Jim Rogers :
Gold had gone up 12 years in a row, without a down year, which is extremely unusual in any asset. Equally important, gold has only had one 30% correction in 12 years. Again, that is extremely unusual. Most things correct 30-40% every year or two. So the action in gold has been very unique and gold needed a correction.
The main thing that caused it as far as I am concerned was that the market was ready. It needed it and it is good for gold to have a proper correction.
Whenever there is a correction people always find reasons. Cyprus was going to sell its gold, which means other European countries might have to. There were various and sundry things that came up. At the time bitcoin was collapsing. A lot of people that own bitcoin own gold.
The main reason is that gold needed a correction. It had had only one proper correction in 12 years. So it finally came. I hope this is the proper correction. -
in morningstar
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%.
