Jim Rogers Warns Of Gold Price Correction In Early 2013

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Silver2012

New Member
Jim Rogers has always been bullish on commodities over the long term, however, his sentiment is currently changing. Mr. Rogers notes that in strong bull markets, a 30% correction every two to three years should be expected.

"Just be careful, there're too many bulls, including me, but I'm very cautious," Rogers told CNBC. "Gold is having a correction it's been correcting for 15-16 months now which is normal in my view, and it's possible that [the] correction is going to continue for a while longer." The safe haven asset has only seen a major correction once during the global financial crisis back in 2008 when bullion fell 32 percent.

[youtube]http://www.youtube.com/watch?v=zRmCYCAbRRk[/youtube]

In addition, India the largest consumer of gold globally could pose a threat to the price if it pulls back on demand. India's finance minister has blamed gold imports as primary drivers of the country's current account deficit, which could mean import duties on gold could double.

Mr. Rogers is not buying gold at the moment, however he ends the interview with his iconic quote. "If gold goes down I hope I'm smart enough to buy more. If it goes down a lot, I hope I'm smart enough to buy a lot more."

Source: http://wp.me/p2hryu-l3
 
^ to be honest I thought it was just his way of placating the inevitable cries of the PM bulls.

Faber does it too, but he is a PM bull himself. Rogers is a trader.
 
and Jim Sinclair says pretty much the same - with a rider.

The Great Train Robbery in Gold and Silver

We were discussing gold over dinner. It sure looks like the elitists are about to attempt the great train robbery in gold.

All the rumors are crap. This is the biggest manipulative play in gold ever. The only good part is as soon as the criminals have their positions filled, we are off to $3500 and above.
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www.jsmineset.com
 
I predicted this the other day..... If the U.S raises the debt ceiling again it will put off for at least a few years the huge bull market rush we 'were' all anticpating the sheeple would be discovering next year..... But now the whole ball game is up in the air again and Obama is trying to do very dodgy deals with the Repuclicans to buy more time.. :o
 
TheEnd said:
I predicted this the other day..... If the U.S raises the debt ceiling again it will put off for at least a few years the huge bull market rush we 'were' all anticpating the sheeple would be discovering next year..... But now the whole ball game is up in the air again and Obama is trying to do very dodgy deals with the Repuclicans to buy more time.. :o
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come again? raising the debt ceiling is just what you want to see if you are looking for the bull market to continue.
 
Jim, the "Indiana Jones of Finance" is right, gold is having a correction. Marc Faber said the same thing.

What did I say a few days ago about a 2013 crash?
http://forums.silverstackers.com/topic-34159-potential-gold-crash-in-2013-page-3.html

I am wondering how low this will go. If it dips below 1,500 $, that would hit a psychological limit and the "ordinary small investors" will panick. It's not selling that I'm worried about, but rather of "not buying enough".

So the cascade might be getting more abrupt. Last summer it traded horizontally for a long time, but now it might even go lower.

Some started talking about 1,200 - 1,400 per ounce.
 
If it hits the main stream media and my wife gets to hear about it I am going to have a grief filled christmas that's for sure.

Ultimately it is not how much you buy it at but what you sell it for which is going to make the most difference. If it goes to $3000 no one will remember if they bought at $1500 or $1600.
 
Hmmm. I smell something in the room, and it ain't 'correction'.

How much is the value of the high-frequency paper gold sell trades that come out of nowhere in thin trading after the London fix closes? What possible reason could exist for this activity apart from hammering the market price and destabilising gold as a value store? Has anyone made any form of reasoned analysis as to the profitability of these raids (if any?).

If the Chinese are, as reported, stocking up on physical this seems to be a classic example of short-term gain leading to long-term pain as all the gold heads east, unless there is a honking great big red lever that is due to be pulled in Switzerland by the on-duty central banking mafia that trashes the markets as soon as a gold-backed Renminbi is announced.
 
www.jsmineset.com

You cannot fix the problems of the Western Economic system by breaking the telltale thermometer, which is the price of gold.

There is not one professional who does not know sales in extreme volume at a time of low activity internationally have but one purpose, and that is to reduce the price of gold.

Charts and TA in such a manipulated, manufactured market, as understood by you, are totally useless. This is a move of desperation by the Fed via the gold banks based on the false premise that attacking symptoms without meaningful economic intervention is going to cure the problem.

Gold is going to $3500 and above. The US dollar is headed to .7200 and lower.

We are once again giving away greatness by driving gold into the coffers of Asia at bargain process that a powerful academic bureaucrat has selected. It is just that simple.

Nobody said survival from the onslaught of the demons would be easy, but it will be successful.
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It's already started gaining price.

We had lows in May-June 2012, but also, let's not forget about December 2011.
It skyrocketed after each dip.

Kitco participants are bullish more than 60 %.

My question is: won't Christmas, New Year, "End of the World", whatever influence the prices even further down?

Personally I think there's a chance that the downtrend will continue.
 
I agree treasure hunter, a move lower is very likely IMO. There are other people on this forum however who believe that a move higher is more likely. I'm curious to see what plays out.
 
TheEnd said:
I predicted this the other day..... If the U.S raises the debt ceiling again it will put off for at least a few years the huge bull market rush we 'were' all anticpating the sheeple would be discovering next year..... But now the whole ball game is up in the air again and Obama is trying to do very dodgy deals with the Repuclicans to buy more time.. :o
Click to expand...

That's really interesting to hear because quite recently I was reading the exact opposite... i.e.
gold always goes up quite significantly each and every time the debt ceiling is raised.

In fact this makes sense to me - not the other way around as you have it.
 
TreasureHunter said:
Jim, the "Indiana Jones of Finance" is right, gold is having a correction. Marc Faber said the same thing.

What did I say a few days ago about a 2013 crash?
http://forums.silverstackers.com/topic-34159-potential-gold-crash-in-2013-page-3.html

I am wondering how low this will go. If it dips below 1,500 $, that would hit a psychological limit and the "ordinary small investors" will panick. It's not selling that I'm worried about, but rather of "not buying enough".

So the cascade might be getting more abrupt. Last summer it traded horizontally for a long time, but now it might even go lower.

Some started talking about 1,200 - 1,400 per ounce.
Click to expand...

fat chance :lol:
 
Well I have faith in Jim Sinclair's words more than not:

www.jsmineset.com

1. Gold did not fall on its own gravity. It was forced lower.
2. That take down had a distinct pattern outlined by CIGA Richard's note. It was high velocity, high volume offering at a market period of illiquidity. The form is a straight line down in a very short period of time.
3. This pattern is the hallmark of those seeking a lower price for gold.
4. The limit to this strategy exists in two things. The first is when the cash market fails to fully respond to the paper takedown. The second will be apparent in the form of a takedown that will present themselves. Those takedowns are short on lower volume. Seeking profits, shorts that are only hangers on will seek to duplicate the strength of the $1800 $1775 $1750 take down but run into cash market demand. This will be the price that pleases Asian demand promised to us from China. The paper market will not be able depress the cash market penny to penny.
5. The first signs are definitively in that the long war conducted by the US and GB against the euro has been lost. The euro is in a new birthing process, against all odds, as rising into the category of reserve demand.
6. Euroland and all the BRICs have been buyers of gold for reasons not motivated by emotion, but based on events yet to occur.
7. I have assured you that gold is migrating back into the monetary system, not as convertible, but rather as an alarm by price function. The price will be determined in the cash market as a product of speculation concerning a global M3.
8. Since construction in monetary science requires destruction, first the volatility of gold is going to be significantly more violent than even I anticipated.
9. The magnets at $2111 and floating around $4000 may simply be grade one of an educational system.
10. I have seen this type of take down before.
11. It was just prior to the major move in gold in the 70s wherein gold rose the most over the shortest period of time.
12. The operation of gold's price is not for a short to profits as its market character speaks of deep pockets only governments can have. I suspect that battle for the survival of the euro might soon be reversed into the battle for dollar survival.Euroland,Russia andAsia from central banks to connected financial entities have been buyers of gold. The tables have shifted. The signs of the new triumvirate being on the offensive sits right in front of us.

This is the transition that I believe is at hand. This operation is from some mega interest not seeking to profit on a short, but to obtain the most gold possible for this market event which will play into 2015 to 2017.

Conclusion:

There is not top in gold. The gold price is going much higher than I originally anticipated. The long standing currency war has shifted now putting the dollar in harms way. Gold and those very special gold situations are going much higher. Borrowed money cannot be used without taking risk beyond reason.

Stay the course because what has so far occurred is only the appetizer.
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JulieW said:
12. The operation of gold's price is not for a short to profits as its market character speaks of deep pockets only governments can have...
Click to expand...

And it is for this reason that I am hesitant to get too involved in gold. Government involvement...often ends...poorly
 
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