Gold Prices

Jim Rogers on Gold Prices 2013

With the yellow metal down about 14% this year, wouldn't it be great to get the scoop from famed investor Jim Rogers on gold prices in 2013- specifically, why they're down, and if investors should still bet on a long-term gold bull market?

We had a chance to ask Rogers those very questions last weekend.

Sunday evening, Money Morning Executive Editor William Patalon III spoke on the phone with Rogers - who was at his home in Singapore - in a wide-ranging discussion about gold, U.S. stocks, commodities and global central banks' "race to the bottom" - or, as Rogers calls it, "race to insanity."

In this exclusive interview, the legendary investment guru took us on a tour of the gold market, taking a close look at what's driven the past 12 years of gold price gains - and what will move the yellow metal going forward.

He also pointed out the one fundamental reason why gold prices fell recently...

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Jim Rogers Exclusive: Once Gold Bottoms, We're Looking at "A Multi-Year Bull Market"

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Gold soared 650% from August 1999 to August 2011.
But it's down 24% from the $1,885 peak and in recent days has whipsawed gold investors in a way they haven't experienced in 30 years.
The bear market has gold bugs reaching for the Dramamine. But we reached for the telephone instead and dialed Singapore - and legendary investment guru Jim Rogers.
In his usual contrarian manner, Rogers said he sees the current correction as a buying opportunity.
Here's his take on where gold goes from here...

Gold Prices Rise as Traders Cut Short Bets

Squeeze

Gold regained some of its luster Monday with June Comex gold ending up $30.50 at $1,425.80, and spot gold prices finishing up $19.80 at $1,426.75.

The gains came from short covering, bargain hunting, and strong demand for physical gold.

According to the Commodity Futures Trading Commission's Commitments of Traders report released April 19, managed money traders (i.e. hedge funds and commodity trading advisors) boosted bullish positions on gold by 21,675 contacts to 68,662 contracts, while paring bearish bets to 54,025.

The CFTC's summary of trading positions showed bullish investors returned to the gold market last Tuesday, when the data was compiled. The increased long positions came on the heels of gold's largest one-day sell off in 30 years.

The report showed managed money traders covered 12,411 shorts, as gold prices finally bounced last Tuesday.

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Is Now the Time to Buy Gold and Silver?

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Wondering if now's the time to buy gold and silver? Wonder no more. Let me explain.

As a collector of both precious metals, like many, I planned on loading up in the wake of recent price declines. But guess what? My usual dealers were out of gold and silver.

Thanks to the selloff, a buying frenzy for bullion has crashed websites, jammed phone lines and depleted inventory.

"Our website was overloaded for the first time ever Friday and Monday. Every phone line was lit up. We did seven times our normal volume," Jake Haugen, VP of sales for Texas-based  Provident Metals, told Money Morning.

You see, with gold on track to log its fourth weekly decline and silver headed for the worst week in about 19 months, bargain hunting abounded.

Declines in gold and silver prices began last Thursday and accelerated Monday when gold plunged $140.40, or 9.4%, to $1,360.90 an ounce, marking its biggest one-day decline in 30 years. Since its 2011 high of nearly $1,900 an ounce, gold has tumbled 28%.

Silver slumped $2.97, or 11.3%, Monday to $23.36 an ounce, well off its 1980 record high of $49.45.

As recently as last year, investors like me were paying more than $1,700 per ounce for gold and $35 per ounce for silver.

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If You're Worried About Gold Prices, You Need to Read This

When stocks fall by 20% or more from their peak, it's labeled as a "bear market."

With gold prices down 26% from their record close back in August 2011, the "yellow metal" has entered a bear market of its own.

It took an especially ugly day on Monday to get us to that point.

Two days ago, gold prices plunged as much as 9.7% - the biggest decline since 1980 - and continued a sell-off that saw the yellow metal fall by 4.7% last week, including a 4.1% drop on Friday.

