Unlike pessimistic view of some analysts like Gartman, Jim Rogers believes this gold correction is an excellent opportunity to buy in. He acknowledges the steep 11 year gold bull market brings a high chance of a big correction and likes to see prices correct for a healthy uptrend. Not discouraged by the fear on the street, he said he would get "extremely excited" if gold prices drop to $1,200 per ounce.
"I own gold and I'm not selling my gold … Somewhere down the line gold will have a correction. Gold will continue to do what gold does best. Just give it a chance.", said Rogers.
Rogers believes that the dollar is likely to strengthen as there has been too much pessimism about it.
"I own the dollar, I own some other currencies as well," he said. "A year ago everybody was pessimistic about the dollar, including me…when everybody is on the same side of the boat, you go to the other side of the boat for a while."
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