Popular investor Jim Rogers, 81, has challenged the notion that storing gold in lockers is a waste of capital, in an interview with NDTV Profits.
The chairman of Beeland Interests and co-founder of Quantum Fund emphasised the psychological and financial security that precious metals can provide during economic downturns.
When the interviewer suggested that keeping gold and silver at home was unproductive, Rogers responded, “I know, I know how you and the Indian government view it. And many governments view it that way. But when a problem arises, you’re very happy you have some gold in the closet.”
He added, “You’re happy you have some silver under the bed. I hope problems never arise… but when problems arise – I’m an old peasant, and us old peasants know we better have some gold and silver when problems arise.”
Discussing current market trends, Rogers revealed his long-standing ownership of both gold and silver. However, he expressed a preference for silver as a potential investment opportunity. “I’m not buying now, but if I were, I’d be buying silver,” he stated. “Silver is down a lot from its all-time high, so if I were buying today I would buy silver,” he explained.
The veteran investor, whose net worth is estimated at around $300 million, also commented on the recent surge in Indian stocks. Rogers admitted to missing out on this market rally, saying, “I’m embarrassed because I’ve invested in my life and here Delhi finally has the right attitude and I missed it.”
Decline in gold prices
Meanwhile, the Multi Commodity Exchange (MCX) witnessed a decline in gold and silver prices, reflecting similar movements in international markets. The drop was attributed to a strengthening US dollar on August 28
Gold futures on MCX decreased by 0.28%, settling at ₹71,921 for 10 grams. Similarly, silver futures experienced a more pronounced decline of 0.44%, closing at ₹87,950 per kilogramme.
Global precious metal markets also saw a dip as the dollar gained ground. Investors are closely awaiting the release of a crucial US inflation report later this week, which could provide insights into potential interest rate adjustments by the Federal Reserve in September.
