Wednesday, 7th April 2004 (3142 views)

Gold is being used in an innovative new way to aid financial difficulties in Korea.

A number of Koreans have been collecting gold items and a range of other metal goods to boost the country's low amount of raw materials, which at present is having a negative effect on the economy.

Mr Park In Ho, a university professor from Busan, South Korea explained to The Straits Times: "So far, we have collected 900kg of scrap and our target is 10,000kg.

"We want to help small and medium-sized businesses overcome the hard time they are having because of the rising price of raw materials."

Some have claimed the current metal collections are similar to South Korea's 1997-98 financial crisis where millions of people collected $2 billion of gold jewellery to help.

Shortages are reportedly due to an increasing demand from China, with South Korea importing $9.3 billion of raw materials in the first two months of 2004.

 

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