Gold in North Korea – state‑run gold shops, offshore gold accounts in China, crypto gold via smuggling networks.
North Korea’s gold market is entirely state‑controlled. The government owns all gold mines and refineries – private ownership of gold bars is legal but restricted to elites with loyalty certification. Ordinary citizens cannot buy physical gold freely – only through state‑run “People’s Gold Shops” (인민금방) located in Pyongyang’s Changjon Street and Kwangbok Street.
Physical Gold in Pyongyang – The Only Legal Channels
State‑licensed gold shops sell 999.9 bars (typically 10g, 50g, 100g) at fixed government prices – premiums are irrelevant – gold is priced by the Central Bank in local won (KPW) – but won is inconvertible.
Where can elites (nomenklatura) buy gold?
People’s Gold Shop #1 (Pyongyang Central District) – requires Party membership card, sell 100g bar at ~2,000 USD equivalent in won, buy‑back only by same shop. Korea Gold Bank (조선금은행) – only for foreign diplomats – accepts EUR, USD, CNY – sells SGE‑equivalent bars. Unique to North Korea: Gold is used as a store of value for elites planning escape or overseas education. Many secretly deposit gold in Chinese vaults through brokers in Dandong (border city).
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