The smart money continues to accumulate gold and silver on the dip.
Investor Jim Rogers, chairman of Rogers Holdings, said he remains bullish on gold and silver in the long term and he "will buy more" on price weakness.
Rogers predicted a global commodities rally and the gold and silver bull markets in 1999. He also predicted much of what has transpired in financial markets in recent months and years and has consistently warned about the risks posed to the US dollar and other fiat currencies.
In the short term he is not so optimistic about gold and silver prices. "I expect the price to decline and when that happens I will buy more," Rogers said at a conference in Bucharest yesterday.
He recently said that he would buy gold at $1,600/oz and would increase position by even more at $1,500/oz – reiterating that gold is going much higher in the coming decade.
Rogers did not elaborate, nor was he asked, how much higher, but he said in November 2011 that gold "will easily go to $2,000 but it will reach $2,400 over the course of the bull run, which has years to run."
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