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I am not buying gold at record prices, says Jim Rogers
Source: BI-ME and Reuters , Author: BI-ME staff
Posted: Wed October 7, 2009 2:24 pm

INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said he is not so bullish on gold a day after the precious metal set a record high, although he does see further gains in the long term.

Speaking to Reuters by telephone in Singapore, Rogers said: "Gold has hit a new high and I don't like to buy something at record prices unless there are extremely strong fundamental reasons. I am not jumping on board."

"I can't say what will happen to gold tomorrow or next month. But if you ask me whether gold will go up in the long term, maybe in the next decade, I would say yes," he added.

Spot gold prices surged to a record above US$1,044.80 an ounce on Tuesday, topping the previous March 2008 peak as investors moved to preserve the value of their dollar-denominated assets against the weakening currency and the risk of inflation.

"I certainly would not sell any precious metals — if they go down, I plan to buy more and maybe a lot more," Rogers said recently .

Rogers has long held bearish views on the dollar,  which he called 'terribly flawed, and bullish views on commodities and China.

He has also been highly crtitical of US monetary policy.

In some of his recent most memorable 'rants' he was quoted as saying:"How can the solution for debt and consumption be more debt and more consumption? How can that be the solution to our problems?"

"What we're doing now is we're taking the assets away from the competent people and giving them to incompetent people and telling them 'now you can compete with competent people with their money."

"We're going to have zombie capitalism for the next 15-20 years. How long are you going to let the bureaucrats run the thing so we can't have a clean system?"

Rogers has spent a career being one step ahead of mainstream investment thinking.  He rose to fame after co-founding the now-closed Quantum Fund with George Soros nearly four decades ago. During his ten years with the fund, the portfolio gained more than 4,000%, while the S&P rose less than 50%

The Quantum Fund shot to fame after making more than US$1 billion betting against the British Pound in early 1990s.

 

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