Last Updated : 13 August 2012 at 09:10 IST
Jim Rogers not buying gold, nor selling
With elections approaching in Germany and US, Jim Rogers believes that things are going to be bad after the same. The Americans and the Germans want to do everything they can to keep the world up, he observed in a CNBC television programme, "until after the next election."
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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You can love him, hate him, but cannot ignore him; and he does not care. But the world takes pain to hear it when Jim Rogers says that he is neither buying gold, nor selling it!
Gold has been appreciating for the past 11 years. And it ain’t correcting. And it is unprecedented in history, to the best of Jim Roger’s knowledge. It is pretty normal for things going up to come down; may be by 30% or 40%. But gold’s case is unique in that it hasn’t gone down that much. It has done so once in the past 11 years and yet ended that year up, reported mineweb.
If it goes down, he may buy more of it. He will not sell it, “certainly not” as Jim Rogers thinks the commodity would be much, much, much (three much) higher over the next decade!
With elections approaching in Germany and US, he believes that things are going to be bad after the same. The Americans and the Germans want to do everything they can to keep the world up, he observed in a CNBC television programme, "until after the next election."
Gold is currently in a wait-and-watch mode and could continue to behave so for some time according to various analysts.
Meanwhile, silver markets are reportedly in surplus of around 3000 tons for the year 2012. It would still be a 4000 tons surplus market for next year as well. This means investors’ appetite for the metal would decide its future trajectory.
The muted performance of gold existing, the surplus of silver may be a drag on bullion for the time being, analysts say.
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