Jim Rogers buys dollar, predicts $2000 gold by 2019
Bulls & Bears. That’s what Wall Street is all about. But, a true commodity investor is both bullish and bearish, it’s when your a bull or bear that counts. And it appears Jim Rogers has started to be bullish, at least in the short term, on the $USD. This is normal for Jim as he knows a currency or commodity might be a great place to be in the long term, but he knows along the way there will be opportunities to be on the other side of the trade.
Via: Commodity Online
“Yes, I have been buying US dollar in the last two months betting on the dollar’s near-term rebound,” he told the Reuters Investment 2010 Outlook Summit. But he said there are too many bears in the dollar market.
Jim Rogers, who is now settled in Singapore and who designed the Rogers International Commodity Index (RICI)–a composite, US dollar-based, total return index, pointed out that the global economy is going into a deep mess and the US dollar is collapsing, day by day. “The collapsing US dollar is putting the global economy into a deeper crisis,” he added.
Rogers has been predicting that gold prices are on a bull run, powering the great commodities bull run that will last for the next one decade.
On Wednesday, Rogers also sent an e-mail to Commodity Online, saying that his prediction on gold prices is not properly attributed in the media. In a specific e-mail, Rogers said: “I have never said gold would be US$2000 by 2010. I said within the decade – or by 2019.”
We stand corrected on Jim Rogers’ prediction on gold prices.
Rogers, a commodities investment champion who is bullish on agricultural commodities, has recently argued that gold prices are going up thanks to budget deficits across several countries in the world.
Jim Rogers said:
“Gold’s recent price surge is thanks to budget deficits. “Deficits are going berserk nearly everywhere. Throughout history, printing money has led to weaker currencies and higher prices for real assets.”
“here are many, many pessimists about the dollar, including me. So many pessimists that I suspect there’s a rally coming.”
“I have no idea why there should be, but things do usually rally when you have this many bears at the same time. I’ve actually accumulated a few more dollars.”
There is sense in what Jim Rogers is saying. He should know, as some of his best known books like Adventure Capitalist, Investment Biker, A Bull in China, and Hot Commodities have been eye-opening to the world economy, commodities market and investment ideas.
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