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For the past 12 years, gold has gone up and has had only one drop in the market by 30 percent. Gold climbed above the $1,700 mark in the early morning trading session Wednesday and many still seek gold to hit unprecedented records, such as $5,000 an ounce in the next few years. Meanwhile, silver bullion has had quite a run as well over the past few years. It is still trading above $30 an ounce and it has been the precious metal to invest in, considering that it dropped 40 percent and is well below its all-time high of nearly $50. Speaking with IndexUniverse.com on Monday, Rogers laid out his near-term outlook for both gold and silver. Akin to those who are cautious about the United States economy, the Federal Reserve and the U.S. dollar, he owns all of the precious metals, particularly gold and silver. Although he wouldn’t buy either right now, he would buy metals if they went down. “I’m not selling, by any stretch. I own it. If it goes down, I’ll buy more. If America bombs Iran, I’ll probably buy more going up,” said Rogers in the interview. “But I own it and, over the longer term, gold is going to go much higher because the world is doing nothing but printing money. And when the world economies get bad again, they're going to print even more money. But I'm not buying now.” At the present time, Rogers would prefer to purchase silver than gold because it’s cheaper than gold and is far from the $50 mark, but he reiterated that he isn’t buying either at the moment. |
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“So I guess I’d rather buy silver than gold. I’m buying neither at the moment. But if I had to, I’d probably buy silver today rather than gold. But again, I’m not buying or selling either,” added Rogers. Since the year 2000, gold has gone from $200 to $1,700 an ounce. Meanwhile, in the same time period, silver has risen from $4.95 to more than $30 per ounce. It was reported last month that some financial experts, such as Jeff Clark of Casey Research, project gold rising to $2,300 by the year 2014 and possibly even $2,500 by the end of 2014. Clark used a chart between the monetary base and gold prices and found that “one outperforms the other until the other catches up.” Peter Schiff, president of Euro Pacific Capital and former Republican Senate candidate, said that the U.S. will not only experience a currency crisis but also a sovereign debt crisis, higher unemployment numbers, a rise in interest rates and a dramatic increase in food and energy costs. |
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Original Sources :
http://www.digitaljournal.com/article/
338391#ixzz2EkazFlKc |
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