Gold’s safe haven status has kept prices above $1,700 per ounce, but it is well off its 52-week high of $1,916.20. Commodities legend Jim Rogers, who owns gold, has said he will only be interested in accumulating more gold if prices fall to below $1,600. In an interview with CNBC Rogers said gold prices have been falling for three months and will continue to fall:
“Gold is overdue for a correction. I own gold and I’m not selling my gold. Gold has been up 11 years in a row, that’s extremely unusual for any asset. 11 years in a row, without a single down year, so somewhere along the line, gold is going to have a correction. It’s been correcting for three months now, and it wouldn’t surprise me if went on for a while. It’s normal, it would be good for the gold market. Anything that goes up 11 years in a row has to worry people.”
Rogers says for now he thinks the U.S. dollar is a better play than gold though he owns them both. Watch the entire interview at CNBC:
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