Gold Hasn't Corrected Enough, Too Many Gold Bugs Around - Jim Rogers-Shanghai Metals Market

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Gold Hasn't Corrected Enough, Too Many Gold Bugs Around - Jim Rogers

Industry News 01:52:44PM Jun 23, 2017 Source:kitco

Sarah Benali  Thursday June 22, 2017 12:54

(Kitco News) -- Despite being bullish on gold and silver over the longer term, one well-known investor says he's not fully committed to the metals just yet.

"For me, gold has not had enough corrections yet. There are still too many gold bugs," Jim Rogers, chairman of Rogers Holding, said in a recent interview on The Investor's Podcast.

The Singapore-based investor, who first rose to fame in the 1970s when he co-founded the Quantum Fund with billionaire George Soros, said he would take a more contrarian approach when investing in gold.

"When people say, I never want to invest in gold again, that is when I want to invest in it," he said.

"When everybody is throwing it out the window, that is usually a good time to buy anything including gold. So far, there are too many people that love gold."

Gold has found some reprieve Thursday after falling to multi-week lows this week. August Comex gold futures last traded at $1,251.60 an ounce, up 0.47% on the day.

However, Rogers noted that even if he still sees too many gold bugs, he isn't fully stepping away from the precious metals.

"Many people think of gold as a currency, but it is just another investment," he said. "I own gold and silver although I am purchasing more at the moment."

He also shared his other current picks, which included the U.S. dollar, investments in China as well as in Russia. He added that he is currently shorting junk bonds.

Key Words:  Gold prices 

Gold Hasn't Corrected Enough, Too Many Gold Bugs Around - Jim Rogers

Industry News 01:52:44PM Jun 23, 2017 Source:kitco

Sarah Benali  Thursday June 22, 2017 12:54

(Kitco News) -- Despite being bullish on gold and silver over the longer term, one well-known investor says he's not fully committed to the metals just yet.

"For me, gold has not had enough corrections yet. There are still too many gold bugs," Jim Rogers, chairman of Rogers Holding, said in a recent interview on The Investor's Podcast.

The Singapore-based investor, who first rose to fame in the 1970s when he co-founded the Quantum Fund with billionaire George Soros, said he would take a more contrarian approach when investing in gold.

"When people say, I never want to invest in gold again, that is when I want to invest in it," he said.

"When everybody is throwing it out the window, that is usually a good time to buy anything including gold. So far, there are too many people that love gold."

Gold has found some reprieve Thursday after falling to multi-week lows this week. August Comex gold futures last traded at $1,251.60 an ounce, up 0.47% on the day.

However, Rogers noted that even if he still sees too many gold bugs, he isn't fully stepping away from the precious metals.

"Many people think of gold as a currency, but it is just another investment," he said. "I own gold and silver although I am purchasing more at the moment."

He also shared his other current picks, which included the U.S. dollar, investments in China as well as in Russia. He added that he is currently shorting junk bonds.

Key Words:  Gold prices