Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

N. Korea sells gold in sign of imminent economic collapse: source
Yonhap ^ | Dec 11, 2013

Posted on 12/10/2013 7:31:59 PM PST by rdl6989

click here to read article


Navigation: use the links below to view more comments.
first previous 1-5051-87 last
To: UCANSEE2; a fool in paradise

“That wasn’t chicken Mistel Lodman!”


51 posted on 12/10/2013 8:37:31 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
[ Post Reply | Private Reply | To 46 | View Replies]

To: arthurus

Yep, no hard currency (besides counterfeit US dollars). Theirs is worth nil.


52 posted on 12/10/2013 8:38:58 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
[ Post Reply | Private Reply | To 42 | View Replies]

To: ThanhPhero

Counterfeiting a worthless currency buys little Cognac.


53 posted on 12/10/2013 8:40:05 PM PST by RS_Rider (I hate Illinois Nazis)
[ Post Reply | Private Reply | To 48 | View Replies]

To: RS_Rider

How can anything be “down” 400%? If 100 bottles were sold before the decline would they be giving back 300 bottles after the decline?


54 posted on 12/10/2013 8:40:49 PM PST by ThanhPhero (Khách sang La Vang hanh huong tham vieng Maria)
[ Post Reply | Private Reply | To 36 | View Replies]

To: ThanhPhero

We live in fancy economic times...anything is possible.


55 posted on 12/10/2013 8:43:28 PM PST by RS_Rider (I hate Illinois Nazis)
[ Post Reply | Private Reply | To 54 | View Replies]

To: GeronL

I don’t think China would accept US&100 bills from NK.


56 posted on 12/10/2013 8:43:52 PM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
[ Post Reply | Private Reply | To 52 | View Replies]

To: meatloaf

During WWII the Germans got Jews out of concentration camps who were master engravers. They produced perfect pound notes but the British were still fairly successful using serial numbers and determining to which banks etc, the particular notes went.

The Germans Abwehr paid their spies in counterfeit bills which may not have been smart.


57 posted on 12/10/2013 8:46:17 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
[ Post Reply | Private Reply | To 50 | View Replies]

To: yarddog

Country’s sell gold all the time to accumulate foreign exchange reserves. In this case it will be Chi com Yuan. It’s like an old lady selling the family silver for a bag of groceries....


58 posted on 12/10/2013 8:48:31 PM PST by Kozak ("Send them back your fierce defiance! Stamp upon the cursed alliance! To arms, to arms in Dixie!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: arthurus

They are trading gold for food I think, at outrageously high markup for the Chinese most likely


59 posted on 12/10/2013 8:51:50 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
[ Post Reply | Private Reply | To 56 | View Replies]

To: Standing Wolf
How could a communist workers’ and peasants’ paradise have an economic crisis?

LOL - good one Standing Wolf...

60 posted on 12/10/2013 8:56:58 PM PST by GOPJ ("Remember who the real enemy is... ")
[ Post Reply | Private Reply | To 6 | View Replies]

To: yarddog

“Wouldn’t gold be more valuable to a country than whatever they exchanged it for?”

Unless you’re buying food from a country that has a surplus.


61 posted on 12/10/2013 9:06:07 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: yarddog

“I have read that Iran is also a big counterfeiter of U.S. $100 bills. They are so good that they cannot be detected except possibly by serial numbers.”

From the book, “The Sectret War with Iran: The 30-Year Clandestine Struggle Against The World”:

‘Yossef Bodansky, who was in charge of the research team for the House Task Force on Terrorism and Unconventional Warfare, says that in the mid-1970s a Swiss company, with the approval and financial support of the United States, supplied the government of the Shah of Iran with two intaglio presses. They were eventually seized by the revolutionaries. In a special report to the president of the United States, Bodansky wrote that it can be assumed that the high quality of the super-notes can be ascribed to the cadre of Iranian experts trained in the 1970s by the U.S. Treasury’s Bureau of Engraving and Printing. They were put at the service of the Khomeini regime after the revolution.

