Jim Rogers: IMF Sales May Drive Gold Below $700

Jim Rogers says that IMF sales of gold could drive the price of the barbarous relic below $700/ounce.

Rogers told Bloomberg: ”The fact is that IMF is trying to get permission from everybody to sell gold. I don’t know it will succeed or not. But if and when IMF sells its gold, gold prices may go to a bottom. Who knows? It may go down to US$700. IMF has got a lot of gold to sell. If it does, I hope I’m brave enough and smart enough to buy more."

He added that he does not intend to sell any gold at this time.

More recent Jim Rogers coverage:

• Jim Rogers Interviewed by GoldSeek Radio
• Jim Rogers Interviewed in BusinessWeek
• Rogers Prefers Oil Over Gold Right Now

Editor's note: I also guest posted this piece over at The Daily Crux.