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Prominent Investor Jim Rogers Sees Continued Gold Bull Run

Release Date: 
Wednesday, November 23, 2011

Author and financial commentator Jim Rogers said this week that he forecasts higher gold prices due to a period of easy monetary policy. "It will easily go to $2,000 but it will reach $2,400 over the course of the bull run, which has years to run," Rogers said. He reiterated his view that investors will benefit from owning commodities regardless of whether the global economy improves.

"I'm long commodities...because if the world gets better, the shortages in commodities will make sure I make money; if the world economy doesn't get better, I'd rather own commodities because they're going to print money," Rogers said.

The euro fell against the dollar as investor worries over the European debt crisis continued. The currency dynamics and other factors moved gold prices lower, according to Credit Agricole analyst Robin Bhar. "We're seeing some post-options expiry selling coming through. The turmoil still going on in financial markets and the euro dollar swap rates are still fairly high.... Gold may still be a casualty of that," Bhar said. "The bullish factors for gold haven't really disappeared, it's more positioning pushing it down."

"UBS noted a pickup in buying of physical gold. "To be sure, evidence of appetite from physical buyers provides some comfort," commented UBS analyst Edel Tully.

(Sources: "Why Jim Rogers Is Still a Commodities Bull," Bloomberg, November 23, 2011; "PRECIOUS-Gold falls as dollar profits from euro worries," Reuters, November 23, 2011)

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