Q: Iran’s nuclear deal is a historic deal. What impact do you see this having on crude prices in the near-term if at all?
Jim Rogers : It is already having an impact. Whether it is a real deal or not is irrelevant. It is having an impact right now. My first reaction is Iran has been selling its oil - they may not have been selling it to the west, but they have been selling their oil. So there is not going to be much of a new supply on the market, but psychologically it is clear that the oil markets are ready for a correction. This has given them an excuse for a correction and so it is in process. We will probably hit some kind of bottom if we have panic selling; that usually means we are getting towards bottom and it looks like there is panic selling.
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%.