Jim Rogers wary of buying gold at new high


Truth feeder
Wednesday, October 7, 2009

SINGAPORE (Reuters) – Renowned investor Jim Rogers, one of the biggest bulls on this decade’s commodities rally, is not so bullish on gold a day after the precious metal set a record high, although he does see further gains in the long term.

“Gold has hit a new high and I don’t like to buy something at record prices unless there are extremely strong fundamental reasons. I am not jumping on board,” said Rogers, whose bearish views on the dollar and bullish views on commodities and China have been widely broadcast for years.

“I can’t say what will happen to gold tomorrow or next month. But if you ask me whether gold will go up in the long term, maybe in the next decade, I would say yes,” he told Reuters by telephone in Singapore, where he now lives as an independent investor.

Spot gold prices surged to a record above $1,040 an ounce on Tuesday, topping the previous March 2008 peak as investors moved to preserve the value of their dollar-denominated assets against the weakening currency and the risk of inflation.