Tags: Rogers | North Korea | gold | coin

Jim Rogers Is Buying North Korean Coins

Monday, 01 Apr 2013 11:17 AM

By Michael Kling

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Renowned commodities investor Jim Rogers is buying all the North Korean coins he can get his hands on.

At a recent coin fair in Singapore, an assistant for Rogers purchased 13 rare North Korean coins, typically featuring pictures of Korean generals, The Wall Street Journal, reported.

“He wanted to buy more, but we only had 13 left,” a representative of the state-owned Korea Pugang Coin Corp. that sold gold and silver coins at the fair, according to The Journal. It offered 20 one-ounce gold coins for 2,500 Singapore dollars ($2,014) as well as several hundred silver coins. By comparison, gold closed at $1,598 an ounce Friday.

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Roger’s assistant also bought many of the silver North Korean coins being sold.

In a way, Rogers is shorting North Korea. “At some point down the line, North Korea will cease existing as a country. Then the value of the coins will go up,” Rogers, chairman of Rogers Holdings, said in a previous interview, the Journal noted.

“Coins and stamps are the only way I can invest in North Korea. … At some point down the line, North Korea will cease existing as a country. Then the value of the coins will go up," Rogers said in a previous interview.

Six gold dealers attended the Singapore coin fair over the weekend, according to The Journal, but none said they have bought or sold North Korean coins or even had requests for them.

Rogers also purchased most of the North Korean gold coins at last year’s Singapore coin fair.

Korea Pugang Coins mints only about 2,000 coins a year, the Journal reports, noting that North Korea has a limited gold supply. Most are sold to foreign investors and collectors at coin fairs in the Far East.

Gold ended the first quarter of a loss of 4.7 percent, as the eurozone situation appeared to stabilize and a much-feared bank run in Cyprus failed to materialize.

Japanese gold investors, according to Reuters, seemed to be unaffected by rising tensions on the Korean peninsula.

“Looking ahead, gold is likely to stay in the current range of $1,590 and $1,605,” this coming week, Kaname Gokon, general manager at Okato Shoji Co.’s research section told Reuters.

“But there are chances that those who have bought Tokyo Commodity Exchange futures on a weaker yen may start closing their long positions if a market focus is shifted to a stronger dollar, which is negative to gold.”

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