North Korea had enough gold to make 20 coins. And Jim Rogers bought most of them—because he's pretty sure North Korea won't be making any more gold coins.
U.S. investor Jim Rogers purchased most of the gold and silver coins offered by North Korea at a coin fair in Singapore this weekend, state-owned Korea Pugang Coins Corp. said.
This year, 20 one-ounce gold coins featuring mostly century-old generals were on offer as well as several hundred silver coins. Mr. Rogers bought 13 gold coins and most of the silver coins. "He wanted to buy more, but we only had 13 [gold coins] left," said a representative of Korea Pugang Coins. The company offered the gold coins for 2,500 Singapore dollars, or $2,015—well above Friday's closing gold price of $1,598.25 an ounce in London.
Rogers, who was unavailable for comment, previously stated: "Coins and stamps are the only way I can invest in North Korea."
By invest in, Mr. Rogers means he wants to wager against the long-term prospects for the isolated, economically struggling country. He views his purchase as a bet on the collapse of 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," Mr. Rogers said.