Jim Rogers' Latest Outlook on the Euro and European Bailouts

Jim Rogers was interviewed on GoldSeek Radio over the weekend.  You can catch the full interview here - it starts around the 1 hour 20 minute mark.

Jim is not thrilled with the European bailout - as you'd expect.  He's not as bearish on the Euro in the near term as other pundits are, as he believes that sentiment against the Euro is at an extreme right now.

And Rogers still loves commodities, since the European bailout implies that fiat currency will continue to be debased.  He says "if he were looking at precious metals, he'd look at silver."

In case you missed Jim Rogers' recent interview on CNBC's Squawk Box, you can check that out here.


And Rogers fans may also enjoy this Marc Faber interview about why he believes China is set to crash.

Jim Rogers Shares His Latest Outlook on CNBC Squawk Box

Jim Rogers, our perennial hero, shared his latest thoughts on Squawk Box last week - a real treat, he was on for the entire episode!  Videos below my summary notes:

• Greece should be allowed to go bankrupt (good ol' free market guy)
• Thinks government spending is the big risk factor in the global equation
• Says we should keep an eye on Iceland's big volcano
• Prefers silver to gold at these prices

Line of the day from Jim - he expects the next recession, whenever it comes, will be much worse, saying "They've shot their wad" when referring to government debt binges to soften the recession's blow - HA!

How to Differentiate an Inflation Induced Rally From a Normal Run-of-the-Mill Retracement

Just a retracement?

Or is the bull really back?

Maybe inflation?

Deflation Camp - Anyone Left?

Outside of a few lone voices, the deflation camp sure seems to be getting lonely. This is interesting, because the US markets have only now retraced 60% of their previous losses. An impressive rally, for sure, but still within the 38-62% "Fibonacci range" that is generally expected of retracements.

FWIW, the Great Depression retraced a little over 50% of its initial leg down - so we're ahead of the 1930 rally, but just by a bit.

It DOES feel like this rally has been going on forever - over 13 months old, it's sure been impressive in it's magnitude and duration. BUT, it is important to realize that nothing has been decided - at least yet - regarding whether this is a technical rally off of extremely oversold lows, or a brand new bender driven by trillions of new cash.

Viewed with 5 years of hindsight, the current rally looks a bit more "normal" than when you're living it day-to-day.

(Chart source: Yahoo Finance)

The Early Symptoms of Inflation?

What's tricky, though, is governments around the world ARE printing money as fast as they can. And the first symptoms of inflation typically show up in either asset prices, or commodity prices - or both.

Today, we've got asset prices rallying, with financial stocks leading the way - exactly the first place you'd expect to see this "new money" showing up. A lot of financial commentators I've heard recently - good ones too, not just CNBC talking heads - believe this rally is now being driven by newly printed money.

Personally I think it's too soon to tell - we've retraced 60%, not 100%, after all.

But, if we're trading short term, we...

Gotta Respect the 200-Day Moving Average

And revisiting the S&P chart once again, we are indeed still north of the 200-day moving average. Check out the last five years too - you could have done a lot worse than being long stocks when the S&P is trading above the average, and being short when it's below:

According to the 200-day SMA, you should ignore my calls for an impending decline. Instead, you'd set stops around this mark.

(Chart source: Yahoo finance)

So while I may continue to hoot and holler about the odds of a downturn far outweighing upside potential, to be honest, you should probably ignore me, and just respect your trailing stops!

And for more on the power of respecting the 200-day moving average, check out this excellent article from Steve Sjuggerud in Daily Wealth.

If Everything Tanks, What Would Hold Up?

Judging by the price action across the board last Friday - not too much...

Almost everything is getting kicked in the teeth today.

(Source: BarChart.com)

Crude oil and precious metals got taken to the woodshed along with stocks on Friday - no place to hide there.

One bright spot - actually I should say one dim but not dark spot - are the grains. They haven't rallied much this year to date, so there may not be much downside from here.

Grains, by the way, are still one of my favorite secular plays - I just think it's best to avoid them right now. If the Great Depression is a guide, then grains should lead the way out of the Greater Depression as they did last time around.

Some Deflationary Evidence: Two Revealing Charts of Consumer Credit Trends

Late last week, our good friend and fellow deflationist Carson sent over a link from Mish Shedlock's blog, reporting a sharp annualized decrease in consumer and revolving credit.

