25/09/2012 03:05:00

Cash-Starved North Korea Secretly Sells Gold

SEOUL -- North Korea has been secretly selling gold to make up for shortages of hard currency after it spent millions of dollars celebrating the 100th birthday of its founder, a news report said Tuesday.

The Chosun Ilbo daily quoted sources in China as saying that the impoverished communist state had cashed more than two metric tons of gold worth $100 million in China over the past year.

"North Korea has been exporting not only gold ingots it had obtained from mines or stored in government agencies but gold trinkets it had collected from ordinary people," an ethnic Korean businessman told the daily.

"North Korean trading companies in China have been cashing the gold in secrecy," the source said. "For this purpose, North Koreans are compelled to sell gold trinkets to government authorities."

The movement reportedly began after Kim Jong Eun took the reins from his late father Kim Jong Il, who died of heart attack in December last year.

North Korea has been starved of hard currency after economic exchanges with South Korea came to a halt following its alleged torpedoing of a South Korean warship with the loss of 46 lives in March 2010, the report said.

It was estimated to have spent millions of dollars on celebrating Kim Il Sung's 100th birthday in April this year and launching a space rocket in a disguised test of a long-range missile.

North Korea produces up to two tons of gold every year in mines, mostly in the northwestern provinces.

The North is to convene its rubber-stamp parliament Tuesday in a rare second session of the year.

Experts said the Supreme People's Assembly was likely to approve measures aimed to rejuvenate its moribund socialist economy with moderate market-style incentives in order to support the third-generation succession.

(END) Dow Jones Newswires

September 24, 2012 22:05 ET (02:05 GMT)

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
02 Dec
ZEAL
For en gangs skyld og kun denne ene gang svarer jeg dig.   Jeg anser dine indlæg omkring Zealand græ..
39
04 Dec
VWS
Det er lettere at se hvad DU ikke fatter. USA har, med et flertal af stemmer i kongressen, underskre..
29
05 Dec
NETS
Handles nu under kurs 115; absolut en af de mest pinlige IPOs i nyere dansk børs-historie.   Selskab..
26
03 Dec
VWS
Der er delte meninger om aktiekursen på Vestas. Vi har jo alle hver vores måde at vurdere virksomhed..
26
29 Nov
ZEAL
...når de investerer i mindre virksomheder og så vil ud hurtigt uanset at selskabet har fremgang og ..
21
04 Dec
 
Du forveksler din såkaldte anstændighed og ansvarlighed med naivitet og misforstået godhed. Grenen v..
18
02 Dec
ZEAL
Novo Nordisk og Zealand er nu med i den helt absolutte front i kombinations behandling af diabetes -..
18
05 Dec
 
Hej. Jeg kan se, at flere allerede er i gang med at skændes denne herlige mandag morgen. Jeg vil dog..
17
03 Dec
ZEAL
I ugens løb kom det frem, at Svenska Handelsbanken havde sænket anbefalingen på Zealand og at Aktieu..
17
29 Nov
 
Følgende artikel giver et godt indblik i at ledende danske politikere har større interesser i at mel..
16

Appointment of Joint Corporate Broker

05/12/2016 15:00:33
Appointment of Joint Corporate Broker Stagecoach Group plc is pleased to announce that RBC Capital Markets has been appointed Joint Corporate Brok..

Rathbones : Form 8.3 - [Alternative Networks PLC]

05/12/2016 12:06:02
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

HSBC Bank Plc : Form 8.5 (EPT/RI) - Brammer PLC

05/12/2016 10:32:18
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Bristol is Open Wins Internet of Things Award for Programmable City Initiative
2
Form 8 (OPD) - Alternative Networks plc
3
The Eye Doctors Host an Event on December 7 to Celebrate the Launch of Their Men’s Premier Red Bull Eyewear Line
4
Form 8.5 (EPT/RI) - Alternative Networks plc - AMENDMENT
5
Karyopharm Presents Updated Phase 1b STOMP Data at the American Society of Hematology 2016 Annual Meeting

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
06 December 2016 10:15:36
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20161205.1 - EUROWEB1 - 2016-12-06 11:15:36 - 2016-12-06 10:15:36 - 1000 - Website: OKAY