Jim Rogers Predicts Crude Oil, Russian Ruble Comeback But Warns On U.S. Dollar

On Tuesday, The Economic Times (India) released an interview of well-known investor, author, and financial commentator Jim Rogers on its website. Discussing weakness in the crude oil market in light of the recent nuclear “deal” with Iran, the former investing partner of George Soros said:

Not here to stay, but certainly when you have a big collapse in anything, it hits a bottom, then there is a big rebound. We call it in America a dead-cat bounce. Then you have a test, a second test to the low.

This is going to lead to the second test to the low. There is always a reason for the second test and now we are having it, but is oil going to stay down forever? No. Remember that known reserves around the world are in decline, except for fracking. This is good news for people who consume, bad news for people who produce. But it is not the end of the story…

(Editor’s note: Bold added for emphasis)

Rogers thinks the Russian ruble, a currency he’s been bullish about for some time now, will benefit from a crude oil comeback. Sputnik, the international news service owned and operated by the Russian government, referenced a recent interview of the Singapore-based investor on Gazeta.ru. From the news outlet Tuesday:

Concerning the current rouble situation Rogers said, “Russia has low debt, unlike Greece, as well as convertible currency, which is quite unique for the new markets. So fundamentally its position can be called normal. It is being pressured by lower oil prices, but as soon as the black gold finds the stable point the situation will improve for the rouble.”

(Editor’s note: Bold added for emphasis)

Sputnik added:

He also mentioned the dollar saying that the US currency is in a terrible situation as the US national debt and trade deficit are huge.

“If we simply write out on paper the facts that lie behind the ruble and the dollar, without naming the currency, then everyone will want to buy rubles and no one will buy dollars. But as soon as you name them then, of course, people buy dollars.”

He added that he hopes he will be smart enough to get rid of dollars before the collapse happens. “Everything seems perfect, until one day it ceases to be so. It was the same with Britain, France, Spain and Greece. Often stocks manage to go up for a few years before hitting bankruptcy.”

(Editor’s note: Bold added for emphasis)

Last I heard, Rogers still owned greenbacks. I blogged back on November 11, 2014:

Despite the above warning, Rogers shared with Reuters back on October 23 that he still owned the U.S. dollar. He explained:

I have no confidence in the long-term strength of the U.S. dollar. I only own it because I expect all this turmoil to happen. And in times of turmoil, people flee to the safe-haven of the U.S. dollar. It’s not a safe-haven, but they think it’s a safe-haven, so people will own it. That’s why I own it.

Now what I expect to happen is, the dollar will go up stronger and stronger over the next year or two, at which point- some point- I’ll have to sell it. I have no idea what I’ll do with my money then because the world has got this terrible, terrible unsound foundation in all assets.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

Sources:

“Crude prices may sink on more Iran oil, but will rebound as known reserves are declining: Jim Rogers.” The Economic Times. 14 July 2015. (http://economictimes.indiatimes.com/opinion/interviews/crude-prices-may-sink-on-more-iran-oil-but-will-rebound-as-known-reserves-are-declining-jim-rogers/articleshow/48066869.cms). 17 July 2015.

“US ‘Shot Itself in the Foot’ by Pushing Russia Toward China – Jim Rogers” Sputnik. 14 July 2015. (http://sputniknews.com/business/20150714/1024625814.html). 17 July 2015.

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