ET Now: With the decline that silver has seen over the last one week of almost 30%, would these be right levels to possibly start buying some more right now?
Commodities Market Will Go Up
Jim Rogers: I have no idea. I am not good at market timing. I am not doing anything. I am not buying. I am not selling. I am just watching. Some of these things such as silver have touched astonishing amount. So they need a correction. Very welcome in the market as far as I am concerned. If you do not have corrections, you are setting yourself for serious problems later on.
ET Now: But this fall that we have seen this week, 30% in silver, gold down 5%, crude down 15, it has been across the board. Many base metals are at multi-month lows. Do you see this to be the starting point of more downward pressure? Where do you see the next 3 months for these commodities and how volatile they can be?
Jim Rogers: Again, I have absolutely no idea. 5% correction in gold is meaningless. These things correct 10-15-20-30% every year. Nothing unusual about that. That is the way the markets work. I do not see anything unusual. I expect there would be more correction during the course of the bull market. I hope that the bull market goes up, consolidates, goes up, consolidates, goes up and consolidates for years to come. That is my expectation for all commodities.
ET Now: You would define this fall as a correction and not a signal that perhaps in the interim the up move is over?
Jim Rogers: Not in my view. It is interesting that you should probably short all commodities, but I do not seek that at all. Maybe something is happening, maybe the US is going to put on some kind of speculation with something, maybe that is what is causing this commodity pullback. Again, I have no idea. If the US puts on serious restrictions to control, that will affect the market for a while, but obviously, it makes a long run situation even better. Because then you control prices, you restrict supply and you increase demand, the demand-supply situation gets worst and worst and worst. Throughout history, they have tried to control prices, and they have always failed in the end. The politicians are not smart enough to know that.