Only about twenty people know how to reproduce all of the tens of thousands of intricate details that there are on a dollar banknote plate. Interpol is in touch with each one of these craftsmen. No one knows if it was one of them or someone else who made the plates for the super-bill.’


62 posted on 12/10/2013 9:25:00 PM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
[ Post Reply | Private Reply | To 24 | View Replies]

To: BenLurkin

Every time the metals rise a little...there are stories of “huge supplies” that are soon to hit the market...

:)

IMO if the metals run too hard....we will have food lines and despair.....If the metals are suppressed too hard “like they have been for years” then the dollar goes out the back door of global reality... and we have food lines and despair...The only way out is to let the metals “rise with the times”...and use manipulation to restrict price explosion ..

The brits suggested last week they might support a gold backed digital ...and I think that marks the end of absolute metal suppression...the price must be allowed to appear more realistic than it has ....or else.

The bitcoin....will look worse than paper against a gold backed digital.

So I think its about time the dollar appeared to move realistically with the metals.....to maintain some balance.

oh well

There are a number of important factors that could cause the country’s actual results to differ materially from those indicated by such forward-looking statements, including the success of our ongoing campaign of false information,; the rate and degree of market acceptance and clinical utility of our media manipulation; the timing of and our ability to obtain and maintain regulatory approvals for our chosen candidates; and our commercialization, marketing and deception manufacturing capabilities and strategy. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from normal expectations in any forward-looking statement. Subjects should consider this cautionary statement, as well as the risk factors identified in our periodic reports filled with delusion , when evaluating these potentially incongruent selfserving statements. So there.

:)


63 posted on 12/10/2013 9:29:03 PM PST by Therapsid (t)
[ Post Reply | Private Reply | To 43 | View Replies]

To: rdl6989

Sometimes these outlaws go out guns blazing. Hope we are watching closely over there.


64 posted on 12/10/2013 9:34:16 PM PST by catfish1957 (Face it!!!! The government in DC is full of treasonous bastards)
[ Post Reply | Private Reply | To 1 | View Replies]

To: catfish1957

I don’t think South Korea wants to see them go down guns blazing


65 posted on 12/10/2013 9:38:09 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
[ Post Reply | Private Reply | To 64 | View Replies]

To: entropy12

Absolutely...Gold can be manipulated by the corrupt..Just like they did with dollars...Fact is, in genuine tough times, you couldn’t trade a gold rock for a ham sandwich.


66 posted on 12/10/2013 9:45:19 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
[ Post Reply | Private Reply | To 12 | View Replies]

To: GeronL; rdl6989; AmericanInTokyo; Steel Wolf; nuconvert; MizSterious; nw_arizona_granny; ...
Now they have the full story printed: They sold 2,000 tons to Chinese

N. Korea sells gold in sign of imminent economic collapse: source

2013/12/11 11:59

SEOUL, Dec. 11 (Yonhap) — North Korea has begun to sell large amounts of gold to China in a bid to tide over its economic crisis, multiple sources familiar with North Korea affairs said Wednesday.

The disposal could be an indication of an imminent economic collapse as it goes against founding leader Kim Il-sung’s order to never sell the country's gold, according to the sources.

“Since several months ago, North Korea has begun to sell even its gold,” one source said, asking that he not be identified. “Overseas sales of gold are a barometer of whether the North Korean economy is in a crisis or not.”

It is the first time that North Korea has sold gold since its leader Kim Jong-un took power in late 2011 following the death of his father Kim Jong-il, the sources added. Kim Il-sung is the current leader's grandfather.

According to South Korean government data, North Korea holds about 2,000 tons of gold reserves worth at least US$8 billion.

North Korea's economic situation is expected to worsen following the recent purge of Jang Song-thaek — Kim Jong-un’s once-powerful uncle and guardian — as he had handled all economic projects with foreign countries, another source said.

