'I Am Not Selling My Gold,' Says Jim Rogers

Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said he is concerned some institutional gold reserves may be sold, affecting prices in the short term.

In an interview with Bloomberg radio, Rogers said: “I own some gold, but I am not buying at the moment because the IMF, which is one of the largest owners of gold in the world, is desperate to sell its gold.”

“I’m not selling my gold,” Rogers said.

The IMF “is trying to get permission from everybody,” Rogers added.

“If and when they sell their gold, they may set a bottom. Who knows? It may go down to US$700. They got a lot of gold to sell. If it does, I hope I’m brave enough and smart enough to buy more.”

In an earlier interview Rogers said whether the IMF sells gold or not, the world is expecting them to sell it.

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May 3, 2009

Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist and Investment Biker. See his website.

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