Commodity Online
While Carl Weinberg, chief economist, High Frequency Economics argues that the European Central Bank proposed Outright Monetary Transactions or OMT is something of such a small scale that it would not affect commodity markets in a big way, Jim Rogers has approved of it.

“Rogers, famed as a long-term commodities bull, said there was no reason to correct this stance.” CNBC.com reported.

“The bull market in commodities will end someday – but some day is a long way away,” Rogers was quoted by the CNBC as saying.

“Commodities have been correcting for a while. Now everybody knows they’re throwing money into the market, and history tells you that when they do this the way to protect yourself is to own real assets whether it’s silver or rice. If the world economy gets better, I own commodities because there’s shortages developing. If it doesn’t they’re (central banks) all going to print money. It’s the wrong thing to do, but it’s all they know to do.” CNBC.com quoted further.

According to him, the markets would pay a terrible price irrespective of the ECB bond-buying program:

“These guys have been saying the same old garbage for a long time. It’s not a game-changer – it’s good for the market for maybe a month. The debt keeps going higher and higher and eventually we’ll all going to pay a terrible price.”

The market rally that is staged now would only be a short-term phenomenon, according to him.

“It’s not an opportunity to make money for me. This is not good for the market and it’s not going to last. Every three or four months they (euro zone politicians) have a summit and they say: Ok guys, everything is ok now. The market goes up. But we’re getting a little tired of this and the market is getting a little tired of this,” Rogers argued in CNBC on Monday.