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Jim Rogers Says Buy Gold Bullion Not Mining Stocks

Commodities / Gold & Silver 2009 Nov 17, 2009 - 08:47 AM GMT

By: LewRockwell

Commodities

Alix Steel writes: 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 has risen almost 15 per cent YTD and Market Vector Gold Miners ETF 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.

Jim Rogers: I don't ever like to buy something making all time highs however I'm not selling my gold. Gold is going to go much higher in the course of the bull market. Doesn't mean it can't go down 20 per cent next year but during the course of the bull market it is going to go much higher it is certainly not a bubble yet.

Jim you are typically a contrarian investor. If everyone is buying, shouldn't you be selling?

Jim Rogers: Yes, I should be selling at the top, but I don't think this is the top. Gold, if you adjust it for its old highs, adjust it for inflation back in 1980, gold should be over $2000 an ounce right now. In my view, in this bull market in commodities gold will make all new highs adjust for inflation.

What about mining stocks as a way to play rising silver and gold prices?

Jim Rogers: Not with my money. The studies show that you would make more investing in commodities themselves rather than commodity stocks unless you are a very good stock picker. If you are a good stock picker, unless you find a company that is going to discover silver in Berlin you buy all you can and then you call me and I'm going to buy it too ....short of something like that and there are a hundred gold stocks and most of them don't pan out. But if you own gold, gold is making all time highs.

Read the rest of the article

Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.

Copyright © 2009 The Globe and Mail

    http://www.lewrockwell.com

    © 2009 Copyright LewRockwell.com - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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