Jim Rogers Extremely Bullish on Commodities

"Legendary investor Jim Rogers was Larry Kudlow’s guest on tonight’s The Kudlow Report. Jim Rogers started with predicting a $150 per barrel oil.

“It’s not going to $150 this week or this month, but the surprise is going to be how high the price of oil stays,” said Rogers. “We are running out of known reserves of oil. These are simple facts. We have not had a major elephant oil field discovery over 40 years,” he added. He doesn’t agree with T. Boone Pickens that natural gas will replace oil anytime soon.

Jim Rogers also talked about inflation. He said everywhere in the world, including Europe and Australia, there’s inflation.

“The Americans lie about it and the British lie about it,” said Rogers. He added that inflation is supply driven and he gave the decline in oil reserves as an example.

Rogers thinks that the recent decline in gold and copper is nothing more than corrections in a major bull market, and it still has years to go. Rogers argued that massive money printing will make investors put some of their money in the stock market, but that more money will go into commodities. Whenever paper money is debased, people will want to own real assets. Nevertheless, Rogers isn’t terribly bullish about stock markets anywhere in the world..."

at http://www.insidermonkey.com/blog/2011/01/26/jim-rogers-extremely-bullish-on-commodities/