 an ounce. Following years of lower prices, gold only surpassed those levels again in 2020.

At present, spot gold is trading at $1,963.20 an ounce. BOK Governor Rhee Chang-yong stated during a National Assembly session earlier this year that the bank has refrained from increasing its gold holdings since 2014 due to the prolonged low price of gold.

GoldReport.news has more stories on the growing demand for gold.

Watch the video below where ITM Trading’s Lynette Zhang talks about gold, T-bills, fraud and bartering.

This video is from the What is happening channel on Brighteon.com.

More related stories:

• Precious metals can help make your portfolio invincible amid financial collapse, says David Morgan.
• Demand for gold surges to highest rate in over a decade as world’s central banks continue buying spree.
• Gold price jumps to 8-month high, eventually settles above $1,900 level.
• MORE METAL: China’s public gold holdings now over 2000 tons after another huge purchase in December.
• Gold prices soar to 6-month high, widely expected to go higher in coming months.

Sources include:

• ZeroHedge.com
• UPI.com
• Retail-Insight-Network.com
• Brighteon.com
• NATURAL NEWS

Personally, I am so glad that Yair Lapid has been defeated and that Benjamin Netanyahu will be the next prime minister of Israel.

But without a doubt, it also brings war between Israel and Iran much closer.

For years, Netanyahu has pledged that he will never allow Iran to develop their own nuclear weapons…

“Iran has never given up its quest for nuclear weapons and the missiles to deliver them,” Netanyahu said. “I will never allow Iran to obtain the nuclear capability to carry out its genocidal goal of elminating Israel.”

Unfortunately, the IAEA says that Iran has now reached a point where they could potentially create their own nukes.

So the clock is ticking.

One way or another, war between Israel and Iran will happen.  That is why any potential provocation should deeply alarm all of us.  For example, the following story was in the news on Wednesday…

The United States and Saudi Arabia are on high alert after Saudi intelligence shared with the U.S. indicated that Iran is expected to carry out an attack on targets in Saudi Arabia, the Wall Street Journal reported.

Officials from both countries reportedly told the Journal about the concern over coming attacks. Saudi officials said that in addition to Saudi Arabia, Iran is also looking to strike Erbil, Iraq, where U.S. troops are located. The planned attacks are said to be intended as a distraction from protests taking place in Iran against the Islamic nation’s leadership.

In addition, the Biden administration is extremely upset that Iran has been sending highly advanced weapons to Russia.  In fact, it is being reported that the Iranians are about to send the Russians a whole bunch more…

Iran is preparing to send approximately 1,000 additional weapons, including surface-to-surface short-range ballistic missiles and more attack drones, to Russia to use in its war against Ukraine, officials from a Western country that closely monitors Iran’s weapons program told CNN. While the precise timing of when the shipment will arrive in Russia is unclear, officials believe the weapons will definitely be delivered before the end of the year.

The Biden administration absolutely hates the current Iranian regime, and so do the Saudis.

When Israel and Iran finally start going at it, both the U.S. government and the Saudi government will be hoping that the Israelis score a resounding victory.

Speaking of sending weapons to Russia, the U.S. is also accusing North Korea of doing this…

The US is accusing North Korea of secretly supplying Russia with artillery shells for the Ukraine war by concealing where they are being transported to, according to newly declassified intelligence.

US officials believe that the surreptitious North Korean shipments – along with drones and other weaponry that Russia has acquired from Iran – are further evidence that even Moscow’s conventional artillery arsenals have dwindled during eight months of combat. North Korea is trying to hide the shipments by making it appear as if the ammunition is being sent to countries in the Middle East or North Africa, the intelligence says.

As more and more countries get involved, the conflict in Ukraine is truly starting to become a “world war”.

But the North Koreans aren’t going to get too involved in Ukraine, because a potential war with South Korea is looming.

For the very first time since the Korean War, a North Korean missile has flown “over the de facto inter-Korean maritime border”…

North Korea fired 25 missiles and around 100 artillery shells over the course of about 11 hours on Wednesday, the South Korean military said.

But one North Korean ballistic missile unprecedentedly flew over the de facto inter-Korean maritime border and landed in waters south of the border for the first time since the division of the Korean Peninsula.

In response, the South Korean military fired three missiles from fighter jets toward the north of the inter-Korean maritime boundary to demonstrate its precision-strike capabilities, denouncing the missile launch as a “direct and very serious provocation.”

During the Trump years, it seemed like we were making so much progress with North Korea.

But now everything has changed, and the North Koreans are openly threatening to use nuclear weapons against the United States and South Korea…

North Korea issued a veiled threat Tuesday to use nuclear weapons to get the U.S. and South Korea to “pay the most horrible price in history,” an escalation of its fiery rhetoric targeting the ongoing large-scale military drills between its rivals.

However, I do not believe that North Korea would actually make a move against South Korea unless China invaded Taiwan first.

Unfortunately, that day appears to be closer than ever.

