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Buy gold, not miners: Jim Rogers
Posted By admin On November 17, 2009 @ 11:16 am In Money Watch | Comments Disabled
Tuesday, Nov 17th, 2009
Jim Rogers, renowned global commodities investor and author, says gold prices will hit $2,000 (U.S.) in a decade.
Gold prices have risen 20 per cent in the past year, recently testing a new high of $1,133.50. With strong speculative fund buying, a weakening U.S. dollar and inflation fears, investing in gold is a popular trend as the precious metal becomes an alternative asset class.
Physically backed SPDR Gold Shares (GLD-N111.43-0.20-0.18%) has risen almost 15 per cent YTD and Market Vector Gold Miners ETF (GDX-N50.42-0.92-1.80%) has popped over 30 per cent.
Rogers’ love of gold is nothing new, but with gold in a strong bull market, I wanted to know if the trade was too crowded.
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