Alfred Webre shares:
Jim was a classmate of mine at Yale.
He made his money as righthand man to Soros.
. . . so much for the authority of Jim Rogers! ~J
2014-11-25, 11:21 (GMT+8)
American investor Jim Rogers says the Chinese yuan may appreciate to a value the same or even higher than the US dollar in the next 25 years, also predicting that gold may drop to US$1,000 per ounce before rebounding, reports the financial news website of Chinese web portal NetEase.
Giving a media interview in Beijing, Rogers said the renminbi will continue the process of becoming a currency that can be traded freely in the international market and that its value will rise as it does so.
The end of the Federal Reserve’s quantitative easing program is not necessarily a good thing for the United States since assets may go to countries like Japan which have eased their monetary policies to a greater extent, said Rogers, who holds Japanese stocks.
Rogers, who has said that China will be the most important country in the 21st century, shared his investment experience and said he does not buy assets that are appreciating but goes to depreciating assets such as gold, which he has been holding. Rogers predicted gold may drop to around US$1,000 per once and then rebound to up to US$1,500 per ounce. He will increase his gold assets when the price reaches US$1,000, he said.
Wang Zairong, chief adviser to state-owned financial service COFCO Future Brokerage, who was also interviewed, was bullish on China’s stock market. He believes the Shanghai-Hong Kong Stock Connect launched Nov. 17 will invigorate the country’s stock market and energize investors. Wang also echoed Rogers’ view on gold prices and predicted a bounce back to US$1,500 per ounce in the near future.
The Shanghai-Hong Kong Stock Connect, a step in the liberalization of China’s capital market, allows Hong Kong investors to buy shares in 568 Shanghai-listed companies while mainland buyers have access to 266 Hong Kong stocks.