Investor Jim Rogers, chairman of Rogers Holdings, said he’s “not so optimistic” about gold and silver prices.
“I expect the price to decline and when that happens I will buy more,” Rogers said at a conference in Bucharest today.
Silver dropped as much as 4.2 percent today and gold declined 2 percent after the Federal Reserve signaled it may refrain from more monetary stimulus. The dollar rose as much as 0.6 percent against a basket of six currencies, curbing demand for precious metals as an alternative investment.
Today’s declines pared gold’s gain for this year to 3.4 percent and silver’s advance to 13 percent. Rogers predicted a global commodities rally in 1999.