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Silver Prices in South Korean Won
Silver prices are quoted all over the globe, and the market is in a constant state of flux. Silver can be bought or sold using any currency, and is typically quoted per ounce, gram and kilo. If you are in South Korea, for example, the price of silver would likely be quoted in won, and may also be quoted in some alternative currencies as well.
The won is the official currency of South Korea, and is sometimes referred to as the Korean Republic Won. The won can be subdivided into 100 smaller currency units, and is issued by the Bank of Korea. The smaller currency units, known as jeon, are not used and are for foreign exchange purposes only.
The Bank of Korea is the only institution in South Korea that is authorized to print banknotes and mint circulation coinage. Coins and banknotes are produced at the Korea Minting and Security Printing Corporation, then delivered to the Bank of Korea to be stored in vaults. From there, the currency can be distributed to commercial banks.
South Korea is a constitutional democracy, with three distinct branches of government including the executive, judicial and legislative. The government is structured according to the Constitution of the Republic of Korea.
Prior to World War II, Korea’s currency was the Korean Yen. Following the war, Korea split into two separate countries: North Korea and South Korea. Both countries used the term won for their respective currencies, which replaced the yen at par value. At current rates of exchange, the amount of won required to buy an ounce of gold may seem extremely high.
Silver Pricing in South Korean Won
Silver prices may be quoted in won per ounce, gram or kilo. The price of silver in won may see relatively range-bound periods, and may also see periods of significant price swings and market volatility. Silver, unlike gold, has two major sources of demand: Investment demand and industrial demand. Investors may buy silver coin and bullion for numerous reasons. Silver may potentially provide a meaningful hedge against a number of geopolitical and economic issues such as inflation, declining currency values, deflation and more.
Some of the main issues that can affect the price of silver include:
- Interest rates
- Currency markets
- Investment demand
- Industrial demand
Unlike gold, which is sought after primarily for investment purposes and jewelry making, silver benefits from both investment demand and industrial demand. Silver is used in numerous industrial applications, and there will likely be more and more applications discovered for the white metal. Some of the current industrial applications for silver include:
- Silver oxide batteries
- Plasma screens
- Solar panel production
- Brazing and Soldering
- Chemical production
Silver prices are always moving due to the laws of supply and demand. Silver prices may be determined by various silver pricing mechanisms such as the London silver price as well as various exchange-traded futures contracts.
South Korean Economy
South Korea has one of the biggest economies in all of Asia, and also ranks highly in terms of global economies. South Korea made rapid economic advancements, going from a relatively poor country to a developed, high income country in just a single generation.
The nation focuses heavily on education, and that is likely one of the main factors that has spurred its economic success.
South Korea does not have significant natural resources. It does, however, have some deposits of coal, tungsten, limestone, graphite and iron ore. Due to its technology, South Korea is an exporter of various technological equipment such as semiconductors, wireless communications equipment and computers. South Korea’s primary trading partner is China, followed by the United States.
With further advancements in the country’s technology and additional economic growth, the demand for silver in South Korea could potentially rise significantly. Silver may be used in many of the country’s exports products such as electrical components and circuits. Investment demand for silver may also rise significantly as investors potentially look for further ways to diversify their portfolios.