Jim Rogers: This is when I’ll buy more gold
Jim Rogers, who 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 jewelry buyers from the U.S. 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. If… that’s not a prediction.”
Bullion lost 14 percent in 2013 as investors including the University of Texas Investment Management Co., the third-largest U.S. academic endowment, sold the metal after a 12-year rally. Gold coin sales by the U.S. Mint are heading for the highest since December 2009 as buyers took advantage of the worst two- day slump in three decades on New York futures.
“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.”