Often found at theaters and museums, Kwon Mee-yoo has covered a wide range of cultural fields from K-pop and dramas to theater and fine art for over a decade. Now as K-Culture Desk editor, she tries to connect Korean culture with global readers through fresh perspectives.
Gold smuggling surges on price hike
By Kwon Mee-yoo
Staff reporter
Gold has become the most popular commodity among investors across the globe these days in the wake of the continued global financial market jitters.
Following the fiscal debt crisis engulfing Greece and other southern European economies in recent weeks, investors have rushed to purchase the precious metal en masse, pushing up the price of gold to an all-time high, while dumping emerging market stocks and other riskier assets.
Additionally, the surging demand from China and other emerging economies has created a severe shortage of gold on the global market.
With international prices soaring, a growing number of Koreans have been caught smuggling the precious metal out of the country at air and sea ports.
Incheon Airport Customs said Thursday that it is investigating a person identified as Lee, 41, for having smuggled out some 53 kilograms of gold and platinum worth 2.4 billion won ($2.1 million) to Japan from last December up to May on 28 occasions, on charges of violating the Customs Law and the Foreign Exchange Control Act.
Lee disguised the gold bars as video camera batteries by putting two 1-kilogram gold bars into a battery case, and passed the X-ray test.
He is also suspected of smuggling the payment of gold nuggets of 2.2 billion won into Korea.
Gold is considered the new international currency amid financial woes around the world. International gold prices had stabilized earlier this year in line with the easing of the global financial debacle, but have resumed their ascent recently due to the European debt crisis and soaring demand from investors and central banks around the world.
On the other hand, gold is relatively low priced in Korea as the demand declined due to high prices. According to market experts, by smuggling 1 kilogram of gold out and selling it on the international market, a person can make a profit of between 700,000 won to 1 million won.
In 2008, Incheon International Airport exposed two cases of gold smuggled into Korea, totaling 16 kilograms and worth 208 million won.
However, that smuggled out of Korea totaled 146 kilograms worth 4.4 billion won.
The trend continued in 2009. Only 1.3 kilogram of gold was smuggled into Korea while 1,424 kilograms were taken out illegally.
Lured by huge profits, police officers stationed at the airport were caught in March for helping two Korean men smuggle 30 gold bars out of Korea. They concealed them in a waist support band and were let through security check points.
"We are keeping a close eye on the trend of international gold prices to deal with the smuggling into or out of the country more promptly," an Incheon Airport Customs official said. "We will exchange information with other related organizations to more effectively crack down on the illegal cross-border trade."
By Kwon Mee-yoo
금 밀수 급증
금은 요즈음 세계 금융시장 불안의 여파로 전 세계적으로 투자자들 사이에 가장 인기 있는 상품이 되었다.
최근 그리스와 그 밖의 남유럽 국가들을 집어삼킨 재정적자 위기에 이어 투자자들은 귀금속을 대량으로 사려 달려들어 금값이 사상 최고치를 기록했으며 신흥국 주식과 그 밖의 위험 자산을 헐값에 내다 팔고 있다.
그 외에 중국 및 신흥국들의 금 수요 증가로 세계시장의 금 부족 사태를 야기했다. 국제가가 치솟고 있는 가운데 공항과 항구를 통해 이 귀금속을 밀수하다 붙잡히는 내국인의 수가 점점 늘어나고 있다.
인천세관은 목요일 지난 12월부터 이 달까지 일본에서 24억 원 어치 상당의 금과 백금 53kgs을 밀수한 혐의로 이(41)모씨를 조사 중이라고 밝혔다.