Bullion crash a bull market blip, buy on dips, says Jim Rogers

Veteran investor Jim Rogers said he would buy more silver than gold right now, as it is cheaper on a historical basis.

Rogers said he owns both gold and silver, but would like to add more gold when the time comes. Silver, he says, still is down 50 per cent from its all-time high and, thus, looks a better bet.

Nonetheless, Rogers sees both the bullion counters ‘ going up a lot over the next few years, as “never ever in history has the world seen such a staggering debt burden that lies ahead in 2021, 2022 and the years ahead,” he said.

His comments came on a day when international gold prices fell nearly 2 per cent to a near three-week low of $1,872.19, extending the losses after a 6 per cent plunge on Tuesday. Silver prices in the international market also took a hit, falling 2.8 per cent to $24.11 per ounce, after a 15 per cent slump in the previous session. All this amid reports that Russia has developed the world’s first Covid-19 vaccine.

The big fall in the two precious metals had a rub off on the domestic billion market, with gold futures on MCX falling 2.75 per cent, or Rs 1,429, to Rs 50,500 per 10 gm in morning trade on Wednesday. Silver futures shed 7.14 per cent, or Rs 4,776, to Rs 62,158 per kg.

“A 10-15 per cent decline should not be a cause of concern in a bull market,” Rogers said in an interview with ET NOW. He said he would buy gold and silver on dips.

Rogers said the Bank of Japan, as it itself says, is printing unlimited amounts of money.

“Europeans say they will print as much as they have to. You know what is happening in the US. Everyone is printing money and that has always in our history led to people seeking protection in real assets. This is not an opinion. This is a simple historical fact,” he said.

“Gold will make new highs, but so will silver,” he said, adding that the two bullion counters could ‘go up a lot ‘ over the next few years.

Rogers said the dollar which was strengthening for the last few months is seeing a correction.

“The US dollar is a terribly flawed currency. America is the worst debted country in the history of the world and it is getting worse. In Washington, policy makers have gone nuts, but everywhere else too, as seen with BoJ policy making. They all are doing the wrong thing,” he said.

Rogers said he likes to buy things that are ignored and cheap, like a sliver.

He said that since the governments are spending trillions amounts of money, all money that is being spent, borrowed and printed has got to go somewhere.

“A lot of this is going into the financial markets and some of it is also going into the real market. That is why the financial markets are rallying. Is it good for the world? No. It is terrible for the long-term. Ten years down the line, young people will ask where did all this debt come from. They would forget about the virus by then,” Rogers.

Rogers said technology stocks were the darlings of the world market, but he would not buy them.

Rogers, who co-founded the Quantum Fund with George Soros in the 1970s, said one should definitely worry about the US and the US elections in November, as both the parties have said that they will bash China in their election campaigns and they will.

“Is it good for them? No. That’s a popular thing for politicians now. China and the US and everybody should be working together. The trade war may get worse. It’s not good for anybody.”

Rogers said: “Everybody should own some precious metals as an insurance policy. Everybody has car insurance, health insurance and fire insurance, hoping they never need them. Who knows what you never needed, you might!” he said.

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