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The Round Rock Wealthbuilder's Meetup Message Board › American Billionaire Snaps Up North Korean Gold and Silver Coins in Singapore

American Billionaire Snaps Up North Korean Gold and Silver Coins in Singapore

Dan Caldwell - Wea...
user 3188546
Round Rock, TX
Post #: 209
WSJ April 1, 2013

Scarce coins featuring military generals sell for well above spot prices

An American billionaire investor 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. The investor 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. In the U.S., gold closed at $1,594.80 an ounce on Thursday; metals trading was closed Friday. The one-ounce silver coins were sold at S$70 a piece (US$56.43). Silver closed at $28.29 a troy ounce in New York on Thursday.

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