I just plotted the Fed's historical data since 1978 (which I chose because there was a single quarter anomaly in 1977 that I didn't feel like dealing with).

First, we see that consumer credit, as of February 2010, is decreasing at an annual rate of 5.5%:

Consumer credit, after trending positive YOY in January, is once again heading south.

Next we look at revolving credit, where the data is even uglier, both in current and historical terms. Revolving credit decreased at an annual rate of 13%:

Will this debt ever be paid off?

The sharp decline in revolving credit, which is defined as credit that does not have a fixed number of payments or payment schedule (think credit cards), would appear to support the debt deflation argument (of Robert Prechter, most notably) that much of the current debt outstanding is going to go unpaid.

So while the government has engaged in quantitative easing to "ease" the issuing of its own debt, it has not yet offered to print up some greenbacks to pay off the debt of American citizens.

Thus far, it appears Americans are still choking on their massive loads of accumulated debt, unwilling to take on more credit, no matter what the Fed does.

It will be interesting to see if the Fed is able to reverse these trends.

Though Maybe We Should Just Short American Stocks Right Now

What's the most damning future indicator for America's near term economic outlook?

How about the latest cover of Newsweek?

Uh oh!

PS: Hat tip to MarketFolly for the tip here.

PPS: If you're into contrary investment thinking, I'd HIGHLY recommend The Art of Contrary Thinking by Humphrey B. Neill, which I reviewed here (ironically the same week we interviewed MarketFolly for the blog too!)

Another Bernanke "Guru Moment" - An Instant Classic?

The man who proclaimed the subprime problem was "contained" in March 2007 (after which Jim Grant hilariously quipped "yeah, to planet earth") - is back in the news again with another "guru moment".

The Wall Street Journal reports:

The U.S. economy should continue to recover at a moderate pace this year, but it will take time to restore all the jobs lost during the recession, Federal Reserve Chairman Ben Bernanke said Wednesday.

In his latest assessment of the economy, Mr. Bernanke told a congressional committee the pace of the recovery this year will depend on if consumers spend and companies invest enough to make up for fading government support.

"On balance, the incoming data suggest that growth in private final demand will be sufficient to promote a moderate economic recovery in coming quarters," the Fed chief said to the Joint Economic Committee.

Any fellow contrarians want to take the "under" on Ben's latest gem?

Jim Rogers Says Get Ready for $2,000 Gold!

Here's the latest Jim Rogers interview on Bloomberg:

http://www.youtube.com/watch?v=c-vd1-Ec2FY

A short bit with another clueless interview, so there's not too much new:

• Still likes commodities for another 5-10 years (based on the secular bull market beginning in 1999)

• Thinks gold will top $2,000 by the end of the decade, thanks to money printing

Jim notoriously sandbags his own trading acumen - always insisting he's "no good" at calling price/timing specifics - yet those who follow him closely know he's often pretty accurate with these calls as well!

You may also like:

• Why Richard Russell is very worried about the bond market

And My Current Positions - Cash, and Pass!

While it's very tempting to take a flyer short position, betting on a near-term decline, I'm going to actually respect the 200-day moving average this time. We'll see how it works out.

Other than some longer term short S&P and long US dollar positions I've got via ETF's, I'm mostly in cash, mostly waiting for the next mega leg down that I think is coming.

In retrospect I should have kept my long positions, and just kept moving up the trailing stops, until they were stopped out. Ah well, investing and trading is a lifelong learning process.

Have a great week in the markets!

Jim Rogers is Buying...US Dollars???

On Sunday, I mused that one of my deepest concerns about being bullish on the US Dollar is that I'm on the opposite side of the trade from Jim Rogers, who thinks the buck is doomed.

Not so, pointed out astute reader Sibbie via email, citing a recent Rogers interview in BusinessWeek:

Q: How much of the runup is being driven by U.S. deficits and the weakening dollar?