An economic collapse in North Korea could lead to greater economic cooperation with South Korea but also increase the risk of a military provocation against the South, experts said.

67 posted on 12/10/2013 9:50:27 PM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
[ Post Reply | Private Reply | To 40 | View Replies]

To: Jack Hydrazine

Thanks, that was interesting.


68 posted on 12/10/2013 9:50:45 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
[ Post Reply | Private Reply | To 62 | View Replies]

To: yarddog

It amazes me how we shoot ourselves in the foot all the time when we involve ourselves with the Muzzies.


69 posted on 12/10/2013 9:55:32 PM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
[ Post Reply | Private Reply | To 68 | View Replies]

To: TigerLikesRooster

Bump


70 posted on 12/10/2013 10:00:27 PM PST by Jet Jaguar
[ Post Reply | Private Reply | To 67 | View Replies]

To: Viennacon
How does a pile of rubble collapse?

It certainly isn't easy, but I have confidence that they nevertheless will show us exactly how.

71 posted on 12/10/2013 10:18:54 PM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: rdl6989

More likely: North Korea sells gold to make up for shortfall from (No. 2) Jang’s cancelled China networks.


72 posted on 12/10/2013 10:30:25 PM PST by Chad_the_Impaler
[ Post Reply | Private Reply | To 1 | View Replies]

To: rdl6989

I guess that means we will have another nuclear crisis here soon, resolved by tons of US taxpayer money paid to support on odious regime.


73 posted on 12/10/2013 10:31:16 PM PST by ModelBreaker
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

Tiger, does this mean the Norks have sold ALL of their gold holdings to the Chinese? Is Jong Eun liquidating the gold so he can abdicate and run off to some other country that will have him?


74 posted on 12/10/2013 10:39:40 PM PST by miele man
[ Post Reply | Private Reply | To 67 | View Replies]

To: Chad_the_Impaler

“More likely: North Korea sells gold to make up for shortfall from (No. 2) Jang’s cancelled China networks.”

And to pay for the extra food for the troops of the two generals that just got executed.
With any luck, it will turn out just like when the Romans paid off the Germanic troops.


75 posted on 12/10/2013 10:40:14 PM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
[ Post Reply | Private Reply | To 72 | View Replies]

To: miele man

I don’t think he intends to step down. Regime’s cash reserve is running low or some officials sold off gold to make money without Kim’s blessing.


76 posted on 12/10/2013 10:53:23 PM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
[ Post Reply | Private Reply | To 74 | View Replies]

To: GeronL

The Norks do what the chicoms tell them to do. They give the Chinese implausible deniability to sell nuclear weapons kits, missiles, near flawless US currency, counterfeit US gold and silver coins, meth, you name it. A country that can’t build a bicycle can build a nuclear bomb? I think not.


77 posted on 12/10/2013 11:09:01 PM PST by Eagles6 (Valley Forge Redux)
[ Post Reply | Private Reply | To 18 | View Replies]

To: TigerLikesRooster

He may well not intend to step down but then he certainly dances to his own drummer. My antenna went way up when I saw the sale of 2,000 tons of gold. The article said NK’s total gold holding was 2,000 tons and your comment said they’d sold 2,000 tons to the Chinese. I just am having a hard time accepting the Norks would sell off ALL of their gold and have none in reserve. Jong Eun may not be the brightest bulb in the lamp but I would not think he was this stupid, but then he may have pressures bearing down on him.


78 posted on 12/10/2013 11:41:07 PM PST by miele man
[ Post Reply | Private Reply | To 76 | View Replies]

To: rdl6989

At least they have gold to sell. Many countries don’t.


