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Jim Rogers using rally to exit dollar assets
Vivianne Rodrigues
Reuters
Thursday, December 11, 2008
NEW YORK (Reuters) – Investor Jim Rogers said on Thursday he has been using the sharp rally in the U.S. dollar as an opportunity to exit assets denominated in the U.S. currency.
Rogers told the Reuters Investment Outlook Summit 2009 in New York that the rally — which has pushed the greenback up about 20 percent since July — is a reversal of a “gigantic short position” accumulated over several years and not a result of a fundamental bet. He added the U.S. currency is likely to weaken sharply again.
“I plan to get out of all of my U.S. dollars at some time throughout this rally,” he said. “The dollar is a terribly flawed currency, and perhaps a doomed currency.”
“I’ve driven around the world looking for a sound currency. There aren’t any…. but the yen is the only thing that’s going to go up for a while,” he added.
(ARTICLE CONTINUES BELOW)
Rogers, who spoke via a conference call from Miami, also noted that economies and currencies in regions such as Central Europe and Russia are particularly vulnerable.
On Thursday, the Russian central bank allowed the fifth one percent devaluation in the rouble against the dollar/euro basket in a month as data showed a $17.9 billion drop in gold and foreign exchange reserves last week.
“Russia is a disaster that is spiraling down to a catastrophe. I wouldn’t put a penny of my money into Russia right now,” he said.
Rogers said he expects the economic situation to deteriorate not only in Russia but in Central Europe, which in turn may weigh further on the euro zone.
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December 11th, 2008 at 2:46 pm
Rogers’ right – still he isn’t more than a “nothing’s enough” type, blood-sucking speculator – and most likely a tool…
December 11th, 2008 at 3:59 pm
Jimmy is the man with a plan.
People who don’t want their money robbed would do well to listen to him.
He trades like Buffet long term.
Not really for small fries unless you scale in then out of trades when the times are right.
Rogers said in the past, that gold has a way to go yet.
If my memory serves me well around 1500$oz conservative target.
My observations not advise.
December 11th, 2008 at 9:12 pm
Jim Rogers Co-Founded and RAN QUANTUM HEDGE FUNDS, With none other than GEORGE SOROS for 10 years. That would be the George Soros that is a Nazi and funded Obama, Pelosi and numerous horrid Democrats into office. He can take his little bowtie and shove it.
December 12th, 2008 at 9:37 am
Rogers is right, the dollar is poised to collapse, but don’t believe the other information he is attempting to influence the market with. My guess is, a lot of his money will end up in Rubles.