Jim Rogers: A huge amount is about not just U.S. deficits, but all deficits. Deficits are going berserk nearly everywhere. Throughout history, printing money has led to weaker currencies and higher prices for real assets. And there are many, many pessimists about the dollar, including me. So many pessimists that I suspect there's a rally coming. I have no idea why there should be, but things do usually rally when you have this many bears at the same time. I've actually accumulated a few more dollars. I mean, it's not a significant position, but I do own more dollars than I did a month ago. And we'll probably also have a gold correction because there's so many bulls on gold.

Nice find, Sibbie, thank you!

You can read the rest of Jim Rogers' interview with Maria "Money Honey 1.0" Bartiromo here.

Just to clarify my position - I also believe we're heading for higher inflation...just a little later than many pundits think, because we have some massive deflationary forces to work through in the short term. Here's my take on inflation/deflation in the near term.

Related reading: Jim Rogers' latest thoughts on Commodities, Treasuries, and the Economy

Facebook's All-Time Most Popular App Must Be Jim Rogers Approved

Go ahead - take a wild guess what Facebook's most popular app of all-time is.

Did you guess - FarmVille?

As reported by the blog Econsultancy:

As the name suggests, FarmVille is a game that gives users the ability to "grow delicious fruits and vegetables and raise adorable animals" on their own virtual farms. With nearly 35m active monthly users and 12m active daily users, FarmVille has just about grown itself into the most popular Facebook application ever. When FarmVille surpasses 35,554,755 active monthly users, it will surpass the record set by the How Well Do You Know Me? application.

The author even goes on to (correctly, in my eyes) speculate that this is an app that would make Jim Rogers smile.

Shanghai Composite Hits Lowest Level Since May

China's Shanghai Composite index got walloped overnight - falling 6.7% - and reaching it's lowest levels since May, reports the Wall Street Journal.

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View the full INDEX:SSEC chart at Wikinvest

Could China be leading the broader markets down? I think it's very possible. China's been the posterchild of this monster rally - "Look everyone, China's doing OK!" And if China's not really doing so hot...uh oh!

In reality I think we've seen a lot of smoke and mirrors from a government desperate to keep the economy rolling. They've used enough forms of "economic steroids" to make a MLB slugger proud.

With Chinese stocks off nearly 25% since August 4th, I'd be very cautious right now about equities in general.

Related reading:

• How China Goosed Intel's Q2 Numbers
• Jim Rogers: I Would Not Be Buying Chinese Shares Right Now

Low Acreage Propels Cotton "Limit Up"

The smallest acreage for cotton in 26 years has propelled the fluffy material "limit up" for the day, in what amounted to almost a delayed reaction from traders, as cotton was initially down yesterday when the report came out. Likely due to the weakness shown by the other grains.

You'd think that with cotton supplies continuing to shrink rapidly, a run up toward $1 is only a matter of time. October cotton futures closed today at 58.63.

Taking a look at the chart - maybe cotton is indeed getting wound up to make a run here. A solid pop over 60-cents would be a strong cry to "hop aboard"!

Cotton prices have resembled one of those lame kiddy park rollercoasters this year.

(Source: Barchart.com)

Sugar Shines on Manic Tuesday, Nears a 3-Year High

It's been a manic start to the week for commodities and currencies...deflation was "back" yesterday, with investors running back to the dollar...and today inflation was the focus, with the dollar getting dumped!

Last evening, we observed that sugar was standing tall amidst an across the board selloff in commodities. Well today, that strength carried through in a big way - with sugar up nearly a full cent on the day!

July sugar futures closed the day a shade under 16-cents, which was exceeded briefly this April and May. The October contract closed near 17-cents, a high on the year. If this jump holds, we'll be looking at picking up an October sugar contract on this mega-breakout.

Sugar me sweet, baby. (Source: Barchart.com)

What are the fundamentals driving this? The supply/demand deficit that has been on the radar screen since earlier in the year.

Caution is warranted, though, as a pullback in oil could send some of the hot money to the exits just as fast as it appears to be pouring into sugar. But for now, the market seems to be telling us that the sugar bull is back!

Can Commodities Decouple From Stocks? This Week in Commodities

The biggest investing mistake I ever made was not getting out of commodities during the Great Deleveraging of '08/'09.  

I had a pretty good beat on the major trends - stocks were highly vulnerable, the US could be in for some very bad things, etc - but I failed to project the effect that a complete financial collapse would have on commodities.  I followed my stops but kept trying to re-enter the market too early.  Being on the wrong side of a trade, well, sucks.

