Commodity prices may have slumped recently, with the Bloomberg Commodity Index down 8.8 percent so far this year, but star investor Jim Rogers, chairman of Rogers Holdings, remains bullish for the long run.

"We're in a correction, a serious one, but that will turn around" he told Business Insider.

"Most major oil fields are in decline. In agriculture, we're running out of farmers. So we're facing a serious problem worldwide. I don't see enough new supply to say the bear market has started again, that the bull market is over. I think there will be one more big leg."

January WTI crude futures dropped to at least a four-year low of $68.83 a barrel Friday on the Nymex.

As for gold, which fell to a four-year nadir of $1,130.40 an ounce Nov. 7, Rogers "appears to be waiting for it to drop below $1,000 an ounce" to buy, writes David Sterman of Street Authority.

February gold futures traded at $1,179 on the Comex Friday morning.

When it comes to agriculture, "I am long on fertilizers and agriculture commodities, as I expect prices to go up," Rogers told India's Economic Times last month.

On the oil front, it's suffering Friday from OPEC's failure to take any action to stem the price plunge.

"We have a situation where OPEC is prepared to live with low oil prices," Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, told Bloomberg. "OPEC is forfeiting its role as a swing supplier to balance the market, and is giving back the role to market mechanism."

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