The chairman of Rogers Holdings said that metals like silver and gold, as well as agricultural commodities like rice, will be the best investments over the next few years.
Although he holds both gold and silver currently, Rogers says he prefers the white metal right now because it has been less bullish than gold lately, and represents a better bargain.
Regardless, he thinks that gold will eventually hit more than $2,000 per troy ounce, by some undisclosed date. He advocates buying physical gold over gold shares, citing its liquidity, portability and "real" value.
The hedge fund manager is pessimistic about the state of the global economy and told an investors conference in Kuala Lumpur on Wednesday that "Bonds are not a good place to invest in. You should own commodities because that’s your only refuge."
Rogers gained international renown after calling the beginning of the global surge in commodities prices that began in 1999. In 1998, he created the Rogers International Commodity Index, which is a dollar-based basket of 36 commodities across three major sectors: agriculture, energy and metals.
The RICI includes gold, silver, palladium, platinum, crude oil, natural gas, rice, coffee, cocoa wheat and sugar.
