Skip to comments.N. Korea sells gold in sign of imminent economic collapse: source
Posted on 12/10/2013 7:31:59 PM PST by rdl6989
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“That wasn’t chicken Mistel Lodman!”
Yep, no hard currency (besides counterfeit US dollars). Theirs is worth nil.
Counterfeiting a worthless currency buys little Cognac.
How can anything be “down” 400%? If 100 bottles were sold before the decline would they be giving back 300 bottles after the decline?
We live in fancy economic times...anything is possible.
I don’t think China would accept US&100 bills from NK.
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.
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....
They are trading gold for food I think, at outrageously high markup for the Chinese most likely
LOL - good one Standing Wolf...
“Wouldnt 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.
“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.’
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.
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.
Sometimes these outlaws go out guns blazing. Hope we are watching closely over there.
I don’t think South Korea wants to see them go down guns blazing
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.
N. Korea sells gold in sign of imminent economic collapse: source
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.
Thanks, that was interesting.
It amazes me how we shoot ourselves in the foot all the time when we involve ourselves with the Muzzies.
It certainly isn't easy, but I have confidence that they nevertheless will show us exactly how.
More likely: North Korea sells gold to make up for shortfall from (No. 2) Jang’s cancelled China networks.
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.
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?
“More likely: North Korea sells gold to make up for shortfall from (No. 2) Jangs 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.
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.
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.
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.
At least they have gold to sell. Many countries don’t.
I'll bet the elites are one big death panel.
When it becomes sufficiently hollowed out?
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.
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?
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.
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? Whats 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 wouldve 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. Its 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?
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?