In fact, the top officer in the U.S. Navy is warning that we are looking at “a 2022 window or potentially a 2023 window” for that to happen…

China could invade Taiwan as early as this year, speeding up naval experts’ predictions of a 2027 attack, the Navy’s top officer said Wednesday.

Chief of Naval Operations Adm. Mike Gilday said China’s 20-year track record of delivering “every promise they’ve made earlier than they said” indicated the Communist country could try to take Taiwan by force any day now.

“It’s how the Chinese behave and what they do,” Gilday said during an Atlantic Council event. “So when we talk about the 2027 window, in my mind, that has to be a 2022 window or potentially a 2023 window.”

Personally, I don’t think that an invasion will take place during the last two months of 2022.

But 2023 is another matter entirely.

Meanwhile, the war in Ukraine continues to escalate.

The Russians have been hitting Ukrainian infrastructure night after night, and at this point much of the country could be heading into winter without any power and without any running water…

Much of the Ukrainian capital of Kiev is without electricity or water, after the latest round of major Russian airstrikes on Monday. The Russian military announced ‘successful’ strikes on multiple of the country’s vital infrastructure facilities.

“The Russian Armed Forces continued to launch strikes with high-precision long-range air and sea-based weapons against Ukrainian military and energy facilities,” the Defense Ministry said. “The goals of the strikes were successful. All assigned objects were hit.” Meanwhile, Ukrainian Prime Minister Denys Shmyhal confirmed direct hits on 18 sites – most of which were connected to the nation’s energy supply. These ramped up attacks have created a growing sense of panic with temperatures plunging and winter approaching.

At the same time, western powers just continue to get even more deeply involved in the conflict.

In fact, the U.S. military is now telling us that U.S. troops are on the ground in Ukraine in a limited supporting role…

U.S. military personnel are now on the ground in Ukraine, keeping track of and inspecting weapons the U.S. has shipped to Ukrainian forces, a senior defense official announced during a Pentagon background briefing on Monday. These U.S. personnel are some of the first the Pentagon has acknowledged have entered Ukraine since Russia launched its large scale invasion of the country in February.

The senior defense official who spoke on background during an official Pentagon event, said, “U.S. personnel have recently resumed on-site inspections to assess weapon stocks in country whenever and wherever the security conditions allow.” The official said “the return of our defense attaché and Office of Defense Cooperation personnel in country has allowed us to resume this critical function.”

So the good news is that there are no U.S. military forces on the front lines yet.

But will that eventually happen?

None of us should want to see U.S. troops and Russian troops directly firing weapons at one another.

Because that would put us dangerously close to a nuclear conflict.

Unfortunately, leaders all over the world are being exceedingly reckless right now, and that should make all of us very nervous.

***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.

I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.

I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Article cross-posted from End of the American Dream.

The two allies issued a joint statement after a vice ministerial-level meeting of the Extended Deterrence Strategy and Consultation Group (EDSCG) on Friday, in which they expressed “serious concern” over North Korea’s nuclear law.

The U.S. and South Korea said that they would use “all available levers,” including diplomatic, informational, military, and economic instruments, to strengthen deterrence against the nuclear threat posed by North Korea.

“The United States committed to strengthen coordination with [South Korea] to continue to deploy and exercise strategic assets in the region in a timely and effective manner to deter and respond to [North Korea] and enhance regional security,” it stated.

They referred to the combined training of F-35A fighter jets in July and the upcoming deployment of the USS Ronald Reagan Carrier Strike Group in the region as “a clear demonstration of such U.S. commitment.”

“The United States and [South Korea] reaffirmed that [a North Korean] nuclear test would be met with a strong and resolute whole-of-government response,” it stated.

The two allies agreed to enhance alliance strategic readiness through improved information sharing, training, and exercises. They pledged to cooperate closely and “stand ready for all possible scenarios.”

North Korea’s Nuclear Law

North Korea last week passed a new law allowing it to conduct a nuclear strike “automatically” against any “hostile forces” posing an imminent threat to the nation, according to state mouthpiece Korean Central News Agency (KCNA).

The law states that North Korea will employ nuclear weapons only as a last resort, but that nuclear forces will be the primary policy of national defense to protect the country’s sovereignty, territorial integrity, and people.

North Korean leader Kim Jong Un said the law will make North Korea’s status as a nuclear weapons state “irreversible,” according to KCNA.

In his speech, Kim referred to the United States as North Korea’s “nuclear enemy state” and blamed South Korea for aggravating military tensions in the region with its joint defense posture with Washington.

White House press secretary Karine Jean-Pierre on Sept. 9 reiterated that Washington holds “no hostile intent” toward North Korea and continues to pursue diplomacy.

She stated that Washington is willing to meet without preconditions, but North Korea has ignored the efforts.

South Korean President Yoon Suk-yeol had offered to provide North Korea with what he called an “audacious plan” that would “significantly improve the country’s economy and its people’s livelihoods in stages” in exchange for complete denuclearization.

But North Korea rejected Yoon’s offer. Kim said that there will be no denuclearization talks, negotiations, or “bargaining chips” in that process.

Article cross-posted from our premium news partners at The Epoch Times.