Price of gold bites in South Korea

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A million dollar smile?

In a disturbing side story to the rapid growth in the value of gold, newspaper reports have emerged of South Koreans cashing in their gold dental work. “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 said in a report (read the story here).

The report says Gold Seven 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 ($A34.20) and up to 100,000 won depending on condition and size.

Gold hit $US1509 ($A1394) an ounce on the London Bullion Market on April 21, topping $US1500 for the first time on record.

 

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