In 2004, I read Hot Commodities by Jim Rogers, and my investing outlook and thesis completely changed.  I realized that commodities, not stocks, were the place to be for the next 15-20 years.  That spawned my foray into trading, and eventually this blog as well.

The fundamental factors of the commodity bull market are still intact, I believe.  No market goes straight up...commodity markets are certainly no exception...and now we've got a very attractive entry point for many commodities.  Prices have come down considerably, and as a result of this financial mess, supply has come offline a great deal, laying the ground work for a doozy of a boom, if/when the global economy picks up again.

Now here's the risk I see - during the Great Deleveraging, correlation of all assets basically went to one (exceptions were the US dollar and Treasuries).  So any well laid out diversification plans were all in vain.  In fact, I think we're starting to see that diversification is a load of crap, a product of the 1980's/1990's bull market in equities.  Probably something we could discuss at length in a separate piece.

Van Tharp, an excellent trading coach and author, is fond of saying that you do not trade markets - you trade your beliefs in the markets.  Every decision you make is filtered through your belief system.

So while I believe in the commodity bull market in the medium to long term - I also believe this is a bear market rally we're currently experiencing.  I believe stocks are still overvalued, and that we haven'tyet  seen the final lows on the S&P and the DOW.  I believe the DOW/Gold ratio will eventually settle close to 1, before a new bull market in stocks begins.

Now these are my beliefs.  You have your own beliefs about the market, and if they're not aligned with mine, then my trades and thinking won't make any sense to you.  (Actually if I am making sense to you, that's when we should all be worried!)

OK so here's my dilemma - stocks are going lower I think - maybe sooner, maybe later.  The last time stocks went lower, commodities got slammed.  Therefore I have reason to be nervous that the next leg down in stocks could wallop commodities as well in the process.

To test this hypothesis, I'd like to pull up some charts, and see how some of our favorite investment ideas have been performing relative to the S&P 500 - and figure out which ones, if any, have managed to decouple from stocks.  (All charts courtesy of Barchart.com)

Observations:

• I had expected a tighter price correlation between oil and the S&P
• The Aussie dollar looks like trouble!  It could be quite vulnerable to a downturn in stocks.
• OJ looks like it may have decoupled from the S&P

CONCLUSION: I think it's safe to get back in the water on some select commodities - but be careful!  I still believe agriculture is our best bet, and right now I like OJ's chances the best...especially given it's performance on crappy days for the S&P.

In Case You Missed It...This Week's 5 Most Popular Posts...

1. The Dumbest Inflation Explanation I've Ever Heard - thanks to our friends at The Daily Crux for picking this one up
2. A Bear Market Rally on Roids?  This Week in Commodities
3. Richard Russell Blasts Government Sachs
4. Jim Rogers: The US is About to Have a Currency Crisis
5. Is Oil Going to $30 or $300?

Positions Update - Feels Like Old Times!

I got out of both sugar contracts on Friday...booking a nice profit on one, and a very slight loss on the second.

My pyramid was beginning to invert - not a desirable thing - so I pared back the second sugar contract after it went negative.  Then after thinking about it, I pulled up the long term sugar chart and thought that the market, while definitely trending up, may have gotten a bit ahead of itself.

So, we'll book some profits there, and look for an attractive entry point.  

I have to admit - I much prefer having a long sugar position than not.  Having no sugar position is like my wife being out of town - a little bit of an empty feeling, like I'm incomplete.  Sugar, you complete me - let's get this price pull back out of the way quickly, so we can reunite.

By the way, I think I pretty much guaranteed myself a crappy week after my self congratulatory post last Sunday.  I was starting to feel pretty smart...which is always dangerous...in fact, here were my exact words:

What a week! And the recent weekly winning streak rolls on...in a big way...

Now that I've got my confidence back a little bit, I'm probably quite dangerous to myself at the moment!

Anytime you read crap like that from me in the future, you may want to just short everything I own - a guaranteed winning trade.

