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Commodities Rally Still Strong, Gold Will Hit $2,000
Article Posted on 10-29-2010  126 Views
 

The huge rally in gold is expected to continue—with $2,000 an ounce well within sight over the next decade, well-known commodities investor Jim Rogers told CNBC. Gold will be among the premier plays in commodities, which stand to benefit whether the economy rebounds or not, said Rogers, creator of the Rogers International Commodity Index.

"Gold is going to go a lot higher over the next decade. It may slow down for a while because it's run up so dramatically here in the last few weeks. But gold's going to be much higher," Rogers said. "Adjusted for inflation it should be well over $2,000 now. When I say something like it's going to 2,000 in 10 years it's not a very dramatic statement given the state of the world. I'm sure it's a given." 


Rogers said one reason gold will continue to gain is because of what he called the failed policies of the Federal Reserve, its Chairman Ben Bernanke, as well as Treasury Secretary Geithner and other government officials. He said their efforts to prop up the economy have made things worse, not better.

"They've all been dea d wrong, totally unadulterated wrong," he said. "Unemployment is higher now than it was before. Everything is worse i nstead of better. Let people go bankrupt. Let the system clean out and start over."

Either way, he said, investors are better off in commodities than stocks and bonds."If the world economy gets better I'm going to make money in commodities," Rogers said. "If the world's economy doesn't get better I'm going to make money in commodities, because (the Fed is) going to print money."

He also said silver may even be a better buy now than gold because it is well off its historical high, while gold has been setting a series of new peaks lately. Rice will do well among soft commodities, he predicted.


"Look at the things that are cheap. Gold is making all-time highs, silver is still 60 percent below it's all-time highs," he said. "So if I was looking at a precious metal, I would look at the places that are still cheap."


© 2010 CNBC  Article Source



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