A Jim Rogers gold prediction is taken seriously by investors.
And today (Friday) we got a fresh Jim Rogers gold prediction courtesy of a MarketWatch interview.
"Gold is in a correction, and the correction has gone on for four years," Rogers said. "Although I am not buying gold, I am expecting an opportunity to buy gold sometime in the next year or two. For instance, if gold goes under $1,000, I hope I'm smart enough to buy a lot more gold."
When Jim Rogers speaks, he is taken seriously by investors – and for good reason.
He achieved legendary Wall Street status with The Quantum Fund, which he and partner George Soros founded in 1970. It's often described as the first real global investment fund.
Over the next decade, The Quantum Fund gained 4,200%, while the Standard & Poor's 500 Index climbed about 50%. After he "retired" from Wall Street in 1980, he predicted the meteoric growth of China, as well as the rise of commodities.
Rogers is known as one of the yellow metal's biggest fans – but he has a realistic outlook on what affects its price.
"Part of the problem is that many people consider gold to be holy. They are mystical about it. Some mystics are surprised that gold goes down at all," Rogers told MarketWatch.
Rogers has no such illusions. That gold price figure of under $1,000 is based on a long-standing expectation that the gold correction could end up as much as 50% of the $1,885 peak in August 2011.
At about $1,173 an ounce, gold is currently down about 38% from that peak.
Jim Rogers' gold outlook is mostly based on history and trends. He told MarketWatch that a 50% correction in a commodity is "normal."
About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.