Posted on | October 19, 2009 | 4 Comments
Jim Rogers has been a commodities bull for quite some time. In 1998, he created the Rogers International Commodity Index designed to fill the need for investing in commodities through an international vehicle. Even though commodities have dropped significantly over the last year Rogers remains bullish on the overall sector. Recently Crude Oil hit a year high at $79 a barrel. Many analysts have predicted that oil will not increase the way it did over much of this decade. Rogers disagrees and thinks investing in oil as well as all commodities will provide great returns.
On February 6th, 2009 Rogers made the following comment about oil, “Well, the price of oil has to go much higher over the course of the next decade, the IEA has come out with a definitive study that oil reserves are declining at a rate of 6% a year, well it doesn’t take much genius to figure out that in a few years there will not be any oil, unless something happens, so the price of oil has to go much higher over the next decade or so. Whether it is going to go higher this year, I don’t have a clue, but I do know that over the next few years it is going to go much, much higher.”
Last week we saw crude oil break a five month trading rand between $65 and $75 a barrel. Much of the current move higher is due to the weakening dollar and the expectations that the global recovery will increase the demands for crude oil. There are many analysts who remain cautious on the price of oil as they state there is no reason why oil shouldn’t return to the $65 to $75 range. Jim Rogers is a long term investor and feels that investing in oil will provide huge gains over the next decade.
Make sure to return to Subprime Blogger to get your Jim Rogers news. We also write columns on Ron Paul, Peter Schiff and Gerald Celente as these men have done a great job of pointing out some of the problems America faces. Each of these men correctly predicted the decline of the dollar and the subsequent commodity bull market. We will continue to keep you updated on the commodity bull market as well as commentary from these individuals. The columns are located in the Current News section with a link located below.
Author: Jesse Wojdylo