|
Jim Rogers sees oil trading at $200
Published on October 10, 2009 by oilprices · 1 CommentRogers said he was certain crude oil could trade as high as $200 per barrel over the course of the bull market because of known oil reserves depletion. Turning his attention towards commodities, Rogers said agricultural products, precious metals and oil remained among his favorite picks.
Rogers, who co founded the Quantum Fund with George Soros in 1970, told Reuters that despite the US government’s rhetoric about a strong greenback policy, the currency’s debasing continues.
“If we are going to continue to debase it, the dollar is going to go down a great deal,” he says. Rogers also said he doesn’t see any fundamental changes that would reverse greenback’s deterioration.
Rogers talked also about the stock market, saying it’s “overdue for a correction,” following a strong rally. After the Reuters interview, Rogers said at a seminar hosted by ETF Securities that the bull market in US Treasurys has come to an end.
“The next bubble that I see developing is in the United States government bond market. It is inconceivable to me that anybody would lend money to the US government for 30 years in US dollars at 3 to 6 percent interest rate,” he said. “So, somewhere along the line, this bubble is going to pop.”
Tags: Jim Rogers, oil trading
Like or Dislike, Vote Now:
0 
0
200$,huh?And this is exactly the reason why the oil will reach this level, because of hundreds other people like Jim Rogers, talking in order to be in the centre of attention, almost like wishing the price will really reach that high.People like himself, people in media and any other with influence on public are causing the real harm. They are responsible for public statements and such should be handled carefuly. Thousands of people are participating on market from hundreds different reasons and backrounds. But they have one thing in common. They react emotionaly, with the fear and greed resulting in record prices for everything around the globe, pushing us all unknowingly of the edge again. Markets are very dangerous playground and despite all positive aspects of free market, these should be strictly regulated and controled.