Monday, March 10, 2014

There Are Still Many Mystics In Gold

"Gold is still going down. India was a much bigger buyer than anyone else – so obviously when you take out demand from the largest buyer of anything, it causes a correction. That’s what been happening. Nothing unusual about it.

At the same time, many speculators and investors were cutting back after the 12-year bull market. That plus the Indians overwhelmed Chinese demand.

I still am not buying gold in any big way yet, because there are still too many mystics, too many people who think that gold is holy. I don’t see how the markets can make a bottom until a lot of those mystics get shaken out of the market. Once they throw in the towel, then gold will make a significant bottom, and I hope I’ll be buying a lot more at that time."  - in IB Times

Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).