Let's start with a bang today. Today is about gold. The price of gold keeps going up. Yes, I think it's going up. It's too definitive. I would like it to go up too. Yes, one of the reasons I believe it will continue to rise is that the perception of gold has changed a bit. We now have something called valuation, right? Gold's value was not originally high. I want to say that the valuation of gold has increased a bit. In fact, gold is like a god to humans. Yes, we used to believe in the god called gold, but now we have started to believe in the god called the dollar. Oh, that's right. Yes, gradually, people who think that originally gold was more god-like are increasing. So, isn't it that the lost god is coming back? The reason why the price of gold has become the price of gold is because of that. So, when you think about what is best to revive that god, I believe

It seems best to buy gold at the Korea Exchange. The reason for this is that when you buy gold at the Korea Exchange, you can just do it like trading stocks. You don't have to pay value-added tax, and you are exempt from comprehensive income tax, which makes it convenient. So, for those who are debating whether to buy or not, I thought I'd ask first. Okay, next, I want to talk about what Carl Marx said. Gold was not originally money, but fundamentally, money was gold. This is a very significant statement. Let's interpret what this means step by step. First, let's consider gold as an asset. When we think of gold as an asset, it means something valuable that moves. The value is related to the dollar.

If the value drops, the price of gold rises, and if the value of the dollar rises, the price of gold falls. This doesn't make sense at all because if the value of the dollar goes up, it seems natural for the price of gold to fall since there is only one gold. Originally, it's a concept of relative value. So, if the price of the won goes up, the dollar goes down, and if the dollar goes down, the price of the won goes up. It's like when one side goes up, the other side goes down, it's natural, right? When explaining gold, this also doesn't seem true to me. And now, everything in the world seems to be influenced by the price of gold, which seems believable. If the world is falling apart, if there is a tremor in the U.S. economy, then the so-called safe asset, namely gold, goes up. Here, the term safe asset doesn't mean stability in profitability. So, being safe means when the world is falling apart.

Even if the world collapses, as long as I have this, I can survive. Somehow, because we believe in gold, we like gold, there are some talks about it, and I looked at the impact of low-interest rates. Gold doesn't give interest, so if the interest rates go up, it's better to invest in dollars. Since gold doesn't give interest, there are discussions about holding gold. But this is nonsense. The price of gold is extremely high now, and everything in the world is chaotic, so I feel like the US is going to collapse, but that's not going to happen, right? And the value of the dollar is very high. Interest rates are very high. So, the price of gold should drop, but it's actually rising. Oh, that's because gold is not actually an asset. That's right. How much is gold compared to the dollar keeps coming up.

When I think about it, I talk about this. Gold is not like that. If you think about why countries believe in gold, the amount of gold reserves by country is as follows: The United States, the leading country in dollars, holds the most gold. In fact, it's not like they give gold for having dollars, but the country that holds the most gold is the United States, followed by Germany in second place, Italy in third place, and China is around 6th place. In fact, China is acquiring a huge amount of gold. You may have heard that they bought about 1,000 tons of gold last year. So, about 25% of the gold acquired in the world was purchased by China. Why did they buy so much? The common thought is, if we have a lot of dollars, we have something valuable. How can we protect this valuable thing?

When I wonder if I should keep it, I work hard to earn money and buy a car. How should I preserve the value of it? Now, in terms of currency trading, if you go abroad a bit, this is money. I have diligently accumulated added value. What is this? It ends up like this. But if you offer dollars, it works. Yes, it does. However, there are places where you can't use dollars. Russia, yes, Russia cannot trade with dollars. They faced sanctions in the war. In fact, countries like Russia work hard to accumulate money, mining oil, selling gas, and accumulating money diligently. I have collected a reserve of $6,645, and now 60% of it is stored in safe banks in the West in the form of deposit securities. However, if war breaks out, the 60% will all be frozen.

I threw it away because I can't use it. If you can't use it, it's useless. Even if there's something, it's like being robbed. If you can't use it, what's the point? So, what should we do about this? When we talk about having something, we used to think that if we had it in dollars, it would be stored. We thought that it would be stored, but now we can't use it. We put it in the bank, but they don't give it back, and it's not being stored. So, the question is how should we hold onto this? This made me think. China is starting to collect gold now. We might end up like that someday. Looking at Russia, it could happen to us too. Then, if we only hold dollars, in the end, we might not be able to use about 60% of it. So, what can we use? What can we use? So, what...

