Saturday, June 1, 2013
Jim Rogers : Gold Price Correction Can Continue & Make a New Bottom
ET Now: So while on paper gold has been getting sold, the physical buying has picked up from the US to India now. Asian markets have paid premiums to acquire bullion in the past month. What do you read in the print?
Jim Rogers: That is not quite exactly true because gold ETFs have had big redemptions and people have been getting out of physical gold. Yes, the shops claim to be packed and some of them are and you talk about a premium, but that is because the shopkeepers would not lower the price. The shopkeepers are stuck with high-price gold and they would not sell it. But fortunately for them, people come in and pay absurd premiums. However, one does not have to pay those premiums to get gold these days.
ET Now: Where do you see silver and gold prices trading by the end of the year and would you advise long term investors that they should currently put money to work into gold and silver?
Jim Rogers: I do not know where gold would be at the end of the year. I am not buying gold, not selling any of my gold. If gold goes down low enough, I hope I am smart enough to buy more and silver as well.
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.
Who is Jim Rogers ?
James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator