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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

Reuters [1]
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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Jim Rogers wary of buying gold at new high 260909banner [2]

“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.

Full story here. [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/ousivMolt/idUKTRE5961LE20091007

[2] Image: http://prisonplanet.tv/signup.html

[3] Buy gold, not miners: Jim Rogers: http://www.prisonplanet.com/buy-gold-not-miners-jim-rogers.html

[4] Gold Rises To Record Sterling High: http://www.prisonplanet.com/gold-rises-to-record-sterling-high.html

[5] Gold heading to $2000 as predicted by Jim Rogers?: http://www.prisonplanet.com/gold-heading-to-2000-as-predicted-by-jim-rogers.html

[6] Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense’: http://www.prisonplanet.com/roubini-says-rogers%e2%80%99s-forecast-of-2000-gold-%e2%80%98utter-nonsense%e2%80%99.html

[7] Gold rallies 2 pct on haven buying, hits euro high: http://www.prisonplanet.com/gold-rallies-2-pct-on-haven-buying-hits-euro-high.html

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