South Koreans cash in gold teeth as price soars
South Koreans are cashing in their gold teeth and other dental work as the price of the precious metal soars internationally, according to traders. At the same time, they are shunning traditional gold engagement rings and baby gifts or making do with less expensive versions.
“We are handling gold teeth far more than usual as the price of gold is rapidly increasing,” Nam Seung-Woo, CEO of dealer Gold Seven told AFP. The company has bought golden whole teeth, fillings or crowns from more than 100 customers in the past month and receives at least 10 emailed pictures for free appraisals every day.
Nam said he was unaware of anyone extracting gold dental work just to cash in, but patients who previously left extracted gold teeth or fillings at the dentist were now taking them home to sell them. A gold crown fetches at least 40,000 won (US$36.85) and up to 100,000 won depending on condition and size. The high gold price is also undermining the Korean tradition of giving a 3.75 gram (0.13 ounce) gold ring to babies for their first birthday.
Goldfinger
This is gold mania. With the USA printing money in large amounts there is nowhere else but for gold prices to go up. I just do not see any other scenario. I can not think of a time in the past few years where central banks were buying so much gold. It is absolutely crazy. I think we may see $3000 an ounce very soon. Then people will be selling everything, not just dental crowns.
Hold your horses cowboy! The gold rush it is NOT!
PRECIOUS-High-flying gold crashes in record $100 freefall. That is the most significant drop in 20 years!
Gold crashed more than $100 lower on Friday as a slide turned into a freefall, with weeks of volatility, renewed strength in the dollar and talk of hedge fund liquidation wrecking its safe-haven status. Widespread talk of possible selling by big hedge funds covering losses in other markets set off one of the biggest routs on record. Silver futures, which had attracted even more speculative funds over the past year, closed 18 percent down, the biggest daily loss since 1987. Mounting fears this week of a global recession and a deepening Greek debt crisis made investors treat precious metals like any commodity, ignoring the safe-haven appeal that had made them a must-have in times of trouble.
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Precious metals is a very volatile market. Commodities are extremely volatile. Only the extremely wealthy can afford to play hard. You must diversify and never put all of your money into one commodity or investment product. Eventhough I agree on the factors influencing the rising price of gold, there are many other factors that directly affect the price. The instability in Washington and of the economy certainly do not help! Global Politics, Geography/Natural Disasters and the Global Economy are just three elements that influence price fluctuation on a daily basis.