Golden Spoon Investment Portfolio - Chapter 424

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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424. This should put an end to any funny business

“You said you obtained the contents of the creditor consortium meeting held in New York?”

Choi Jin-woo, the Deputy Prime Minister for Economics, sat in his white dress shirt and crimson tie, questioning Shin Seung-gi, the Vice Minister, who occupied the sofa to his right.

“Yes. According to reports, consensus was reached on exchanging a portion of the short-term debt of domestic banks whose maturity dates fall within this year for government bonds issued by the Korean government, and demanding additional government bond issuance to secure new funding.”

On December 29th, representatives from thirteen major banks across eight nations—led by JP Morgan and including Citibank and Chase Manhattan—convened in New York to deliberate on how to address Korea’s short-term foreign debt crisis, ultimately presenting a preliminary resolution framework.
Of course, the perspective and opinions of the actual party involved—Korea—were entirely excluded from consideration.
This reality manifested clearly as Deputy Prime Minister Choi Jin-woo made no effort to conceal his displeasure.

“They’re acting completely arbitrarily, leaving us—the actual parties involved—out of the discussion entirely.”
“I share your frustration, but regardless, the fact that the most critical issue—the maturation extension of toxic short-term foreign debt—is being discussed positively is surely a favorable sign, is it not?”

Vice Minister Shin Seung-gi offered his reassurance in a cautious tone.
Though infuriated by the foreign creditor banks’ arbitrary conduct, Deputy Prime Minister Choi Jin-woo recognized that the power to negotiate lay not with the Korean government but with the opposing side. He swallowed his irritation with a bitter expression.

“Thanks to President Park suppressing the currency speculators, the soaring exchange rate has finally cooled somewhat. But until we restructure the short-term foreign debt maturity into medium and long-term obligations through comprehensive negotiations, we’ll continue treading on thin ice—an unstable situation that could collapse at any moment.”
“We’ve included personnel from the President-elect Kim Jae-chun’s camp in the working-level negotiation team, so I’m confident we’ll achieve favorable results.”
“Yes. It absolutely must be that way.”

Deputy Prime Minister Choi Jin-woo spoke with resolute determination etched across his stern features.
With the change of administration occurring in just one month, no negotiations could proceed without approval from the President-elect’s camp.
Thus, Deputy Prime Minister Choi Jin-woo had deliberately incorporated the President-elect’s personnel, positioning the incoming government to lead the negotiations while he provided support from behind the scenes.
Though he awaited only the day of transition when he could vacate his office, the ongoing foreign exchange crisis weighed heavily upon him—his face etched with profound concern.
At that moment, a knock sounded, and the Female Secretary entered through the door.

“I apologize for the interruption.”
“What is it?”
“President Park Seok-won from Daeheung Venture Capital has arrived.”

Deputy Prime Minister Choi Jin-woo rolled up his sleeve and glanced at the watch adorning his wrist.

“My, how time flies.”
“Then I’ll take my leave now.”
“Of course.”

As Vice Minister Shin Seung-gi deftly gathered the document folder from the table and rose to his feet, Deputy Prime Minister Choi Jin-woo addressed the Female Secretary.

“Show President Park in.”
“Yes, sir.”

Emerging into the corridor, Vice Minister Shin Seung-gi spotted Seok-won waiting in the Attached Office with his Attendant Secretary and greeted him with evident warmth.

“President Park. It’s been quite some time.”
“I hope you’ve been well.”

Seok-won smiled and extended his hand for a handshake.

“I’d love to chat longer, but the Deputy Prime Minister is waiting inside. Perhaps we can catch up another time.”
“Of course.”

After Vice Minister Shin Seung-gi exchanged brief pleasantries and departed, Seok-won turned to Han Ji-sung and spoke.

“Wait here for me.”
“Understood.”

Leaving Han Ji-sung behind, Seok-won passed the Female Secretary who stood waiting by the open door and proceeded into the inner office.
Deputy Prime Minister Choi Jin-woo rose from his seat and greeted him warmly.

“Welcome.”
“Thank you for making time despite your busy schedule.”

