How low will gold prices fall?
Would you believe me if I told you there was a time when 1 dollar was worth 300 won?
That was actually the case in the 1970s.
Even when I was in my teens and first started learning about the market economy, the dollar was 600 won.
So, how much was gold back then?
For a baby's 100th-day celebration or first birthday, most guests would give gold rings.
Wealthy families would give one or two 'don' (3.75g), while less affluent ones would give half a 'don'.....
When I was an assistant manager, my monthly salary was around 1 million won, and a one-don gold ring was 60,000 won,
so it was an affordable amount for a close friend's baby's first birthday.
For wealthy families, the birthday party venue was usually a wedding hall,
back when a high-end buffet cost around 12,000 won.
I believe it was around 1995.
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