The U.S. billionaire investor Jim Rogers, president of Rogers Holdings and co-founder along with George Soros of the Quantum fund group, warned that the next financial crisis could be even worse than this year.
“We have had a great rally because governments everywhere have printed and spent staggering amounts of money, but that just means that next time it will be even worse,” Rogers told Kitco News.
According to the financial commentator, although the monetary stimulus may have provided short-term relief for financial markets, the huge amount of debt created will have a negative impact on the economy in the long term.
“Six months ago the United States was the largest debtor nation in the history of the world. No one has ever been so in debt. Since then, the United States has increased its debt by billions more,” observed Rogers.
As for gold, the investor assured that prices still have a lot of room. According to Rogers, investor Warren Buffett did not enter the gold market too late with his recent purchase of Barrick Gold shares.
“If I’m right, gold is going to go much, much, much higher before this is over. Gold may well turn into a bubble. I hope it doesn’t, because if it turns into a bubble, I’ll have to sell it and I never want to sell it. I want my children to have my gold and silver someday,” said Jim Rogers.
As in every major crisis, gold once again appreciated extraordinarily during this pandemic, which is why many analysts consider that it is going through a new bubble in its prices. The troy ounce of this metal is trading this August 20 at $ 1,937, although it is far from the $ 2,067 it reached the beginning of the month.