Tuesday, October 25, 2011

Jim Rogers' Recent Gold Call Looks Right - Forbes

Commodities guru Jim Rogers looks to be right yet again on gold prices.  Gold futures are down over 11% in the last five days, with the popular SPDR Gold (GLD) exchange traded fund down yet again Wednesday, this time another 2.75% to $156.22.  Rogers, a long term commodities bull, told The Economic Times newspaper in India this week that gold prices were bound to correct short-term.

Forbes ran a pick up of part of the interview on Tuesday.

In the interview, Rogers says that gold prices are likely to correct for as long as two months and $2,000 an ounce is probably out of the question for this year. He added that investors who like the long term prospects for the precious metals should be buying the dips.

“Gold has been up 10 years in a row, which is very unusual in any asset class. So if it is up this year or 11 years in a row, gold is overdue for a correction and it could have a nice substantial correction given that it has been so strong,” he told India’s largest business daily. “I have no idea what is going to happen this year. I doubt if it will go to $2000 an ounce in 2011.”


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