Hello, this is Jeong Ki-hyun, in charge of economics and commodities at Hana Securities. Today, I will introduce gold investment methods and outlooks. As of May 21, 2024, the international gold price is $225.0 per ounce, which is around 3.3 million Korean Won. It has increased by approximately 17% compared to the beginning of the year. On the other hand, the domestic gold price has increased by 23%, reaching around 400,000 Won. The reason for the higher increase in the domestic gold price is due to the rise in the USD/KRW exchange rate. The gold price, which was trapped in a range for a while, has been soaring since March, occasionally exceeding $2400 since April, showing a continued upward trend. The reason for the high rise in gold prices since March is the increasing tension between Israel and Iran, which has expanded the preference for safe assets. Moreover, there has been a noticeable increase in gold purchases by Chinese individuals.

As real estate prices and stock prices are falling together, the purchase of gold as a hedge is strengthening. Also, the movements of gold purchases by central banks in emerging countries are consistently supporting the price of gold. One of the most traditional investment methods is to purchase physical gold. This involves buying gold bars from banks or gold exchanges and storing them directly. Unlike other investment methods, you do not have to pay separate taxes on capital gains, but there are disadvantages such as difficulty in storage and high value-added tax burdens. To complement the disadvantages of purchasing physical gold, there are various products such as gold banking and KRX gold futures. Gold banking involves opening a gold deposit account at a commercial bank to trade. By depositing and withdrawing time deposits, you can invest, making it suitable for novice investors. Trading is possible even in units as small as 0.01g, meaning transactions can be made for as little as 1,000 won, allowing for small investments freely.

It is possible. Secondly, KRX Gold Spot is a combination of physical gold purchase and gold banking. Therefore, trading gold listed on the exchange is like buying stocks on the market. Once you open an account with a securities firm and link a gold account, trading becomes convenient. Gold ETFs do not involve physical gold but indirectly invest in an index that tracks the gold price. Real-time trading is available, and it offers convenience. You can invest in Korean gold ETFs listed on exchanges like KRX, as well as SPDR, which is listed on the US stock market. Although investing in US-listed gold ETFs has the advantage of larger fund sizes and more active trading than the Korean market, it also has the disadvantage of being exposed to exchange rate volatility since investments need to be made in dollars. Additionally, capital gains tax from overseas ETF investments is a consideration.

You should also consider the fact that taxes are imposed. Given that the price of gold hit a historic high in May this year, it is likely that if you have been holding it since before, you have already secured an absolute profit. However, since expectations and satisfaction vary, it is recommended that you make decisions based on individual target profit rates, opportunity costs during the holding period, and thoughts on the future outlook of gold. For general individual investors, investing in gold ETFs is the most suitable method. It is an investment method that combines the advantages of funds and stocks appropriately and is listed on the exchange, making it easy to buy and sell. Leveraged and inverse ETFs are also listed on the exchange. All gold ETFs listed on the Korean market are hedged against the US dollar, so there is an advantage of not being exposed to exchange rate risk. However, the gains from trading gold ETFs are subject to dividend income tax, with a tax rate of 15.4%. In the United States.

Listed on the stock market, gold ETFs are exposed to exchange rate risks and are subject to additional capital gains tax, with a 22% tax rate. It is necessary to be aware of this. Purchasing gold through the KLX Gold Exchange has the advantage of abundant tax benefits, but it requires using a securities account, leading to separate transaction fees for each company. When withdrawing physical gold, a 10% value-added tax is incurred, and the drawback is that physical withdrawals are only possible in 1kg units. This year, with the gradual economic slowdown and the Fed cutting interest rates, a favorable environment is expected to be created for gold prices. It is anticipated that the gold purchasing trend of central banks in emerging countries, influenced by movements away from the dollar, will steadily support the bottom of gold prices. However, due to concerns about rising inflation in the United States, the timing of the Fed's interest rate hikes is being delayed, so the actual interest rate cuts reflected in gold prices may be delayed.

The Fed's interest rate hike may be mild, so the current gold price may have risen somewhat excessively compared to fundamentals. I believe that there is a possibility of some retracement after the resolution of the geopolitical risk, and I think that a cautious approach is needed at the current price. Therefore, I consider that a buy strategy after a correction is valid.

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