“I expect the price to decline and when that happens I will buy more,” Rogers said at a conference in Bucharest yesterday.
Silver dropped as much as 4.2% Wednesday and gold declined 2% after the Federal Reserve signaled it may refrain from more monetary stimulus. The dollar rose as much as 0.6% against a basket of six currencies, curbing demand for precious metals as an alternative investment.
Yesterday’s declines pared gold’s gain for this year to 3.4% and silver’s advance to 13%. Rogers predicted a global commodities rally in 1999.
About Jim Rogers
Jim Rogers has spent a career being one step ahead of mainstream investment thinking. Amongst his many accomplishments, Rogers was co-founder with George Soros of Quantum Fund. During his ten years with the fund, the portfolio gained more than 4,000%, while the S&P rose less than 50%.
Rogers retired from Quantum in 1980 and became a guest professor of finance at Columbia University Graduate School of Business and in 1989 and 1990, the moderator of The Dreyfus Roundtable, The Profit Motive with Jim Rogers, and a media commentator worldwide.
But ask Jim Rogers about his most important venture and he will answer without hesitation: fatherhood.
A Gift to My Children: A Father's Lessons for Life and Investing (RandomHouse, 85 pages, US$16) is Jim Rogers' love letter to his daughters, Happy and Baby Bee. Reminiscent of The Autobiography of Benjamin Franklin, which was also written by a father to his child, Rogers' book is full of no-nonsense, unsentimental fatherly advice.
Among Jim Rogers' best advice:
-- Conduct your own research and trust your own judgment.
-- Focus on what you yourself love.
-- Be persistent.
-- Broaden your horizons and see as much of the world as you can.
-- The most important thing you can learn is how to think and question everything you hear.
-- Study and learn from history.
-- Master more than one language - and make sure one of them is Mandarin.
-- Don't panic.
-- Take care of yourself and don't neglect the sunscreen.
-- Remember that boys need girls more than girls need boys.
Underscoring his convictions that future prosperity will come from China, Rogers' two young children speak Mandarin.