In an interview with Kitco’s Daniela Cambone, Jim Rogers stated that he doesn’t think gold has found a bottom. ‘I bought a little more at $1,200 just in case, but I don’t think we made the final bottom.’
Rogers suggested gold might fall considerably in an interview with Max Keiser on RT last week. ‘It may go down another 20% or 30%. Who knows? But by the end of this decade, it will be much higher… I suspect we are in the process of making a complicated bottom which may take a few days, weeks, months, maybe even another year or two. But then, ultimately, gold will make its fabulous bottom…then it will be off to the races again.
‘Eventually, I will start buying again,’ Rogers said. ‘But I’m not selling my gold by any stretch of the imagination.’
Rogers noted the impact of the Fed’s recent decisions on gold prices, lamenting the myopia of policymakers. ‘The world can get along without central banks,’ he suggested. ‘Fortunately, since they’re making so many mistakes, we’re going to get rid of them eventually,’ citing the numerous bad calls made by Bernanke and Greenspan and the de-chartering of the previous two central banks in the US.
For now, the future of gold prices remains murky, largely tied to the Fed’s easing plans and its impact on gold futures. In the long term, however, central banks around the globe are quietly stockpiling the yellow metal.
‘There isn’t a central bank in the world that wants to go back to a gold standard,’ Jim Rickards opined in Markets and Money. ‘But that’s not the point. The point is whether they will have to.’ Rickards believes central banks are stocking up now to prepare for a storm in currency markets.
for Markets and Money Australia
Ed Note: Jim Rogers: Gold Prices May Face a ‘Complicated Bottom’ originally appeared in The Daily Reckoning USA.
From the Archives…
The Agonists and the Ecstasy of the Financial Market
12-07-13 – Dan Denning
A Two-Faced Shock for the Australian Economy
11-07-13 – Dan Denning
Asiana Boeing 777: Lifesaving Defence-Tech ‘Miracle Materials’ in Action
10-07-13 – Byron King
Interest Rates: Something Wicked This Way Comes
9-07-13 – Bill Bonner
The End of a Share Market Correction… or the Beginning?
8-07-13 – Dan Denning
Download this free report now and discover:
- The five biggest threats to your wealth on the ASX: Discover why these five household–name stocks pose a threat to your wealth… and why they’ll be the first to lose you money when Aussie stocks drop dramatically.
- The ‘wealth destruction effect’: High share prices in the US have created the illusion of wealth. This ‘wealth effect’ has filtered through to our market and economy. But when the ‘bubble of all bubbles’ bursts in the US, stocks will drag our economy down with them. These ‘fatal’ five will be the first to fall.
- Get out while you still can: Why we’re just months away from a major correction in the US markets… and how that will swiftly hit the ASX. These five companies make up nearly half the entire Aussie market… and you almost certainly own one of them.
To download your free report ‘Five Fatal Stocks You MUST Sell Now’ simply subscribe to Markets and Money for FREE today. Enter your email in the box below and click ‘Send My Free Report’.
You can cancel your subscription at any time.