Jim Rogers Shifting Assets Out of Dollar
Jim Rogers has announced that he is shifting assets out of the US Dollar. Rogers is not another talking head. Jim is a famous guy in commodity and forex trading circles. Jim Rogers first earned fame and fortune by becoming a partner of George Soros in the Quantum Fund.
After ten years of working with the Quantum Fund Rogers retired at an early age and did pretty much what he wanted to. One of his interests was in traveling about the world and then writing about his adventures from a global investment perspective.
More recently, in 1999, Rogers correctly forecast the boom in commodities which is still under way. Now Rogers has announced that he is shifting his assets completely out of the US Dollar. He favors the Chinese Yuan as the currency most likely to replace the US Dollar as the world’s reserve currency. Over the next 10 years Rogers expects that the Yuan will more than triple against the US Dollar.
Rogers goes on to say that “The U.S. dollar is and has been the world’s reserve currency, the world’s medium of exchange,” he said. “That’s in the process of changing. The pound sterling, which used to be the world’s reserve currency, lost 80 percent of its value, top to bottom, as it went through the whole period of losing its status as the world’s reserve currency.”
The Chinese currency, known as the renminbi, or yuan, is “the best currency to buy right now,” Rogers said. “I don’t see how one can really lose on the renminbi in the next decade or so. It’s gotta go. It’s gotta triple. It’s gotta quadruple.”
Jim Rogers has a history of being correct. For those who have an interest in diversifying out of the falling US Dollar he may well be a man worth listening to.
