Commodities guru Jim Rogers believes the current 20 per cent correction in gold prices could continue for a while longer.
In an interview with OilPrice.com published on CNBC.com, Rogers said the time for investors to jump back in to the metal is unknown for now.
“I’ve actually owned gold for longer than 11 years. I’m not buying now. Gold went up 11 years in a row, which is extremely unusual for any asset. I don’t know of any asset in history that’s gone up 11 years in a row without a correction.
“Corrections are normal and are the way things should work, the way things do work. Having said that, I don’t know when the correction will stop. It’s normal in my experience for corrections to go down 30 or 40 per cent. It’s just the way markets work.”
But none of this means that you shoudl short gold either
I’m certainly not selling my gold, because I suspect gold will be much, much, much higher over the next decade.
Rogers’ whole interview includes talk of energy and Myanmar among other things. It can be found at CNBC.com.