Speaking with a financial news outlet, famed investor and money guru Jim Rogers urged investors not to sell their gold and silver coins, even though gold is trading 12 percent below its record high of $1,900.
It was reported last month that the United States Mint suspended sales of 2013 American Eagle Silver Bullion coins because it was sold out. In less than two weeks, authorized bullion dealers ordered more than six million units of Silver American Eagles. The Royal Canadian Mint confirmed that it was limiting sales of 2013 Silver Maple Leaf coins.
Despite gold trading between $1,600 and $1,700 and silver hovering above the $30 mark, the demand still remains strong for both precious metals. This is why investors must not sell their bullion, according to Rogers, who spoke with Yahoo! Finance’s The Daily Ticker.
“You can’t get [silver coins]. They sell out,” explained Rogers, who is considered to be a legendary investor. “Several mints have run out of coins because everybody’s worried about the future of the world.”
The chairman of Rogers Holdings reiterated his sentiment from December by noting that he wouldn’t buy right now, but confirmed that he is not selling any of his bullion either. If prices for gold fall then he will certainly buy some more.
“Gold has been up 12 years in a row which is extremely unusual for anything,” added Rogers. “A lot of speculators are rushing into gold right now. I’m not rushing into gold, but I’m certainly not selling it. If it goes down, I’m buying more.”
The ardent critic of the Federal Reserve and the United States government’s status quo spending said that the U.S. dollar is a terrible currency to hold, but stated that he owns it because other foreign currencies, such as the Japanese Yen, which recently fell to a 2 ½ year low against the greenback, are collapsing.
He did list, however, Australian dollars, the Canadian loonie, the Singapore dollar and the Chinese Yuan Renminbi as “less unsound currencies” to put your money into. Nonetheless, Rogers urged the host to hold onto her silver.