Jim Rogers : [Crude Oil Price] depends on what happens in the world. As I said if Spain goes bankrupt, the oil would go to 50. If Iran and Israel go to war tomorrow, it would to go 200 straightaway. It depends on what happens in current events looking around the world, but basically the shortage of crude oil gets worse and worse and the price is going to go much higher.- in ET Now
Friday, November 11, 2011
OIL is going to go much higher
Jim Rogers : I continue to own oil. I am not thinking about selling it. I know it is going to go much higher over the decade. If somebody suddenly goes bankrupt, if Spain suddenly surprises us and goes bankrupt, everything would go down for a while, but you better jump in and buy if that happens. - in ET Now
The surprise for crude is that how high the price is going to stay and how high it is going to go
Jim Rogers : The surprise for crude is that how high the price is going to stay and how high it is going to go. The world's known reserves of oil are on decline. The International Energy Agency is going around the world every month begging people to listen that we are running out of known reserves of oil. - in ET Now
All the commodities that I get involved with, have futures markets
Q : Do you think it is the right time now to switch out of nonferrous metals and buy ferrous metals? Jim Rogers : I do not really pay too much attention. There is no futures market. Most of the commodities, all the commodities that I get involved with, have futures markets. I am vaguely aware what's going on in iron ore and steel, but I do not pay that much attention. - in ET Now
Base Metals have a huge wonderful future
Jim Rogers : I own mainly precious metals and agriculture. I own all commodities, including base metals. So certainly base metals have a huge wonderful future. People have not been opening many metal mines in the past 25 or 30 years. There has only been one lead mine for instance opened in the past 30 years. So base metals have a terrific future. - in ET Now