It's not really a problem that I carry a cloud, but it seems okay to carry one or two clouds, but if I carry one of those clouds and later China and the United States fight, what should I do? These kinds of worries start to arise. Interestingly, Poland recently purchased 130 tons and has now risen to 15th place, but there are various interpretations as to why this is. Poland is next to Ukraine, so there are some interpretations that they may feel some anxiety about war. Surprisingly, South Korea doesn't buy gold much. We haven't been buying gold for about 10 years. We were buying it diligently from around 2011 to 2013, but now we are not buying it. So, if we earn money by exporting, we should keep that money in something. In the past, we used to keep it in dollars a lot, and we have some gold, about 104 tons. But that gold is

Now, we don't have it in our country. It's not in our country. The Bank of England keeps it all. The UK was like, Why is this? They said it's also difficult to store, surprisingly. If a war breaks out, North Korean troops could take it. Oh, they could actually bring tanks and take it away. So, if a war happens, we might be pushed back like in 625, but we used to store it in Seoul. It could be stolen there too. So, they put it in the Bank of England. The gold in the Bank of England, is it there or not? It should be there, right? But as I mentioned earlier, it's in the area of faith. We believe it's there. We believe it's there. If we deposit dollars in a bank, we thought we could retrieve it. It was the same in Russia. Oh, it was the same in Russia. It's the Bank of England, but it's here and there.

We and Russia, since it's a country, should trust each other. So, um, yes, even though I am quite a tough person, I have been storing 10 tons at the Yeongran Bank. It was also stored at the New York Fed and UBS, but I decided to store it at Yeongran Bank. However, due to security reasons, Yeongran Bank did not allow it until the mid-2010s. Yeongran Bank asked if I had gold, but didn't show it to them. Could it be because of security reasons? Isn't it because I am the owner? Yes, that's right. So, last year was the first time I saw this gold, and when I saw it, I wondered if it was the gold we actually bought. Is it just gold plated in front? Yes. And is the weight really matching the kilograms? Is the shape intact, or has it been cut? So, we have stored 130 gold bars, but we haven't checked all of them yet. We only saw samples. That's how it is.

When you think about gold, the expression that money is a means of storing value may sound cliché, but when we created some added value, the concept of gold as a medium of exchange existed from the very beginning. So, since it was cumbersome to keep gold and carry it back and forth, they started writing it on paper to carry gold certificates back and forth. This is basically the beginning of currency, right? So, this is what we call the origin of money. But the term gold standard has been used since the Middle Ages. Therefore, the florin currency, which was a standardized form of money, originated in England.

Now, they stored the cannon gold from the colony in that bank and if you bring it from there, they exchanged it for pounds. However, there was also a silver coin. Italy issued 0.35g of silver coins. But here, while Italy's silver coin was 0.835, France's silver coin should be what I have. Italy's silver coin should be used, right? Yes, that's right. So, from France's perspective, their silver coin is cheaper, so there is no need for me to carry expensive silver coins around. Therefore, France changed the silver coin to 0.835 to 0.85. Yes, and suddenly, it seems better to have a little less silver, so they changed it to 0.8. Then Italy, well, they could also go for 0.7, right? So, European countries gathered in 1865 and agreed to set it at 0.835, silver.

Don't keep reducing the content, yes, that's right. Now, we've formed a Latin monetary union. So, within European countries, when we just exchange things comfortably, that's the idea. But if we mess around with this, well, 60% of the reserve was gold, and the country with the most gold was the UK. That's why the standard moved from there. Then, the First World War became a huge issue. The problem with currency always ends up in war. So, they made gold exchange certificates based on gold. They used these certificates as currency, but then they cheated by making more currency than the reserve. As I mentioned earlier, you can't really tell if there is actual gold or not. If you don't guard the vault, you wouldn't know.

Just believing and going, thinking that there will be gold, but then the gold keeper just starts printing the currency. They start printing gold certificates, and people say, Hey, let me see the gold certificate. I don't think they will give me gold, and at that moment when trust is broken, the country collapses. After World War I, they started printing money. What we all remember is Nixon, the President of the United States, saying, Now we will stop the gold standard for the dollar, and people think, Oh, the U.S. is cheating, but that's not true because the gold standard actually started in the UK. They abandoned the gold standard. So, why did the U.S. dollar become the key currency? Even China, Italy, and others were there before, but then European countries started saying, This doesn't seem right.

I went to the United States. Why did the United States experience less turbulence in wars and decided to make the U.S. dollar a dollar-based currency? So, we should use the dollar as the anchor currency and do currency reform. That's why I went to the United States. But now, in the United States, since 1944, with the Bretton Woods system, where one ounce was $35, it became the anchor currency. But the U.S. also always had issues with wars, right? Here, during the Vietnam War, the U.S. started spending money recklessly, causing some anxiety. Among them, France was like, Should I step out of this gold pool? I can't trust sharing our gold and using the dollar as a currency. France subtly always had this kind of relationship with the United States. They were not close allies. They seemed friendly, but at critical moments, they would occasionally stab each other in the back like that.