Seok-won bowed respectfully as he spoke, and Deputy Prime Minister Choi Jin-woo laughed, grasping his hand and shaking it.

“It’s you asking to see me—I’d make time even if I didn’t have any. Come now, sit down and let’s continue our conversation.”

As Seok-won was led to the sofa by Deputy Prime Minister Choi Jin-woo’s hand, the Female Secretary approached and asked.

“Shall I prepare some tea for you?”
“Just coffee will be fine.”
“I’ll have the same.”

The Female Secretary nodded and replied.

“I’ll bring it right away.”

As the Female Secretary closed the door and left, Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, looked at me.

“By the way, I saw your article in the newspaper today.”

A gentle smile crossed the Deputy Prime Minister’s face, worn down by arduous duties.

“Donating ten million dollars toward IMF loan repayment—I was impressed all over again.”
“All the people are pooling their strength by bringing out every piece of gold they’ve stored away, so I simply wanted to contribute what little I could.”

As I answered humbly, Deputy Prime Minister Choi Jin-woo spoke with evident warmth.

“How can you call ten million dollars insignificant? Especially at a time like this.”

He praised me again, as if genuinely moved.

“No matter how wealthy one is, it’s not easy to do something like this. It’s truly remarkable.”

I simply offered a faint smile in response.
Just then, there was a knock, and the Female Secretary entered with a tray, setting two warm cups of coffee on the table before departing.
Deputy Prime Minister Choi Jin-woo picked up his cup, took a sip of coffee, set it back down, and asked.

“Tell me what you came here to discuss.”

I straightened my posture and broached the purpose of my visit.

“You must be aware of the nationwide gold collection campaign underway to overcome the recent foreign exchange crisis.”
“Of course.”

Deputy Prime Minister Choi Jin-woo’s expression grew somber.

“To think the people would bring out even the gold they’ve hidden away in their closets to save a nation in crisis—as the head of the Ministry of Finance and Economy responsible for the nation’s finances, I feel nothing but shame.”

Having assumed the position of Deputy Prime Minister when cornered in a desperate situation, he harbored some sense of injustice.
Yet despite that, he could not entirely escape responsibility for the IMF crisis.

“But why bring up the gold collection campaign?”
“I heard the plan is to melt down the gold collected under the supervision of the Ministry of Finance and Economy and the Bank of Korea, refine it into bullion, export it abroad, and secure foreign currency.”
“That’s right. Once we get through this crisis, we’ll return the gold to the citizens who donated it, adding a bit of interest on top of the sale proceeds.”

It was only natural to compensate the citizens who had willingly brought out their gold from home when the nation was in crisis.

‘Still, when I think about how gold prices skyrocket later on, the compensation really amounts to very little.’

Had the citizens kept their gold instead of surrendering it, they could have substantially increased their assets.
Seok-won pushed aside the tangential thought and opened his mouth.

“To sell the gold bullion, we’d need to export it through intermediaries, wouldn’t that incur additional costs?”
“Of course it would, but the Ministry of Finance and Economy or the Bank of Korea can’t export directly, so it’s unavoidable.”
“If there’s no problem, I’ll purchase all the collected gold myself.”
“What?”

At the unexpected proposal, Vice Premier for Economic Affairs Choi Jin-woo’s expression shifted to one of surprise.

“You’re saying you’ll buy all the gold?”

Under their gaze, Seok-won answered calmly.

“Yes. That way, we eliminate the intermediary process, reduce costs, and secure even one more dollar in foreign currency, wouldn’t we?”
“Well, that’s true, but….”

Seeing his hesitation, Seok-won leaned forward and continued.

“The gold collection campaign has only been spreading nationwide for a few days, but I’ve heard the amount collected has already far exceeded 20 tons.”

The media was publishing daily reports on how much gold had been collected, so it wasn’t difficult to know the volume.

“Given how enthusiastically the citizens are participating, won’t the amount of gold collected continue to increase?”
“Probably so.”
“If this much volume floods the market all at once, international gold prices will plummet.”

