"If we sell without having gold in stock, it's a loss for us. We'll start selling again once supply stabilizes."

On the afternoon of the 17th, a salesperson at a gold shop on Precious Metals Street in Jongno-gu, Seoul, said, "We're out of gold, so it's difficult to take orders," when asked about the price of gold bars. Phone inquiries about purchasing gold bars were pouring in, and only seven gold bars remained on display.

The display shelves at the store selling gold bars and silver bars are empty. Photo by Lee Eunseo

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As the gold investment craze continues and gold bar shortages persist, even at Jongno Precious Metals Street?Korea's leading gold wholesale and retail market?people are saying "gold has dried up." Nam Hyunmo, who sells gold bars, said, "We need to supply as much as we sell to customers, but whether it's companies or individuals, no one is selling, so we can't put gold bars on the market." He added, "A large amount of gold is going into the KRX gold spot market with a premium, so physical gold isn't circulating in the Jongno wholesale market. We can't accept additional orders beyond what has already been contracted."

With gold supply unstable, some merchants are focusing on brokering consignment products posted by customers. The price of gold changes several times a day and is essentially whatever the seller asks. Seo Minjae, a salesperson at a gold shop, said, "Even the gold our store ordered from Korea Gold Exchange is on hold, so we're not accepting new orders," but added, "Only consignment products can be purchased immediately. They're more expensive than the regular price, but since gold bars are so hard to get, many customers still buy them." As of noon, a 37.5g (10 don) consignment gold bar was priced at 6.5 million won.

The new products page on the gold and silver shop website shows that gold bars and silver bars are sold out. Photo by Eunseo Lee

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People purchasing jewelry at a store in the jewelry district of Jongno, Seoul. Photo by Eunseo Lee

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On Precious Metals Street, many people could be seen leaving empty-handed after coming to buy gold bars. Mr. Kim said, "I was planning to start long-term investment with a 10-don gold bar this week, but I couldn't buy one." Interest in gold investment spans all ages. On YouTube and online, posts about gold investment methods are drawing explosive attention among young people. Park, whom we met on Precious Metals Street, said, "A friend told me he's collecting Kongalgum in a small bottle, so I came to check it out myself. Even Kongalgum costs 590,000 won per don and seems hard to get, so maybe it's better to invest in an exchange-traded fund (ETF) instead."

While gold bars have long since sold out due to surging demand, traditional gold ring demand remains sluggish. An employee at a gold shop said, "With the price of a don of gold at 600,000 won, it's inevitably a burden. Half-don gold rings have long been the main choice for first birthday gifts, but even those don't sell much anymore." Kim Youngik, professor of economics at Sogang University, explained, "With the likelihood of rising inflation in the US and uncertainty over the economic policies of the Donald Trump administration, gold prices are rising. As the dollar's value and interest rates are expected to fall, more people are making long-term investments in gold."