Jim Rogers: Get Out of Stocks; Buy Gold, Silver and Agriculture (SLV, GLD, AGQ, TZA, SDS)Submitted by stu2002 on Thu, 05/10/2012 - 09:32
Dominique de Kevelioc de Bailleul: Wall Street’s old guard of economists tell us the U.S. economy is recovering. However, famed commodities trader Jim Rogers disagrees. In fact, Rogers is betting the U.S. economy tanks in the “foreseeable future” and suggests investors stay away from stocks and buy gold, silver and agriculture commodities, instead.
“This [financial crisis] is all going to end badly for the West” Rogers told Business Insider’s (BI) Henry Blodget. Get my next ALERT 100% FREE
Blodget pointed to University of Pennsylvania economist Jeremy Seigel’s interview with CNBC on Apr. 26, when Seigel suggested that “stocks are most attractive in over half a century.”
Rogers retorted, “That’s a remarkable statement . . . Maybe I should go out and short some stocks . . . I don’t think this is the most exciting time to buy stocks . . . I don’t own any stocks in the U.S.” In some cases, Rogers has taken a step further by shorting stocks.
Moreover, as early as last week, Rogers told the Wall Street Journal he believes the economy in the U.S. will be bad enough to anticipates civil unrest across America. Gross Domestic Product (GDP) and labor statistics painted as rosy, or improving, by Washington’s various departments don’t jibe with the real world—a complaint routinely raised by Rogers. The economic numbers are “doctored,” according to Rogers, and he believes the statistics lately have been especially doctored due to an election year.