Wednesday, October 5, 2011

Jim Rogers turns bearish on gold

By Commodity Online - Gold prices witnessed a rally for a decade which is unusual for any asset class but the present correction in prices may last for weeks or months, according to Jim Rogers, legendery investment wizard and Chairman of Rogers Holdings.

In an interview to Economic Times (ET) he expressed doubts on whether the yellow metal prices will reach $2000 an ounce in 2011. Much of the present movements in Gold are due to panic and fear. The raising of margin requirements makes it more difficult to hold on to gold. However, he said that he would buy more Silver if prices plummet. Jim Rogers feels that base metals will be most adversely affect by fall in demand and he would not jump into buy or sell either.

Once the market settles down and consolidates, agriculture commodities will be attractive to investors. ‘Right now Iam buying agriculture not base metals , Gold or oil,’ he points out in the ET interview.

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