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Jim, Thomas Kaplan is a very successful long-term gold investor, and he recently said in an interview with Kitco that the price of gold could eventually reach $30, $ 40, or even $50,000 per ounce. Can gold really reach $50,000 per ounce? This is exactly the figure announced by legendary investor Thomas Kaplan.
And today we ask that question to Jim Rogers, a man who has lived through more commodity cycles than anyone else alive. It will not give you a direct prediction. But what he says next about currency depreciation, central bank buying, and why he keeps his own gold for his children may tell you everything you need to know.
Let's begin. This depends on the currency as much as on everything else. And since governments continue to devalue currencies and print money, yes, choose your currency as you see fit. The price can become absurd, at least what we consider absurd. But the point is just that governments will print more money and reduce the value of paper money.
They will reduce the value of money. This means that gold and silver will become more expensive . But what actually happens is that printing money leads to a decrease in its value, and politicians will continue to do so. Maybe in some countries they will stop for a while, but in the end, I mean Washington, all they know how to do is print money.
And they will continue to do so . And this will cause the price of gold and silver to rise relative to the US dollar and other currencies. The problem is that even if they are taught, they may say, "Okay, we'll stop." But when things go bad, they will start printing again. That's all they know. They're not...These people aren't very smart.
That's why they work for the government. As you know, I own gold and silver. I bought some more since we last saw each other. Not much, but I bought some. I try, when gold and silver get cheaper, I try to buy more. I never want to sell my gold and silver, Claudius. I want my children to own my gold and silver someday.
Put it in the closet . Put it under the bed. Put it somewhere. Everyone should have some gold and silver. Now it gets more interesting. Because Rogers is n't just talking about gold in isolation. He's going to link it to the $40 trillion debt problem that most investors don't even pay attention to. And if you stick with us, he'll also answer the one question everyone asks.
Is $50,000 for gold realistic, or is it just hype? Let's continue. Over the past few days, weeks, and months, precious metals have increased significantly in price. So, yes, someone, Claudio, maybe it's you, but someone is buying them in large quantities. And I expect this to continue . I expect that for the rest of your life and mine, gold and silver will increase in value.
Both. I don't know why both. I mean, they've both been valuable for hundreds of years. Remember Jesus Christ, Jesus Christ was sold for 30 pieces of silver. This has been going on for many, many, many hundreds of years, ever since gold and silver became valuable. And I hope that throughout my life, I know that for the rest of my life, gold and silver will be valuable.
That's why I own them, because I know that no matter what, no matter how bad things get, my gold and silver will be valuable, and maybe in an emergency they will help. They have been like this for hundreds of years. Not for me, I repeat, my gold and silver— this is for my whole life, this is for my children.
So no, I have never thought about selling gold or silver. If they drop in price, I'll think about buying more. So you're saying that gold is something you will own regardless of the price? Well, I mean, I can't say that. If the world ends, I will have to part with my gold and silver. But as far as I can see into the future, I will own gold and silver forever.
That doesn't mean that unless some gigantic emergency happens, I won't use my gold and silver to save myself. But I hope not. I don't see such a world coming in my lifetime. It's possible, but I don't see it. Realizing that we have recently been in an uptrend for the past few decades, let's say, and every time there is some uncertainty in the world , gold and silver go up.
In my lifetime and yours, they have adjusted, and probably will adjust, but right now we are in a growth cycle with some adjustment, but the growth cycle is not over yet. I believe you. The growth cycle will continue for the rest of your life. I hope you live long enough for it to last forever. If we are, as I assume, somewhere in the middle of this cycle?
Well , I'm 83 years old. I expect gold to increase in value for the rest of my life and for the rest of my children's lives. And silver too. Well, gold and silver are a bit different to the regular commodity market for me. Gold and silver are a protection mechanism, they are primarily an insurance policy.
Yes, copper is wonderful. Wheat is great, but gold and silver are different for me . As I said, Jesus Christ was sold for 30 pieces of silver. It was not sold for 10 bushels of wheat. He was sold for silver. Silver and gold have been very valuable throughout history, for hundreds and thousands of years.
I mean, gold and silver dominated dollars or currency, paper money. And if there is a lot more paper money, whether it's dollars or something else, people will protect themselves with gold and silver. They always have done it and always will. Jim, does the prospect of $40 trillion in debt and a Fed still worried about inflation make you think investors should hold more gold in their portfolios than they do now?
Well, everyone has to make their own decisions, but yes, I will continue to buy gold and silver because I know that they— Washington and others— will continue to print money. And I do n't know any other way to protect myself. Let's put it this way: the best way to protect yourself is with gold and silver.
So I'll buy more because I know they'll print more . They will say no. They will lie a lot, but all they know how to do is print money, and that's what they will do. Well, Jim, central banks themselves seem to be doing just that by adding gold to their portfolios. Gold has risen significantly in price, but central banks continue to significantly increase their reserves this year.
What does this tell you? Well, they know. Most of these guys aren't very smart, but even the stupid ones know that gold and silver will protect them. And that it will protect their countries. I think most people in the world already know that gold and silver will protect you. And that everyone should have a little.
Every debtor country, and that's all countries, must have gold and silver to protect itself. And if they don't watch your show, they will eventually start. But they must defend themselves. What do you think central banks are ultimately preparing for by accumulating more and more gold reserves? They know that the value...they will see, if they don't already know, that the value of paper currencies continues to fall.
And a way to protect yourself, yes. Wheat will help you. Oil will help you. But gold and silver are more liquid and useful, and have been for hundreds of years. Jim, one place where the attitude towards gold is really interesting is China. We have recently seen Chinese banks become stricter about certain forms of margin retail trading in precious metals.
And while people can still own physical gold, authorities are becoming more cautious about leveraged gold trading . Is there...what does this tell you about the role of gold in China today? The Chinese, like many other peoples, have existed for a very long time. And the Chinese people know that gold and silver have always been valuable and always will be .
I mean, go to China, visit places like Xi'an, which existed hundreds of years ago—gold and silver were valuable and helped protect themselves. And they will always be like that. I mean, you know it and I know it. Well , the Chinese know this too . And they have known this longer than you and I. So you're saying that what we're seeing is not new for China.
It's just an old habit that's becoming more noticeable. Well, regarding gold and silver, I think there is nothing new. They have always been valuable and always will be. Sometimes they are less valuable than at other times. Sometimes, if there is a surplus of gold or for some other reason people are not buying gold and silver, the price drops.
But these are normal market fluctuations. If they drop, hopefully I'll have the sense to buy more. Well, I'm interested in the price because if it drops, I'll buy more. I have never sold gold and silver, but if they go down in price, hopefully I will have the sense to understand it, acknowledge it, and buy more.
Gold and silver will always protect us if and when everything falls apart. I do n't like it, but I know the facts. And you...do you see that closet? Put some gold and silver in there.
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