As the system collapsed, Nixon, the president, said he would not exchange gold for dollars anymore, and that's how the dollar was created. So, the reason we believed in the dollar was not actually the dollar, but that. So, the reason we believed in the dollar was that if you have dollars, they will exchange them for gold. But if they don't, then there's no way. So, the only thing you can do with dollars is, as they say, is Petrodollars. With the Saudi Saudi family, they promised security and allowed you to buy oil with the dollar. What is this story? If you have dollars, they won't exchange them for gold, but they will exchange them for oil. Even so, this dollar has now severed its link with the past deity. Nonetheless, we still believe in the United States, believe in its military strength.

So, people just believe in it. But, of course, nonetheless, people worship the gods of the past. That's why the United States should have a lot of gold. So, the storage of gold is about 8,000 tons. But how much is gold? If all the gold that humans have is combined, it would only be about a 20-story building. That's all. So, it's scarce. It's really limited. If we make a building with it, it would be made in no time. So, the dollar is our god, but oh, the country that stores the most gold, the god of the past, is the United States. But in the Federal Reserve's underground vaults in the United States, there are vaults like this, and 6,200 tons of gold are stored. But since the current dollar, the god, worships the gods of the past so much, we still have some trust. But here, there are truly 6,200 tons of.

Many people are skeptical about whether there is gold. You see, the picture is showing it right now, correct? If you go to the New York Federal Reserve, you can see the gold. But why do people doubt while seeing it? It's showing just this much. You can't see behind, so you don't know. They ask to show what's behind, but they don't show it. So, now people are raising conspiracy theories about the gold. If the value of gold rises due to the dollar, the trust in the dollar will definitely decrease, and people will start believing in gold again. Therefore, in order for the United States to maintain the position of the dollar as a dominant currency, they need to keep the gold price low. Gold is worthless; only the dollar has value. They need to maintain that, but if the price of gold keeps rising, it means there is a shortage of supply. So, this is the story of the gold conspiracy theorists. Gold should be here like this, right? It should be.

When the price of gold goes up a lot, people sell the gold they have here in the market. They put it on the market, right? So, then, wouldn't the price drop? That's the story that there is no gold in the Federal Reserve, according to conspiracy theorists. But if you really can't trust it, you can take action. You can put it in a safe, right? So, Germany in 2017 repatriated 600 tons of gold that had been stored in the United States back to its own country. Oh, but I wonder if they had it all. They repatriated it, and then, are there any remaining? If you don't trust it, you doubt whether they have it. This idea of gold is somewhat religious, right? We are storing the values we pursue, but there is always a mystery about whether the values we are storing actually exist. Gold conspiracy theorists always discredit the dollar.

There is a fake god and a real god, and the delegate, the dollar, keeps pulling down the past gods in front of us. When will it be revealed that this fake god is actually worthless? The moment this fake god's lack of real value is confirmed is when, like Russia, it can no longer use the dollar. At that moment, one realizes what the real god is. That is gold. Here, another reason why one may lose faith in gold is explained. When things are not good between President Trump and China, as China holds a lot of gold and is now the second-largest holder in the world, they start to doubt that they could be the next target after Russia. So, even from China's perspective, they may start to doubt holding U.S. Treasury bonds, as the United States...

What if I pay it back? Oh, if I don't pay, it's default, right? But what if I say something else? Now I can think of all kinds of things. That's what's making me worry right now. And then, what did President Trump say at that time? Oh, I'll just print money to pay back. Well, that's not it. So, if that's the case, it won't work. So, the value should be well maintained. That's trust and value. If you just print money and go, that won't work. There was a situation like that somewhere. And there was another slightly tricky incident, the Qing Dynasty bond incident. There was the Qing Dynasty, which was right before China, a country, but in 1911, the Qing Dynasty issued bonds to secure funds for railway construction. So, after issuing these Qing Dynasty bonds, but the Qing Dynasty failed, so it collapsed, so the provisional government had debts.

I refused to inherit. I decided not to repay this national debt. But the bonds keep flowing, accruing interest, accruing interest, accruing interest, and it amounts to about $1 trillion. Well, how much is $1 trillion? 1,400 trillion won. $1 trillion is about how much? China holds about $1 trillion in U.S. bonds. Oh, really? Yes, slightly less than $1 trillion. It's a huge amount of money. Who holds $1 trillion internationally? Because it's a debt certificate that no one uses or repays, it's like game money or fake money, like a prop in a movie. Oh, I see. So if you ask how much this is worth, it's like the value of an artifact, right? Those who hold this $1 trillion bond are suing to make Trump pay it back during his presidency.

