Tuesday, October 5, 2010

[Video] Jim Rogers - Gold to $2000 in 5 to 10 Years, Silver Might be Even Better Buy Now

I haven't posted a Jim Rogers video in a long time.  He appeared on CNBC yesterday and his views are still consistent - the Fed is a failure, their policies are destructive to Americans, and buy commodities as a way to protect some buying power.  He actually seems to like silver more than gold at this point.  Not that much new for long time readers but I'll throw it up here since every financial website must talk about silver or gold at least 5x a week or be banished from the blogosphere...

  • "Gold is going to go a lot higher over the next decade. It may slow down for a while because it's run up so dramatically here in the last few weeks. But gold's going to be much higher," Rogers said. "Adjusted for inflation it should be well over $2,000 now. When I say something like it's going to 2,000 in 10 years it's not a very dramatic statement given the state of the world. I'm sure it's a given."
  • Rogers said one reason gold will continue to gain is because of what he called the failed policies of the Federal Reserve, its Chairman Ben Bernanke, as well as Treasury Secretary Geithner and other government officials. He said their efforts to prop up the economy have made things worse, not better.
  • "They've all been dead wrong, totally unadulterated wrong," he said. "Unemployment is higher now than it was before. Everything is worse instead of better. Let people go bankrupt. Let the system clean out and start over."
  • "If the world economy gets better I'm going to make money in commodities," Rogers said. "If the world's economy doesn't get better I'm going to make money in commodities, because (the Fed is) going to print money."
  • He also said silver may even be a better buy now than gold because it is well off its historical high, while gold has been setting a series of new peaks lately. Rice will do well among soft commodities, he predicted.

10 minute video (email readers need to come to site to view)

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