The price of gold is due for a correction, Jim Rogers says
The price of gold is due for a correction and this could be used as an entry point by investors eager to get exposure to the precious metal, while the dollar is likely to strengthen as there has been too much pessimism about it, famous investor Jim Rogers told CNBC Tuesday.
Gold hit record after record high this year as investors scared by central banks printing money around the world and by the protracted debt crisis in the euro zone sought refuge in precious metals.
“I own gold and I’m not selling my gold,” Rogers said but pointed out that the price of the commodity has been up for 11 years in a row. “Somewhere down the line gold will have a correction.”
“I own the dollar , I own some other currencies as well,” he said. “A year ago everybody was pessimistic about the dollar, including me…when everybody is on the same side of the boat, you go to the other side of the boat for a while.”
Rogers said he also owns the Chinese renminbi and the Japanese yen
If the gold price retreats towards $1,200 per ounce, Rogers said he would get “extremely excited.”
“I’d probably get more interested at $1,600. At $1,710 or whatever it is today I’m not buying gold, I’m just watching. And likewise for silver ,” he said. – CNBC
Tags: Gold analysis, gold forecast, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price 2012, Gold price forecast, gold prices, price of gold, Spot gold, Spot gold price
Posted by 
Subscribe via Email 
Subscribe in a Reader 
Follow us on Twitter 
Connect on Facebook
Gold price
Jim Rogers failed to point out US debt (now US$15 Trillion) has been up 11 years in a row.
The fact that US government continues to print more money and Federal Reserve already been bailing out banks and corporations with little or no media attention.