79 posted on 12/11/2013 3:26:43 AM PST by castlegreyskull
[ Post Reply | Private Reply | To 1 | View Replies]

To: miele man
Actually you have a point. The semantics about gold-selling is not clear. In some report, the gold holding actually means NK’s gold mine which is estimated to have 2,000 tons, and they started to sell off mining right. Other reports seem to suggest that they did sold all of their gold they hold.
80 posted on 12/11/2013 3:44:13 AM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
[ Post Reply | Private Reply | To 78 | View Replies]

To: rdl6989
The Norks have complete nationalized KimCare. No wonder they're broke if the peasants have been starving for decades.

I'll bet the elites are one big death panel.

Leni

81 posted on 12/11/2013 4:03:10 AM PST by MinuteGal (<P>)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Viennacon
"How does a pile of rubble collapse?"

When it becomes sufficiently hollowed out?

82 posted on 12/11/2013 6:55:24 AM PST by Paladin2
[ Post Reply | Private Reply | To 11 | View Replies]

To: Nervous Tick

When the scrawny Nork guards down on the DMZ miss a couple paychecks and lunches and start looking the other way to allow Nork refugees to cross into the SouK we’ll know. Same thing will be true along the Yalu River which is already easier for Norks to swim into China. The Chicoms claim there are as many as 50K Norks already working their way south thru China on any given day. The South Gooks will no doubt start complaining and the Chicoms will bellyache a little also asking for international assistance to help the starving Norks. It’ll be obvious. If nothing else think Syria where people are bailing in every direction.


83 posted on 12/11/2013 10:54:16 AM PST by cherokee1 (skip the names---just kick the buttz)
[ Post Reply | Private Reply | To 25 | View Replies]

To: sunrise_sunset

In the international commodities market No one will take their play money any more. When they need a boatload of wheat they pretty much have to trade for it. Nuke stuff doesn’t always work because no one else can spend that, at least the guys who have wheat to sell can’t use it. At least that’s easy to turn into cash. My point of interest is where the flock do the Norks actually keep their spare gold? Singapore? Hong Kong? Certainly not New York. I guess the First National Bank of Peeyongyang is not a busy place?


84 posted on 12/11/2013 11:03:05 AM PST by cherokee1 (skip the names---just kick the buttz)
[ Post Reply | Private Reply | To 35 | View Replies]

To: Revolting cat!

The Ex chick was probably mostly right. Not all gold is placer or hardrock. Much of it in the US West is chemically combined in dirt and is recovered by leaching——which looks a lot like witchcraft.


85 posted on 12/11/2013 11:08:52 AM PST by cherokee1 (skip the names---just kick the buttz)
[ Post Reply | Private Reply | To 45 | View Replies]

To: Therapsid

looks like its commin//

Gold popped more than 2% overnight while stocks in the US and Europe fell.

Wait a minute! Gold up and stocks down? What’s going on here then?

Well, apparently someone dropped a whopping buy order on the Comex exchange, where gold futures trade. 3000 contracts traded in one second, sending the price up $10 and halting the exchange for 10 seconds. At 100 troy ounces a contract, that amounts to 300,000 ounces and around US$372 million. All trading at precisely 8:07:45 US time.

Normally traders stagger big orders to avoid upsetting the market price. If the 3000 contracts traded over the space of a few hours, that would’ve gotten the buyer a much lower price. So why would a buyer throw in such a big order?

Well this surge in volume and the resulting market shutdown is nothing new for the gold market. It’s happened three times this year, says the blog Nanex. But this is the first time the order was a ‘buy’. Gold usually gets slammed down by a whopping sell order instead. So is this a big sea change, or just another market manipulation?


86 posted on 12/11/2013 2:23:38 PM PST by Therapsid (t)
[ Post Reply | Private Reply | To 63 | View Replies]

To: rdl6989

Well if they are selling gold...what are they getting in return? Chinese money? Food? Oil and coal? What are they getting for their gold?


87 posted on 12/14/2013 6:44:49 AM PST by mdmathis6 (Secret Societies are like Sasquatch, you never catch one but they do leave footprints!)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-5051-87 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson