Tags: Rogers | sell | gold | silver

Jim Rogers: Don’t Sell Your Gold and Silver Coins

Wednesday, 06 Feb 2013 08:17 AM

By Dan Weil

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Demand for gold and silver coins is raging, and given the weak outlook for paper currencies, investors should hold on to these coins, says star investor Jim Rogers, chairman of Rogers Holdings.

Gold coin sales hit a 19-month high last month, while silver eagle sales climbed to a record peak.

"You can’t get [silver coins]. They sell out,” Rogers tells Yahoo. “Several mints have run out of coins, … because everybody’s worried about the future of the world.”

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Spot gold stood at $1,671.80 late Tuesday, down 13 percent from the record high of $1,921.15, set in September 2011.

Rogers says he “wouldn’t rush in right now” to buy more coins, but would consider purchasing gold if prices fall further.

A correction is likely, he maintains. “Gold has been up 12 years in a row, which is extremely unusual for anything," Rogers points out.

The long term looks bright for precious metals, he says. “There is no paper money in 2014 or 2015 that will be worth much of anything."

As for the short term, some gold market participants have their doubts about the precious metal.

“Central banks have been buying gold for months now, and we [gold futures] really haven't moved,” Comex gold options floor trader Jonathan Jossen tells Reuters.

“To me it's bearish, as I would think that we should be much higher."

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© 2014 Moneynews. All rights reserved.

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