Jim Rogers suspects gold will fall further
A commodity Jim Rogers don’t like at the moment is gold. In a short post on his blog, the commodity investing legend writes that 50% corrections in markets are normal and “I suspect we might have a 50 percent correction [in gold] before it`s over”.
It’s not clear exactly how he would measure a 50% correction but if go back to the dawn of the gold bull market in 2001, a 50% correction would hit around $1080.
“I am not buying at the moment. I think there will be a better chance to buy gold in the future,” Rogers wrote.
Gold is down $6 to $1283 today.
Gold monthly chart