Current Account Value: $28,539.11

Cashed out: $20,000.00
Total value: $48,539.11
Weekly return: -8.3%
2009 YTD return: -43.8% (Don't call it a comeback!? :( )

Prior year's results:
2008: -8%
2007: 175%
2006: 60%
2005: 805%

Initial stake: $2,000.00

Marc Faber Loves Agriculture at These Prices

Marc Faber says that investing in agriculture today will be like investing in oil in 2001, when it was priced at $17/barrel, according to The National Post.

Faber says that record low inventories, declining agricultural productivity, and increasing demand for food will drive prices higher.

The falling productivity line is especially interesting...Faber says productivity in agriculture has been declining since 1990, and expects that trend to continue.  If this is true, which I'd imagine it is, it's counter to what most folks (including me) believe.

Read the full article here...

More reasons to invest in agriculture:

• Jim Rogers loves the fundamentals too
• Sugar especially has an appealing supply/demand situation shaping up

Ed. Note: Stay up to date on the latest in agriculture and be sure to check out our weekly insights published every Sunday: This Week in Commodities

Jim Rogers: The US is About to Have a Currency Crisis

If you have the majority of your savings in US dollars, this may be the most important insight you ever hear from Jim Rogers.

In an interview with Bloomberg from this morning, Rogers said:

“We’re going to have a currency crisis, probably this fall or the fall of 2010.  It’s been building up for a long time. We’ve had a huge rally in the dollar, an artificial rally in the dollar, so it’s time for a currency crisis.”

Jim reiterated that the place to be invested is in commodities, particularly agriculture:

"You're going to have serious food shortages in the next 3-5 years - prices are going to go through the roof."

You can view a video of this entire interview using this link (click on the "Video" tab on top).

Want some ideas about agricultural commodities with particularly appealing fundamentals right now?  Check out This Week in Commodities, which is heavily focused on agricultural commodities - right now we're invested in sugar and orange juice, both profitable trades to date and still climbing.

More recent insights from Jim Rogers:

• Rogers believes world is heading for Depression
• Jim interviewed by GoldSeek Radio
• Rogers prefers oil over gold right now

Ed. Note: I just got done reading Jim Rogers' new book - review to follow. Long story short, it's an insightful, quick read that I'd highly recommend. Pick up a copy if you haven't already:

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.

Jim Rogers Interviewed by GoldSeek Radio

Legendary investor Jim Rogers was interviewed by Chris Waltzek of GoldSeek Radio a few days ago.  Here's a link to the audio interview, and it's also available on iTunes.

Jim begins on hour #2.

My notes from items that caught my ear:

• The producers of "real goods" are going to rule the world for the next couple of decades (farmers, etc)
• Has sold all of his emerging markets except for China
• If the world gets better, commodities will be the leaders - and if it doesn't, hard assets are still the place to be, because governments are printing money
• Still waiting to short the long-term US bond - it's the "last bubble" he sees
• Predicts double-digit interest rates in the future for US

More recent Jim Rogers coverage:

• Jim Rogers Interviewed in BusinessWeek
• Rogers Prefers Oil Over Gold Right Now
• Jim Rogers Believes World is Heading for Depression

Jim Rogers in BusinessWeek - April 14, 2009

Our favorite investor, Jim Rogers, was recently interviewed by BusinessWeek magazine - he's been in the media quite a bit recently, plugging his new book A Gift to My Children: A Father's Lessons for Life and Investing, which is scheduled to be released this Tuesday, April 28.

Here are a few of my favorite excerpts below - and you can read the whole piece on BusinessWeek.com.

On diversification:

"Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued [for making bad investment choices for clients]. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket."

On commodities:

"If the world economy is going to revive, commodities are going to lead it back up. If the world economy is not going to revive, commodities are still the place to be—especially with governments printing so much money. Look at the 1970s. The world economy was in the tank, but commodities did very well. We have supply constraints. Oil production is declining."

"The prices historically are still very depressed, compared with most other commodities. I bought all commodities recently, but I probably bought more agriculture than anything else."

More recent coverage of Jim Rogers:

• Jim prefers oil over gold right now
• An excellent 30-min TV interview from March, where he mentions he thinks the world is heading for a depression
• Rogers waiting to short US Treasuries - again

Receive our Jim Rogers updates on Twitter: https://twitter.com/commoditybull

Jim Rogers Prefers Oil Over Gold Right Now

Jim Rogers told Bloomberg News earlier this week that he prefers oil over gold right now, because of the potential supply overhang of the IMF threat to sell it's gold.

