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Thursday, December 10, 2009

Jim Rogers On Dollar, Gold, Stocks, Sterling and More

Jim Rogers was a guest on CNBC's Closing Bell with Maria Bartiromo today.

On the Dollar, Rogers said:
  • the Federal Reserve has run out of bullets and we don't have enough trees to print any more money.
  • the dollar will probably have a short-term rally just because everyone is so bearish on it now.
On gold (Gold charts and GLD charts), Rogers said:
  • Gold will reach $2,000 per ounce by 2019, about 6% a year gain.
  • Gold's recent surge (to $1,351.50 Current Gold Quote) is due to large budget deficits
  • Gold will power the great commodities run that he thinks will last for the next decade.
General comments by Jim Rogers.

Rogers has correctly been bullish on commodities over stocks for the past decade.

Rogers would rather own agriculture, silver or palladium over gold or copper since silver is still 70% below its all-time high.

Become a farmer. Learn to drive a tractor. We have a shortage of farmers.

Water is a spectacular opportunity.

He is skeptical of the economy going forward and the US market is up 70% so he'd not put money into US stocks. If the economy recovers, he feels his commodities will go up anyway.

He is not buying any stocks because they are all going up but he still owns some stocks in China.

"China churns out 15 or 20 times as many engineers as we do, every year." What Jim fails to mention is many of those "engineers" might be auto mechanics and other technicians here because they are not all design engineers. Still, even twice as many design engineers is a big deal and I think the rate is much higher.

What to avoid according to Rogers:

Jim says to avoid US Long-term US Treasury Bonds. He sees it as the next bubble since "everyone" is buying US government bonds. (except for me. I sold ALL my bonds and bond funds that are not indexed to inflation in my personal accounts and the portfolios I cover in "Kirk Lindstrom's Investment Letter.")

Jim sold all his British Sterling after holding it for 30 years. Jim said "it grieves me to see what is happening in the UK."

As of December 10, 2009, "Kirk's Newsletter Explore Portfolio" is up 32.4% YTD vs. DJIA up 18.7% YTD
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Past Jim Rogers articles of note:
  • April 2009: Rally will fail.
    Jimmy Rogers comments on the bailout of Wall Street and his belief that we made a bottom but it is not the final bottom.

  • March 2009: Jim Rogers Bearish, Likes Land on Larry Kudlow's "The Kudlow Report"
    "I don't think the bottom is here, maybe 'a' bottom, but not 'the' bottom. The economy is going to get worse. You can't have a good stock market without a good economy."

  • November 2008: Jim Rogers Covers Shorts
    When asked where to invest, Rogers said China. He admitted he did not take any profits in China before the crash but thinks investing in China now is like investing in the US 100 years ago.

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