Investment guru Jim Rogers bullish on Russia thanks to ‘lots of oil & agriculture’
There are bubbles developing in stock and bond markets, according to legendary investor Jim Rogers. However, he says he is very optimistic on agriculture as a commodity and also likes equities in Japan and Russia.
“Yes, bubbles are beginning to develop. We do not have full-fledged bubbles yet except in bonds, bonds everywhere are a full-fledged bubble,” Rogers said in an interview with India’s Economic Times.
“At the moment, if I will buy countries, I would buy Japan, I would buy Russia; both are still down dramatically but lots of money is going to pour into both of them because they are cheap and likewise agriculture. I am not buying America; America is at an all-time high. So, Japan, Russia, agriculture.”
Talking about crude, Rogers said, it’s at the highest it has been in years, with the production and the reserves going down. “The bubble popped in fracking and now people realize, oh my gosh, world supplies are declining. At the end, I am buying Russia because Russia is depressed and Russia has a lot of oil and a lot of agriculture.”Also on rt.com Russia’s massive offshore Arctic oil & gas discovery could dwarf Gulf of Mexico & Middle East’s energy reserves
He also said: “We are going to have much higher prices of food, fuel and nearly all commodities. The single cheapest asset is steel commodities. Bonds are a bubble as we discussed, a bubble is developing in stock exchanges also. Commodities are still very cheap on a historic basis, silver is still down 45 percent from the all-time high.”
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