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Monday, October 12, 2009

Will gold hit 2,000 , Jim Rogers say "s ??

Jim Rogers "Quite Sure" Gold Will Hit $2000, Dollar Will Lose Reserve Status
by A Task
Famed investor Jim Rogers is "quite sure gold will go over $2000 per ounce during this bull market."
Rogers' confidence gold will continue to rally stems from a view the U.S. dollar is on its way to losing status as the world's reserve currency.

"Is it going to happen? Yes," Rogers says. "I don't like saying it [and] I'm extremely worried about it but we have to deal with the facts. America is not getting better [and] the dollar is going to be replaced just like pound sterling [was]."

Rogers didn't offer a timetable, and it's likely gold would exceed $2000 per ounce if the dollar were to lose its reserve status.

Still, "I wouldn't buy gold today," Rogers says. "I think I'll make more money in other commodities, which are cheaper," as discussed in more detail here.

Among many others, Rogers is "worried about the fact the U.S. government is printing huge amounts, spending gigantic amounts of money it doesn't have," the investor and author says. "People are very worried [and] skeptical about paper money [and] looking for places to protect themselves. The best way is to buy real assets. [That] has always protected one during currency turmoil, and it will again."

Governments all over the world, not just in America, are debasing their currencies, rendering gold the currency of choice. As for basic commodities, demand is weak and supplies large due to the global depression. People who say gold is not useful simply do not understand the utility of money. Gold has been money for 5000 years, which makes it very useful indeed when paper alternatives are being rendered worthless by financial corruption and mismanagement
Investing in any other commodity will only give you returns in fiat money. Gold and Silver is currency! If our dollar goes to hell, then try to buy a loaf of bread with a lump of copper or aluminum. They will gladly accept my gold and silver.It's time to destroy the money printing monopoly aka THE FED. Burn the elite at the stake like the catholics and protestants used to do in imperial Europe. Maybe a giant sinkhole will swallow up the GOLDJEW building in Manhatten. Woudn't that be a pretty sight. Revolution by the majority. Tryanny by the minority. If my money become useless??

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