Buy gold, silver and copper: Jim Rogers
Published on Friday, March 12th, 2010 at 5:46 PMAuthor: onlinecommoditycalls (1958 Articles)
Noted commodities investor and author of bestselling books like Hot Commodities and A Bull in China Jim Rogers says investors should continue to buy gold, silver and copper as governments across the world are dishing out heaps of printed currencies with declining values.
Rogers’ comments came in the wake of the deep deft crisis that the Greek government has been caught in and the joint ongoing efforts from European Union countries to salvage the sinking Greek economy.
Rogers, who is well-known for articulating his faith in commodities investments, says that the bankruptcy of Greece should in fact benefit currencies like the Euro. In fact, he said, the European countries should allow Greece to go bust because it would then immensely help the Euro.
Rogers, who has been predicting that gold price would surge to $2,000 per ounce in the next 10 years, said that commodities like gold, silver, platinum and copper offer the best bet for investors because the governments are printing lots of money to help revive the global economy. According to him, printing money is not an answer to solve the economic problems that the world is caught in, but buying commodities is going to be a sure-shot strategy as sound future investment.
Jim Rogers has asked investors not to be panicky on the volatile gold prices. Gold price traded weaker this week, dropping by $10 to $30 per ounce in fluctuating trading at spot and futures bullion markets. Last week, it appeared that gold price may have been ready to challenge its 2010 closing high of $1,151.71 – reached on January 11. But gold was once again unable to mount an attack. Some bullion analysts have been quick to predict that gold prices are set to plunge as global demand for the yellow metal has declined thanks to peak price in the last few months.
But Rogers says investors should not worry on speculation and rumours that gold price would plunge. “I happen to own gold and will be happy to buy more gold because I feel certain that gold price would only go up and not down,” Jim Rogers said.
Opponents of Jim Rogers said that the renowned commodities investor who founded the Quantum Fund with George Soros in the early 1970s is trying to create a speculative effect on gold.
“Investors like Jim Rogers and George Soros are creating illusions on gold price. They are just compelling people to believe that gold price will only go up and therefore they should buy and invest in gold. But the fact is that Jim Rogers and George Soros continue to predict surge in gold price because these guys own lots of gold and they want to sell at a high price,” said Charles Kevin, a bullion analyst based in Beijing.
According to Kevin, predictions on gold or for that any other commodities have been largely based on unsound fundamentals. “Just when the US dollar and the Euro fall, people like Jim Rogers come on television channels and urge people to buy lots of gold. They then predict the death of dollar and Euro. I do not know on what fundamentals they are making sweeping statements on gold, commodities, dollar and the Euro,” Kevin added.
Jim Rogers has been passionately involved in investing in commodities all these years. His distrust in the US economy and American policies prompted him to shift his residence to Singapore two years back. These days, the Singapore-based Jim Rogers is investing heavily into various sectors of commodities in China.
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