Monday, August 29, 2016
JIM ROGERS: 'I'm not the only person who knows there's turmoil coming'
There's economic havoc on the horizon, but no safe haven, says legendary investor Jim Rogers.
"I'm not the only person who knows there's turmoil coming," Rogers said in an interview withReal Vision TV released Friday. "And people are looking for ways to protect themselves."
Rogers is worried about the increasing valuation of gold and the US dollar, as well as the US stock indexes, which he said are up despite most underlying stocks being down.
Meanwhile, many investors are seeking shelter in gold and the US dollar, but neither are safe, Rogers said.
"I own a lot of US dollars, though," he added. "Not because it's a safe haven, but because people think it's a safe haven. And when the world falls apart, people will put their money into the dollar. That's going to mean the dollar's going to go up."
In turn, the dollar's increase is going to hurt a lot of other currencies, Rogers said, including the euro, the UK pound, and the Chinese currency.
Rogers warned against seeing strength in the strong US stock market, which has continued to rise. "Everybody thinks, well, things are great because look at the S&P," he said. "Well, look under the S&P, and you would say, 'Oh, my God, look what's going on here.' We've got problems, and that's happening this year as well."
Rogers joins other notable investors who have raised concerns about potential market turmoil.
Stan Druckenmiller said earlier this year that investors should move their money to gold, and 36 South's Jerry Haworth, who runs a black swan fund, said he also expects chaos to come.