Rogers poised to buy gold on shock triggers

Commodities investor Jim Rogers is poised to add to his gold position as he anticipates a potential systemic shock, such as eurozone bankruptcy or further Indian tax hikes, may lead to further weakness in the spot price.

Gold has been steadily declining from a peak of $1,900 per ounce in September last year to $1,644 at the end of last week, but Rogers, speaking exclusively to Investment Week, said a substantial “shock to the system” would lead to it correcting further, creating a buying opportunity.  The chairman of Rogers Holdings, who is best known for calling the commodities rally in 1999, said: “If there is a shock to the system, such as a eurozone country like Spain going bankrupt, then everything will go down, and I hope I am smart or alert enough to buy more gold at that point.” The veteran ...