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Jim Rogers wary of buying gold at new high
Posted By admin On October 7, 2009 @ 8:56 am In Money Watch | Comments Disabled
Wednesday, October 7, 2009
SINGAPORE (Reuters) – Renowned investor Jim Rogers, one of the biggest bulls on this decade’s commodities rally, 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.
“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,” said Rogers, whose bearish views on the dollar and bullish views on commodities and China have been widely broadcast for years.
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“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 told Reuters by telephone in Singapore, where he now lives as an independent investor.
Spot gold prices surged to a record above $1,040 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.
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