“The IMF is trying to sell its gold,” Rogers, chairman of Singapore-based Rogers Holdings, said in an interview with Bloomberg Television. “The IMF is one of the largest holders of gold so you’ve got this huge supply overhang.”

Further reading - more recent Jim Rogers coverage:

• Rogers believes the world is heading for a Depression
• Rogers still waiting to short US Treasuries

Jim Rogers Believes World is Heading for Depression

Here's an informative, in-depth interview with Jim Rogers recorded in the last month - running time ~28 minutes.  

Rogers reiterates his disgust with the recent government economic interventions, especially in London and Washington DC.  He believes we are making the same mistakes that were made in the 1930s, which led to the Great Depression, and in Japan in the 1990s, which led to Japan's "lost decade" of economic growth.

Some quick hits:

• Rogers is bearish on the UK economy and the Pound Sterling, as he doesn't see what can fill the economic holes of the depletion of oil in the North Sea and London's imploding finance industry

• Countries are starting to question whether they should lend money to the UK, US already

• Capitalism and free markets did not fail - they weren't allowed to work by Central Banks, which wouldn't let people fail (starting with the bailout of Long Term Capital Management)

• Farming will be one of the best industries in the world for the next decade or two

• Debasing your own currency has never led to prosperity

• We're seeing a gradual shift away from the US Dollar as the world's reserve currency, just as there was a slow move away from the Pound Sterling 50-80 years ago

• Printing money has never, ever worked

Further Jim Rogers reading:

• Jim Rogers still waiting to short US Treasuries
• Jim Rogers on the US Stimulus Plan
• Upcoming trading opportunities in the currency markets that Rogers is eyeing

Follow our Jim Rogers updates on Twitter: https://twitter.com/commoditybull

Jim Rogers Waiting to Short Treasuries...Again

It looks like Jim Rogers, like us, is still waiting for another appropriate opportunity to short US Treasury bonds.  From Bloomberg:

Investor Jim Rogers said the Federal Reserve will probably start buying Treasuries to keep borrowing costs down, postponing a rout in U.S. government debt.

“He’s setting things up for a gigantic fall down the line, but that does not mean he can’t drive long-term interest rates to zero,” Rogers said. “Governments are printing money everywhere, borrowing stupendous amounts. Throughout history that has led to problems in the bond markets, and it will this time too.”

Rogers said he unwound in the fourth quarter so-called short positions that would benefit from declines in Treasuries. He “made a loss” betting notes would decline, he said.

“I am waiting to short them again,” Rogers said. “I have no idea when. U.S. government bonds are going to be one of the great shorts of our time somewhere down the road.”

Jim Rogers' Latest Comments: February 13, 2009

Jim Rogers' latest comments - February 13, 2009.

• US stimulus packages are throwing "good money after bad"

• US making the same mistakes as Japan, propping up zombie companies and supporting the incompetent people

• Financial mess started with the bailout of Long Term Capital Management in 1998

• Alan Greenspan never let the system work, as he did not let anyone fail

• Water treatment, agriculture good places to be for the foreseeable future

• Does not see a great future for the Pound Sterling

• Has zero respect for the World Bank and the IMF - we should abolish them
  

Jim Rogers on Upcoming Opportunities in Currency Markets

Jim Rogers, doing some "stand up" commentary on upcoming opportunities in the foreign currency markets:

• Expects the Japanese Yen to rise another 10-15%
• The current dollar rally is a forced short covering - not a flight to safety
• We are going to have "many, many, many" more currency problems this year
• Owns the Euro, Swiss Franc, Norweigan Krona, Danish Krona, Swedish Krona, Japanese Yen, Chinese Renminbi, Singapore Dollar, Australian Dollar

"Do prepare yourselves, because there are going to be spectacular opportunities in the currency markets as these currency prices unravel in the next year or two."

Jim Rogers: "I Would Not Put Any Money in the U.K."

Jim Rogers tells Bloomberg News that he would avoid investing in the U.K., and that he's sold all of his Pound Sterling.

He also mentions he's been buying Chinese shares and commodities (agriculture, metals, and energy) since the October/November "selling climax."