Jim Rogers on CNBC TV18’s Money Control on October 2009.
Some excerpts (video link follows):
Q: It has also concomitant with a big fall in the dollar and there is a call now for greater weakness in that currency, would you concur?
A: I am not optimistic about the US dollar long-term. In fact, the US dollar long-term is going to be a disaster. However, there are many people in the world right now who are terribly pessimistic about the dollar including me, many people have sold the dollar short, and so it would not surprise me if there were not a big rally. If a rally comes, I plan to sell that rally but I am not selling the dollar down here.
Q: What about gold?
A: I own some gold and I am optimistic about the price of gold but I don’t think I would buy it either. The gold is near its all-time high, I think I would rather buy silver for instance if I had to buy a precious metal. However, I am not buying either at the moment. I certainly would not sell any precious metals — if they go down, I plan to buy more and maybe a lot more.
Q: From the emerging and Brazil, Russia, India, China (BRIC) basket, what would be your top pick then right now in terms of markets?
A: I wouldn’t buy any of them. I would never buy the Russian market. The BRIC is some kind of an artificial thing, which some marketing people put together. I would not ever buy the Russian market. I own China. Brazil is a natural resource-based economy and it is being better managed these days and it has been in the past. So Brazil probably has a good future though I don’t own any Brazilian stocks. The Indian stock market has run up a lot in the last year or so. So I don’t think I would buy it either. I am not buying shares anywhere in the world as we speak.
Jim Rogers Interview (Video Link):
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Same old same old with Jimmy R. He doesn’t change his story that much. The only thing I noticed that he has said differently in this interview is that the dollar may rally soon. That is right in line with a lot of what other smart people are saying too.
I must say that it is refreshing to hear Jim say the dollar may move up. I am a big fan of a dollar Up move right now.
It seems the market is actually moving DOWN on bad news now.
what does it all mean?!
Perhaps it means that you can only surf on momentum and gov’t stimulus for so long before reality sets back in.
Faber predicted all this… we’ll see if it plays out the way he says.
If he’s right the gov’t might test the market to see how it gets along without further stimulus, then it will start to tank again. But they will not let the S&P get back down to its March lows without another capital injection. Eventually (and likely after the 4th quarter retail numbers come out) it will be clear that we may be deeper in the woods as opposed to our way out of them and they will convince everyone that more money printing is necessary. That is when I will stop shorting the market and perhaps get back on board again. I know, it sounds simple. Lets see if it comes to fruition, though.
I think Faber is right about the money printing/stimulus… if this thing hits 800, people will panic… but honestly, I don’t know if they can act fast enough… you could see a collapse in literally 2 weeks…
In any case, they will stimulate first chance they get.
I think at that point…say we bottom out a little similar to last year, a move back in to markets might not be a bad idea.. ride it up as the GS’s of the world crank the computers.
We often discuss inflation/deflation… but you know… insofar as the market is concerned, i am not going to call it that anymore.. it’s just a market moving up and down right now…
Say bernanke says “Print!” and they go nutz and print another 5 Trillion… and the markets blow up to 15,000 on the Dow… I don’t think you will see this reflected in consumer prices right away… so, even though people move in because of inflation fears, there is no actual inflation in consumer goods, etc.
BUT, eventually, the inflation will catch up in consumer prices… and this is where I think being in the Dow, even if it goes to 30,000, would be pointless because the value of the USD will be worth crap…
But, for now, in the near and intermediate term, one can actaully make money, in REAL terms, on inflation fears.
So yeah…. I’m with you on this particular “simple” idea. It really is simple, though, and it may very well work out just like you said.
Mac
I always like to keep an eye on foreign markets…I’m not sure why. I have no idea what, if anything, they mean for our market.
That being said, as of right now, most of down on 10/2…near -3% in China.
My guess is a decent swing one way or the other.
…or maybe not.
Me thinks we’ve got a WOPR or two rigging this game.