Legendary investor Jim Rogers says he is waiting for gold to go below US$1000 before buying more.
Asked after Monday’s fall in the price of gold to US$1,088 an ounce in Asian trade, its lowest level since March 2010, Rogers told Every Investor in blunt terms….
“I have explained for 5 years that I am not a buyer of gold or silver [except a few coins as gifts] since I expect a lower bottom. I own both and have not sold any, but I have hedged some.
Gold has not had a 50% correction for many years which is strange in markets. I have no idea if and when I will buy, but IF gold does have a 50% correction, it would be to US$960. There is nothing which says anything must decline 50%, but it is common. IF gold goes below US$1,000 I hope I am smart enough to buy more and close my hedges, unless something else is happening.
I have no idea what will happen: e.g. if America goes to war with Iran, I suspect I will be buying gold much higher.
There are still too many mystics in the gold market who think gold is holy so cannot decline. When/if they give up and throw their gold out the window because ‘she lied to me’, gold will make a firm bottom.
In the end gold will turn into a bubble when people lose confidence in governments and paper currency again, which will happen in the coming financial turmoil down the road.”
The writer holds physical gold and silver.
…also from Rogers
Iran`s Impact On Oil Prices
So, whatever oil they bring back on the market it is not going to be that much and certainly not that soon.
….also:
Rogers on the Greece Deal, Oil and some of his very recent trades.
He also states how investors should get prepared for an eventual collapse “not this year, but within a couple of years” in this 5 minute video
Jim Rogers is a legendary investor that co-founded the Quantum Fund and retired at age thirty-seven. He is the author of several investing books and also a renowned financial commentator worldwide famous for his contrarian views on financial markets.