The metal has now fallen 26% from its Aug. 22, 2011 settlement record of $1,888.70.

To get some expert insights on this sell-off, I telephoned Peter Krauth, our resident natural resources expert and editor of our Real Asset Returns research service. Peter based himself in Canada to be closer to the miners and natural-resources companies he covers for his subscribers.

I asked Peter for insights on the following three questions:

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Keith Fitz-Gerald: "I am Buying Gold and I Intend to Buy More if It Goes Down"

Keith gold 2 Apple plunged below $400 per share, while gold prices remained well under $1,400 an ounce.

What's going on in the markets?

Stuart Varney of Fox Business' "Varney & Co." put that question to Money Morning Chief Investment Strategist Keith Fitz-Gerald Thursday.

Of Apple, Keith said, "I wouldn't touch it," then ticked off a number of reasons.

But Keith had a decidedly different take on gold, saying, "I am buying gold and I intend to buy more if it goes down, and I hope I'm smart enough to do it for a long time to come."

Asked what else he's investing in, Keith said he's "cautiously buying" energy, defense technology and medical technology stocks.

To hear more from Keith on these topics as well as his view of the massive money-printing in Japan, watch the video below.

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What's Next for the Price of Gold?

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Before investors even attempt to guess what's next for the price of gold, they first need to understand why gold prices have fallen so much.

While some have blamed Goldman Sachs Group Inc. (NYSE: GS) for manipulating gold markets, Money Morning Chief Investment Strategist Keith Fitz-Gerald explains that the Goldman "puppet masters" are only partly responsible for gold's slide.

In fact, Keith says Goldman simply set the market up for this fall and that another catalyst actually caused gold's selloff...

Keith also has an answer for the question we're all asking:

What's next for the price of gold?

Why Gold Really Crashed and What You Can Do About It

The news is great at telling us what's happening. But understanding what's happening is what makes the difference between an average and a truly great investor.
Gold's crash on Monday is a perfect example.
The media fell all over itself talking about how gold was falling and how far it was off its highs. Yet few tied the devastating slide to real economic events let alone made the connection to actual trading.
But that's my bread and butter. And today I'm going to tell you what really happened and why.
Better yet, I'm going to tell you exactly how to play it...

Why the "Smart Money" in Japan is Investing in Gold

Country Japan flag

Some Japanese investors were thrilled as gold prices swooned this week, because they got a chance at investing in gold at a bargain price. 

Tokuriki Honten Co., the country's second-largest gold retailer, reported Tuesday that Japanese investors doubled their gold purchases this week from the week before.

And Reuters reported how 63-year-old Yujiro Yamashita traveled to Tokyo's Ginza district to buy gold for the first time in 20 years.

Why?

It's thanks to fears stemming from Japan's new monetary easing, known as "Abenomics."

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Jim Rogers' Prediction on Gold Prices Was Only Half of the Story

In October, legendary Quantum Fund manager Jim Rogers made a prediction about gold prices that left many gold bugs shaking their head.

Although Rogers admitted he wasn't going to be selling his hard assets, he predicted further consolidation and a near-term correction in the metals markets.

Predicting this short-term downturn, Rogers cautioned that gold had been on the rise for twelve consecutive years, a streak that was unparalleled. That was then.

This week, his prediction rang true as gold and silver prices took another huge hit. In the aftermath, gold prices are now down approximately 30% since reaching an all-time high in August 2011.

According to Rogers gold prices have even further to fall.

If You're Worried About Gold Prices, You Need to Read This

After an especially ugly day for gold investors on Monday, the "yellow metal" has now entered a "bear market". As of yesterday, gold is down 26% from its record close back in August 2011.

To get some expert insights on this sell-off, I telephoned Peter Krauth, our resident natural resources expert and editor of our Real Asset Returns research service.

I asked Peter for his insights on the following three questions:

  • Why gold is selling off.
  • What you can expect from here.
  • And what investors should do now.

Here's what he had to say...