Investment legend Jim Rogers says that the recent sharp increases in commodity and stock markets don’t constitute a bubble.

“The only bubble I see forming in the Western world is in the U.S. government bond market,” he told Bloomberg.

“Other than that I don’t see any bubbles going on.”

When asked what he thought of economist Nouriel Roubini’s contention that commodities and emerging market stocks are in a bubble, Rogers responded, “It’s clear Mr. Roubini hasn’t done his homework yet again.”

Rogers noted that sugar and silver are about 70 percent below their record highs and that coffee, cotton and the Shanghai stock exchange are down about 50 percent from their all-time peaks.

“What’s he talking about?” Rogers asked of Roubini.

“What kind of bubble is it when nobody’s been buying?”

As for emerging market stocks, Rogers says their rally doesn’t represent a bubble.

“They’re certainly all up a lot, and maybe they’re too high,” he said. “But being too high is not a bubble. . . I’m not buying any stock market around the world right now. They’ve all gone up a lot.”

Roubini, meanwhile, took issue with Rogers’ prediction that gold will reach $2,000, calling it “utter nonsense.”

Terrible inflation or a near-depression would be needed to push the precious metal that high, he said at a conference in New York.

“Maybe it will reach $1,100 or so, but $1,500 or $2,000 is nonsense.”