S. Korea mulls opening gold exchange

SEOUL, June 26 (Yonhap) -- South Korea is considering establishing a gold
exchange as part of an effort to enhance transparency in the trade of gold and
other precious metals, officials said Friday.

The Ministry of Strategy and Finance has started to look into the feasibility of
operating such a bourse, and aims finalize a detailed action plan by the end of
next year, the officials said on condition of anonymity.
The ministry is now reviewing details including how to regulate the exchange and
protect market participants.
The move is apparently intended to enhance market transparency at a time when
smuggled and undocumented gold accounts for up to 60 or 70 percent of all the
gold in circulation.
The ministry is to hold public hearings this year before seeking to enact related
laws, the officials said, who expected the bourse could be open by the end of
2011.
kokobj@yna.co.kr
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