Jim Rogers, the commodities guru, now says for one of a few times in his life he does not hold any large short positions.

In a Bloomberg TV interview, Rogers said he fails to see that there is anything “in great excess.”

Nor is Rogers a fan of shorting Treasury bonds because he believes that the Federal Reserve can steer the market for them currently.

He says, naturally, that commodities are the best place for investors to place their money due to inflation concerns.

Investors should be prepared for additional inflation down the road, Rogers warned.

Consumer confidence is still low, with July’s rate declining more than projected, Bloomberg reported.

Unemployment is estimated to rise to more than 10 percent in early 2010, which will eliminate some consumer buying power.

“We have a consumer that’s still struggling,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, told the news service.

“Consumer spending will be soft, and the recovery is likely to be modest. We do need to see the job losses moderate.”

One positive sign appeared as home prices reported their first monthly gain in three years in May.

The S&P/Case-Shiller home-price index rose 0.5 percent from April. That is the first monthly gain since July 2006 and the largest since May 2006.