Jim Rogers says “Don’t Sell Your Goldâ€
Jim Rogers, a very well known economist and frequently seen on news channels, was interviewed on CNBC today. Jim is well known for his bullish views on gold and has long been an advocate for the metal.
Right out of the gate Jim says that the $850/oz high set in 1980 if adjusted for inflation would be $2,400/oz, but he believes it will go much higher than that within the decade due to the fact that governments around the world are printing money. He says that if the dollar becomes “confetti†then there is no high for gold because the dollar will be worthless.
He says that he is not selling his gold primarily because he owns it as an “insurance policy†and secondly because he believes he is going to make a lot of money with gold given where the world is going within the next 10 to 20 years.
When asked about if we will see QE3 Jim states that the Fed is already in the markets, “When you pump up the money supply you have to buy something†and the Fed is out buying stuff in the markets (bonds, stocks etc.).
When asked why gold has lost some of its luster in the face of the recent European debt crisis. Jim responds that gold has always been inverse to the markets but that lately it has had a recent pullback just like any other asset. He says gold has been up 11 years in a row and is due for a correction, “let gold correct,†gold will continue to do well into the future and be a good hedge.
To watch the interview click link below:
