Jim Rogers says he isn't buying stocks these days.
"I'd love to invest in equity markets around the world, (but) I can't find any I want to buy shares in, including the U.S.," Rogers told Fox News.
"The world's got a serious problem, mainly because these guys in Washington don't understand what's going on and they're making it worse."
The only place other than currency Rogers advises putting money now is commodities.
“We’re going to have a period where the people who produce real assets are going to take over from the people who are money shufflers, and the power is moving to the farmers.”
All of which is great for commodities, Rogers notes. “We’ve got the lowest inventories in 50 years for agricultural products,” he says.
Fundamentals at Citibank and General Motors are not getting better, Rogers observes, but fundamentals for commodities are improving rapidly.
“Nobody can get a loan to open a mine … the world’s oil reserves are in fairly rapid decline,” Rogers points out, causing the on-hand supply of all commodities to dwindle, which pushes up prices.
Rogers might be early.
U.S. farmers are preparing to plant record amounts of soybeans and demand for corn is falling, driving prices to the lowest levels in more than two years, Bloomberg reports.
“This recession is going to last a lot longer than the one in the 1970s,” Commodity Information Systems President Bill Gary says.
“I don’t see any major bull move in commodities in the next several years.”
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