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Wednesday, 19th April 2006 (10409 views)

The man who predicted the current commodities rally towards the end of the last century is reported as saying that the price of gold may not stop rising until it tops $1,000 an ounce.

In an interview with Bloomberg, Jim Rogers, the 'celebrity' investor and commodities guru, stated that raw material and energy prices were such that it would continue to drive up the metals markets of gold, silver, copper and platinum.

"The shortest bull market for commodities lasted 15 years, the longest 23 years," Mr Rogers told a Bloomberg interviewer. The current boom has been going for less than five.

Mr Rogers gave investors further reason to look at commodities investments for long-term security.

"Supply and demand is terribly out of balance for nearly all commodities right now," the former George Soros partner maintained, before claiming: "This is not a bubble."

Jim Rogers' comments come in the same month that Paul Walker, the chief executive of gold market researchers GFMS, forecasted gold prices breaking the early 1980s record of $850 an ounce.

With such strong support from respected business figures, the market has the potential for renewed vigour and a further boom towards the next milestone for gold prices at $700 an ounce.

 

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