Jim Rogers: Gold will hit $2,000, Dollar will lose reserve status

Famed investor and co-founder of the Quantum Fund, Jim Rogers, told Tech Ticker that one ounce of gold bullion will hit $2,000 and the United States Dollar will lose its reserve status.

Founder of Rogers Commodity Index and author of “Hot Commodities”, Jim Rogers, spoke with Yahoo! Finance’s Tech Ticker this week to discuss where commodities are headed and what the future holds for the US Dollar. Rogers said that he is “quite sure gold will go over $2000 per ounce during this bull market.” Other investors like Marc Faber and Peter Schiff are confident in the high values of gold futures because of the decline in the US Dollar and their belief that the federal government is making all the wrong moves. “Is it going to happen? Yes. I don't like saying it [and] I'm extremely worried about it but we have to deal with the facts. America is not getting better [and] the dollar is going to be replaced just like pound sterling [was].” However, Rogers and others share different viewpoints on purchasing gold bullion. Rogers believes it’s not the time to buy gold because he “doesn’t like to get on a moving train”, while men like Peter Schiff still think gold will go a lot higher. He thinks he can make a lot more money in commodities that are depressed and, therefore, cheaper. Nevertheless, the investor and traveler is “worried about the fact the U.S. government is printing huge amounts, spending gigantic amounts of money it doesn't have. People are very worried [and] skeptical about paper money [and] looking for places to protect themselves. The best way is to buy real assets. [That] has always protected one during currency turmoil, and it will again.” Last month, Digital Journal reported that Rogers spoke at a conference in China and warned investors that the US Dollar will fall and that he will sell all the dollars he has. Continuing a message that the best place to invest in is Asia, where he now lives in Singapore. “It was smart to invest in Britain in 1807. It was smart to invest in the United States of America in 1907. It is now smart to invest in Asia in 2007.”