North Korea secretly sells $100 million in Gold Bullion to China

North Korea has been secretly selling gold bullion 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 bullion worth $100 million in China over the past year.

"North Korea has been exporting not only gold bullion 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 bullion in secrecy," the source said. "For this purpose, North Koreans are compelled to sell gold bullion trinkets to government authorities." 

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