Gold price correction to continue: Jim Rogers
Legendary investor Jim Rogers said Wednesday that he's waiting out gold's current correction and that things will likely get worse before another bull run begins.
In an interview with the Economic Times, Rogers put gold's recent bull run in perspective:
"A correction in precious metals was long overdue…gold was up 12 years in a row. I don't know about any asset in history which was moving up for 12 years without a declining year."
"Normally things correct 30-40% every year or two. So, the anomaly in gold was the price action for 12 years. Now hopefully we are having a long overdue and necessary correction. It may take a bit longer for gold to make a new bottom or sound bottom, and then the bull market will continue."
Rogers said that he's unable to predict where the price of bullion will be by year's end but that if it does fall lower, he hopes that he'll "be smart enough to buy more – and silver as well."
To access the full interview, which includes Rogers' thoughts on agriculture investment and the Fed's recent comments, click here.