There was a bit of a story among the supporters of the opposition party. They were saying things like, China should repay our national debt. They were saying, Ask China to repay the debt. They were saying, We should repay it in one shot. Yes, Let's just brush it off, they said. They had these kinds of discussions. But of course, it's nonsense. There has already been a lawsuit against the Chinese government, and the lawsuit was settled in the U.S. Federal Court. The ruling was made, saying that we don't have to repay the debt. It's correct. But now, they are making an extreme assumption that if the world collapses, it means... But in reality, the relationship between the U.S. and China is really deteriorating, so the law is the law, each has its own system, and it's meaningful at times like this. They are not on good terms, and if they are in a war, holding U.S. bonds and saying, We won't pay because we have bonds, won't work. If you say, We have Chinese bonds, so don't pay, then...

You know, they can just dump it like this, so if you look at it recently, China has been selling a lot of those dollar bonds and buying a lot of gold, so China is clearly suspicious now. They are not putting gold in other places but buying it all to keep it in their possession, and they are selling dollars. Of course, this is a conspiracy theory. Why is it a conspiracy theory? In fact, China is continuously reducing the proportion of U.S. Treasury bonds. It doesn't mean they are always reducing it, but they buy and sell as needed. But if you look at the situation there, the Chinese yuan is weak now. Yes, to support the dollar. They do it like this, and then if they sell U.S. bonds, it's not a good thing to say that they are not good with the U.S. Japan also sells a lot now. Japan is also trying to weaken the yen, so they sell U.S. bonds and buy yen a lot. But why is this trend happening?

At a time when relations were not good, when you start digging into the concrete, there are things like this, so suspicions about visible novice dollars are increasing, and there are talks about China, Russia, and India wanting real novice gold in the past, right? In the gold business, there are many rumors in various countries, including Korea. Among these gold conspiracy theories, in Korea, as I showed you earlier, there was about 100 tons of gold, right? But there are people who are suspected of having around 200 tons of gold per individual. Who has more gold in Korea than the Bank of Korea? It's none other than former President Moon Jae-in. [Laughter] Is this going on a political broadcast? So, I'm talking about how the concept of gold gives people strange fantasies. This is how gold conspiracy theories go.

So, what happened was that after Japan collapsed in World War II and tried to escape, the story that first came out at that time was that there were about 1,000 tons of gold, or about 1 ton of gold, that they were trying to move to Japan. They were carrying what they had down to Busan, but they couldn't take the gold because General Mega blocked the Korea Strait. This incident is now called the Golden Lily Incident. Since it has a name like that, it sounds more plausible, right? Golden Lily. And even the secret base where the gold was kept was in Busan, flowing to Munhyeon-dong E-Mart, and the gold was stuck there. So, they tried to find it, but the gold was gone. At that time, they tried to solve the problem by discussing it with the political rookie lawmaker, Roh Moo-hyun, about the gold excavation issue, but...

Later on, it turned out that all of this disappeared. During the time of the participatory government, the Democratic Party and the National Intelligence Service conspired and embezzled money. Briefly, they used that money to buy gold in the late 2000s. Yes, in the 2000s. With that gold, they funded the election campaign, improved the No Mu-woon Foundation, and then, the money was fully passed on to the next President, President Jae-in, who used that money to run for the presidential election. That's why President Moon Jae-in is said to have 200 tons of gold. Because of that, people went to the lawmakers' offices to protest. There were such incidents. So, President Moon Jae-in said he would use that gold to solve the youth's problems. He talked about this kind of thing. Busan Ilbo, which covered this issue very thoroughly, visited the place mentioned and thoroughly investigated the actual possibilities before reporting. Oh, the conclusion was that when people are blinded by gold, they lose their most precious family and friends. Gold is like this, truly.

It seems mysterious, but as we continue to gaze at gold, we end up pursuing the concept of money. In the end, it's a matter of value and how we preserve and share that value. We use money for that purpose. When we start to question whether money really exists, then we also start to question the vagueness of gold. So, what is left if money and gold are uncertain? What do we have that others, not just me, would acknowledge? Is it gold? But even if you have gold now, you can't trade with it. We are left with no choice but to believe in those fake dollars, which is a sad story. Originally, I wanted to study the essential nature of gold, but all I could remember was the conspiracy theories about gold in our country. It was impressive.

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