, who will be Michael Campbell’s guest on Money Talks April 27th, who also predicted a commodity rally in 1999, said he may buy gold if a bear market deepens and prices fall to $1,300 an ounce or below
Bullion for immediate delivery tumbled to $1,321.95 on April 16, the lowest since January 2011, stoking a frenzy among coin and jewellery buyers from the US to India and Australia. Rogers, the chairman of Singapore-based Rogers Holdings, hasn’t bought any bullion after the slump, he said in an interview. “If it goes to $1,300, I hope, I am smart enough to buy some,” he said in Singapore. “If it goes lower to $1,200, I hope to buy even more…”
“Gold was acting very unusually for the last 12 years and was overdue for a decline,” Rogers said in a separate interview on Bloomberg India TV. “Gold will make a proper bottom before resuming the bull market.”
Morgan Stanley said this week the peak in the price “has now passed,” while Goldman Sachs said it exited a bet on lower prices while saying bullion may fall even more. But billionaire John Paulson has stuck with his view that the metal will climb as a hedge against inflation. Demand for gold in India is double the level for this time of year, said Rajesh Mehta, chairman of Rajesh Exports.
Rogers first rose to fame when In a short 10 years Rogers Quantum Fund gained an astonishing 4200% vs the S&P 500’s gain of 50% during the same time period.