Indeed, when the collected gold began to be exported abroad, the sudden massive supply caused international gold prices to crash by as much as 15%.
However, Vice Premier for Economic Affairs Choi Jin-woo, who had no idea that over 227 tons of an enormous amount of gold would eventually be collected through the campaign, tilted his head in puzzlement.

“A considerable amount is being gathered, but surely it won’t have that much of an impact?”
“The gold market moves quietly as long as the annual trading volume doesn’t fluctuate significantly and no special events occur. But what happens when tens or hundreds of tons suddenly flood the market?”
“Hmm. If supply exceeds demand, the price will inevitably fall.”

Choi Jin-woo, the Deputy Prime Minister of Economy, spoke with his arms crossed.
It was the most fundamental principle of supply and demand.

“In that case, we’d have to sell gold bars melted down from all the precious metals the people brought—each with its own story, gathered to fill the nation’s empty coffers—at prices below their original value. Could there be anything more heartbreaking?”

Deputy Prime Minister Choi Jin-woo’s expression hardened as he listened.

“It’s already shameful that we must rely on the people’s strength because we’ve failed to manage the nation’s finances properly. We absolutely cannot sell the gold they’ve gathered at a pittance.”
“That’s precisely why I’m proposing to purchase all the gold myself.”
“Hmm.”
“Of course, I intend to pay in dollars at international market rates for all the gold I acquire. This way, we can reduce sales costs and eliminate concerns about price fluctuations—making it the most profitable way to dispose of the gold the people have gathered.”

With no money leaking away in the middle, my proposal was indeed the most lucrative method for disposing of the people’s gold.

‘Moreover, I can completely block the large trading companies handling gold exports from engaging in any underhanded dealings.’

Of course, their treacherous acts would be exposed years later, but by then the statute of limitations would have passed, leaving them with only criticism and no real punishment.
Employees who had embezzled money through various illicit means received penalties far too lenient for their crimes, and when it became known that they’d lived lavishly on the stolen funds, it inflicted deep wounds on the people’s hearts.
Knowing the results would be so frustratingly hollow, I was determined to prevent such things from happening in the first place.

“I understand your point well enough. But if we sell all the gathered gold to a single person, there could be gossip about it later.”

Deputy Prime Minister Choi Jin-woo showed a slightly negative attitude, as if concerned.
But I responded calmly, as if I’d anticipated this.

“If I acquire the gold, I plan to keep it domestically without exporting it abroad for the time being.”
“…?”

Seeing the puzzled expression on Deputy Prime Minister Choi Jin-woo’s face, I continued.

“Though I’ve managed to suppress it before, you know that currency speculators will attack the won again at any sign of weakness.”
“That’s true. That’s why I can’t let my guard down.”

Deputy Prime Minister Choi Jin-woo furrowed his brow.
It was the expression of someone remembering a troublesome matter he’d briefly forgotten.

“If the gold collected through the national gold collection campaign is sold to bring in substantial foreign currency, and tens or hundreds of tons of gold remain within Korea rather than being exported abroad, surely the currency speculators won’t dare launch another attack so recklessly, will they?”

Only then did Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, grasp the full meaning. His eyes widened as he leaned forward.

“Are you saying you’ll purchase gold to serve as a breakwater defending our exchange rate?”
“That’s correct.”

Deputy Prime Minister Choi Jin-woo swallowed hard, unable to conceal his astonishment.

“There’s no substantial profit in this for you. What on earth drives you to go this far?”
“I’m Korean too. I can’t simply stand by and watch thieves from outside wreak havoc on our nation.”

Seok-won’s measured tone paradoxically inspired confidence.
Deputy Prime Minister Choi Jin-woo gazed at him with profound admiration and nodded solemnly.

“I understand. This isn’t a decision I can make alone, so I’ll discuss it with the Blue House and the president-elect’s team.”
“I await good news.”
“Don’t worry. You’re not seeking personal gain, and the terms are far too favorable for us to refuse. Everyone will agree. In fact, I’ll make sure they do.”

Deputy Prime Minister Choi Jin-woo spoke with unmistakable determination.
Watching him, Seok-won allowed a faint smile to grace his lips.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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