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Bank of Korea Invests $250 Million in U.S. Gold ETF

morning · · thread: Oil Prices Drop as US and Iran Pause Military Hostilities

2 sources · South Korea · 1 of them is linked to a state

Who reported this

  • Yonhap South Korea · Centre · State-affiliated · Cooperative; statutory national agency with state subsidy
  • The Korea Herald South Korea · Centre-right · Herald Corporation (Yeongpoong Group)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
  • A hatched block means the outlet is affiliated with, or controlled by, a state.

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The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.

Every source for this story reports from South Korea.

The Bank of Korea announced Thursday that it holds more than $250 million worth of a gold exchange traded fund traded on the U.S. stock market. This marks the central bank's first investment in gold in 13 years, since it purchased 20 tons in 2013. According to a filing with the U.S. Securities and Exchange Commission, the BOK held 679,765 shares of SPDR Gold Trust, which were valued at $250.4 million as of the end of the second quarter. The holding was not present in the filing at the end of the first quarter, though the BOK did not specify the exact timing of the purchase. Gold ETFs track the price of the metal to provide exposure without requiring ownership of the physical asset. These ETFs are classified as foreign securities and are part of the country's foreign reserves. Additionally, the BOK recently stated plans to purchase domestically produced gold to hedge against inflation and geopolitical risks while diversifying its reserves.

How each side framed it

Centre
The outlet presented the investment as a factual update on foreign reserve holdings.
Centre-right
The outlet presented the investment as a factual update on foreign reserve holdings.

Sources

100% of the statements in this article were traced back to the source articles listed above.