Money Morning Executive Editor William Patalon III recently had a chance to catch up with famed investor Jim Rogers on investing in gold, U.S. stocks, and the best commodities for 2013.
Renowned commodities investor Rogers is concerned about the worldwide economy, but he's not worried about the recent sell off in gold.
In fact, he stands poised to pounce on the yellow metal should it fall further.
Interview: Jim Rogers on Investing in Gold 2013
Gold prices are already making a comeback after their two-day rout in April.
That's why physical buyers have been piling back in to the yellow metal.
"The slaughter last week got way ahead of itself," Bob Haberkorn, a senior commodities broker with RJO Futures told The Wall Street Journal. "You've had stories out of Asia and the U.S. on strong demand for physical gold. Last week, we started to see more [futures and options] activity coming in, people looking to get back in or establish new positions."
A report released April 19 from the Commodity Futures Trading Commission showed hedge funds and money managers boosted bullish gold positions amid lower prices while trimming bearish bets.
Indeed, desire for physical gold has been robust. U.S. Mint gold coin sales, a reflection of retail investors' demand, stands at 167,500 ounces so far this month. That compares to just 20,000 ounces in April a year ago.
A ravenous appetite for the yellow metal has gone global. Asia, Australia, China and India all report a frenzied rush for gold jewelry and bars from individual investors for gold jewelry. This hearty retail demand provided a cushion for the yellow metal.
Gold has been a foundation asset for centuries, chiefly during times of financial stress. Investors race to the yellow metal in a flight to quality, as a means to protect wealth, a hedge against inflation and as an insurance against extreme movements in other asset classes.
So where does Rogers stand on investing in gold in 2013?
He said this kind of price pull back isn't unusual - in fact, it's a good thing for gold.
That's why Rogers remains committed to gold. Noting an astonishing 12 consecutive years of gains, Rogers said gold was due for a correction.
And Rogers believes gold is destined to go higher over the next decade or so thanks to the global monetary printing presses that continue to spew out dollars at an unprecedented rate.
As for those investing in gold in 2013, he said he's keeping his eye on the yellow metal for a good entry point. There are many ways to invest that could do well this year - as long as investors do their homework.
To find out the full story on where Jim Rogers sees gold prices headed in 2013, as well as his tips for investing in gold, just read our exclusive interview. He also discusses what's ahead for U.S. stocks, one market he's looking at investing in, commodities, and central banks' "race to insanity."