Jim Rogers: The Economy Is Being Juiced Up Before
the Election, Watch Out for 2013
global investor and chairman of Singapore-based Rogers Holdings,
Jim Rogers has been talking about the recent 'upbeat' US economic
data and bullish expectations for gold. He dismisses the first as
"juicing up" the economy to win the election and calls
for caution on the yellow metal.
Now, Rogers said: "You have the American government spending
staggering amounts of money right now, printing a lot of money and
getting ready for the election".
to remember the election in America in November...they do their
best to get the economy juiced up so they can win the election,"
been warning that the problem of too much debt can't be solved by
more debt and that the next recession will be worse because the
debt is going through the roof and in his words "we're shooting
long distrusted the Federal Reserve and the monetary policies it
has been pursuing, claiming that "everything is worse instead
investors' solution? "Let people go bankrupt. Let the system
clean out and start over."
and 2014 are what I am most worried about because this year everybody
is trying to just get through the next election...Everybody is going
to do their best to get us through the election. Watch out for 2013,
Rogers told ET Now.
specifically about gold, he presented a more cautious view.
gold and I am not selling gold by any set of imagination,"
he said, adding that if the yellow metal rose in 2012, that would
make it 12 years in a row that it would be going up. "That
is very unusual for any asset."
not surprise me if gold continues to consolidate. Maybe by the end
of the year, it will start rising again and maybe even have another
up year in 2012, but gold needs to continue to consolidate,"
the renowned investor said.
it to consolidate," he added, stressing that this would be
best for the metal in the long-term as it will would allow it to
are the most bullish in two months. Eighteen of 23 surveyed by Bloomberg
expect the metal to gain next week, the highest proportion since
Spot gold prices
dipped to US$1,637 an ounce this morning London time a 1.4%
fall from Thursday's high.
10% last year on the Comex in New York, beating the 1.2% drop in
the Standard & Poors GSCI Total Return Index of 24 commodities
and the 9.4% decline in the MSCI All-Country World Index of equities.
Treasuries returned 9.8%, Bloomberg reported quoting a Bank of America
U.S. Gold Corp
Chief Executive Rob McEwen said he expects global financial worries
to push gold prices above US$2,000 an ounce in 2012 and much higher
in the next few years.
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Rogers has taught finance at Columbia University's business school
and is a media commentator worldwide. He is the author of Adventure
Gift to My Children, and A
Bull in China. See his
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Intelligence Middle East
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