OFF INTO THE WILD WET YONDER How does this...
Jim Rogers: Bearish on Gold, Bullish on Chinese Yuan
Adventure Capitalist Jim Rogers was in Beijing, China, this week and offered up a couple predictions during an interview.
He predicts the Chinese yuan (CNY) will be on par (that’s 1:1, everyone) with the U.S. dollar in less than 25 years, and will only continue its progress of becoming a freely convertible currency, helping to further strengthen it to world reserve status.
As Rogers has said in most every interview, he still believes China is the most important country in the world in the 21st century.
His outlook on gold, however, was a bit grimmer… but there is an upside. Rogers thinks gold may not find support until US$1,000/oz, but once it does he predicts it could move all the way to US$1,500/oz. Rogers isn’t buying any gold now, but once the US$1,000/oz price level is reached he’ll jump back into the market.
As Rogers is famous for often saying, “I try not to make it a habit of buying appreciating assets…”
Today, gold is hovering slightly below US$1,200/oz. At this level, gold could be a loser for 2014—in January the price was slightly above US$1,200/oz.
It’s been a tough year for the silver investors, too. Silver kicked off 2014 at US$19.37/oz and is now trying to fight its way back from a 5-year low of US$15.66/oz, now struggling to breathe at US$16.53/oz.
H/T: Want China Times