Rural Korean town goes from ridicule to riches as gold prices skyrocket
In rural Hampyeong County, South Jeolla Province, stands a giant bat statue made of 24-karat gold. When it was completed in 2008, the statue came under fire for allegedly wasting taxpayer money. Nearly two decades later, rising gold prices have shifted the narrative, with the statue’s value now estimated at roughly 14 times its original production cost. According to the Korea Gold Exchange, the price of pure gold stood at a record 1,034,000 won ($714) per 3.75 grams as of Tuesday. The figure reflects a continuing upward trend after prices crossed the 1 million won threshold for the first time on Jan. 21, driven by a sharp rise in global gold prices and growing investor demand for safe haven assets. As gold prices continue to reach new highs, growing attention is being drawn to a giant bat statue in the rural county — or, more precisely, to its current value. Completed in 2008, the statue is made of 162 kilograms of pure gold and 281 kilograms of silver. At the time of construction, the material cost stood at roughly 2.7 billion won. Based on current prices, the gold alone is estimated
Jan 28, 2026By Hankookilbo