Veteran investor Jim Rogers says he learned a lot about gold and silver from the Indian market. “I went to the Indian markets and I saw all these Indian women, their wives have incredible amounts of gold and silver. I really learned a lot,” the Singapore-based American billionaire told NDTV Profit.
Commodity trading guru and hedge fund manager Jim Rogers (Reuters photo)
The 81-year-old Rogers dismissed the notion that storing gold in a locker was wasted capital, saying instead that holding gold could provide peace of mind and security in tough financial times.
While Rogers was commenting on Indian silver and gold, interviewer Tamanna Inamdar pointed out, “Jim, our view is that having large amounts of silver and gold sitting unused in a cupboard or dangling from your wrist is a huge waste of capital.”
“I know. I know what you and the Indian government think. I know many governments think that too. But when problems arise, it's very nice to have money in the closet,” Rogers replied.
“You'd be happy to have some silver under your bed,” he continued, “and hopefully you won't get into any trouble… but if you do get into any trouble… I'm an old farmer, and we old farmers know it's better to have some gold and silver on hand in case trouble comes our way.”
You can watch the full interview here.
Regarding gold's strong performance this year, Rogers said he owns gold and silver and has for many years. “I'm not buying right now, but if I were to buy, I would buy silver,” he said. “Silver is way down from its all-time high, so if I were to buy today, I would buy silver,” he explained.
Who is Jim Rogers?
Jim Rogers is chairman of Beland Interests and co-founder with George Soros of the Quantum Fund. His net worth is estimated at around $300 million.
Speaking to NDTV Profit, the veteran investor admitted it was “embarrassing” to have missed out on the rally in Indian stocks.
“I've invested my life in this and it's embarrassing because I missed out when Delhi finally got it right,” he said.
