Bank of Korea Buys Gold for the First Time in 13 Years… The Real Reason Central Banks Worldwide Are Hoarding It / The Most Dramatic Gold Bull Market in History Has Begun. | CEO Cho Gyu-won

Summary

CEO Cho Gyu-won argues that gold's correction has ended and that gold remains in a long-term bull cycle, with the next rally trigger likely to be a rate hike driven by inflation. He sees central bank gold buying, de-dollarization, and tight supply as structural tailwinds. He also explains how Korean investors should implement gold exposure through currency-hedged ETFs, physical gold, or the KRX gold market given tax and exchange-rate considerations.

• Gold rose about 20% from June lows to around $4,700 but remains below January highs.
• Cho expects a rate hike, not a rate cut, to be the next trigger for gold's renewed rally.
• Gold supply may stay tight until 2029-2030 on climate, geopolitical, and US-China mining constraints.
• Bank of Korea's gold buying is small in size but signals a shift toward security and away from dollar efficiency.
• Central bank buying and Western gold repatriation echo 1930s and 1970s episodes that preceded major gold bull markets.
• U.S. dollar weakness and selling pressure on U.S. Treasuries support the de-dollarization case.
• Korean investors are advised to consider currency-hedged gold ETFs to avoid USD/KRW erosion.
• Physical gold and the KRX gold market are currently favored because of tax advantages and low kimchi premium.