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well China and other countries are a little tired of being bossed around at the u.s. dollar about the u.s. because of the US dollar so they're looking to develop competing currencies Russia China other countries as well so it is a process this usually takes a while took many years for the US dollar to replace the pound sterling but it is now underway won't happen this year won't happen next year but it's the beginning of another flow for the US dollar Jim I want to ask you and then recently you were speaking in Haiti and you're discussing you know you know digital currencies help raised if they are in China and you know given how much they're in one and then to run over the past decade and it's never before seen as far as the speed and sheer size there's a big camp out there who think that you want to eventually be devalued at some point but you did say and you mentioned in the discussion that you have someday down the line you may end up buying yuan you know you know and I suppose my question is what factors would you have to seek before you actually wanted to start buying the yuan and holding your capital and you want well I um and Mandy it's probably my second largest holding of currency I mean it's it's minuscule compared to my US dollar holdings but no I'm already there everything may go down against the dollar you know when the turmoil comes and the US dollar goes up a lot everything will go down against it I suspect that the red men who will go down less than anything else but know when those days come winter when current currency turmoil comes again you're gonna see a lot of strange gyrations James I own renminbi then most of the car I don't want to own the euro I don't want on the pound I don't need Morneau on the Swiss franc you know most currencies are very seriously flawed compared to the renminbi which also has flaws but in the meantime I own it now as we're still on the topic of the US and China I was interested in getting perspective on the trade war we're seeing right now where do you see this going I should ask you Elijah we all should ask unfortunate mr.
Trump has no clue you know he constantly changes his own mind and his own views I do see that he keeps gathering more and more people around him were keen on trade wars so when things get bad again he's gonna come up with another trade tariffs rate or whatever habit you want to call it and in the end we're all gonna have serious problems nobody has ever won a trade war it's not good for anybody everybody who's tried it in the past has learned let's stop this as soon as we can but unfortunately mr.
Trump doesn't know history and the people around him a very key known trade war we should all be worried okay Jim you often bring up gold I think everybody would use your lights to talk about coal because you definitely were involved in the 1970s 1984 market last time and this 21st century one you definitely had a lot of commentary out there and internet about it often times you talk about you know if this you know turmoil though he just probably previously discussed comes around you're gonna see a lot of gyrations and currencies possibly see the dollar gets stronger like it did in 2008 for a short term might see gold sell-off and that would probably be the opportunity you know we had gold go to a low point in 2015 at 10:50 almost a 50% retrace and like you typically talk about reviving bull markets they don't go up in a straight line and they always retrace about 50 percent so 10 fifties been the interim low recently and late 2015 and do you foresee potentially reaching that again or possibly going Woolworths if we really get some real turmoil but James you should ask Elijah I'm the world's worst market timer I'm the horrible short-term trader I expect go under a thousand at which point I hope I'm smart enough to buy a lot of gold importance is over gold is gonna go up a huge amount and whenever people lose confidence in governments or currencies they always have bought gold and silver maybe they shouldn't but who cares they always have and they always will so I I'm looking for another I've never sold any gold I'm looking for another chance to buy more if you don't mind I mean it's kind of personal question but what type of gold vehicle do you like would be like bullion you like coins I mainly but by coins I do have some futures but I I mainly by buy coins because coins are internationally recognizable and easily and transportable you know in a crisis and let's hope we don't have a crisis but if we do you've got a block of bullion you can't really go down to the grocery store and buy a loaf of bread God doesn't know of it's real gold and even if he knows it's gold and wants it he can't make change so points to me are much better way to to deal with gold I'm sure you had a preference well I have a few of the u.s.
dollar coins though the I'll show you one to Sovereign very good cuz they're a little smaller and they've been around for two or three hundred years many people who world know them Chinese pandas gold pandas are great because in Asia they're very recognized I own others but those are probably the three that I own the most of thank you now Jimmy you were talking about how you see gold possibly going under a thousand dollars what specifically makes you think that it will fall further well if I'm right and we do have this turmoil I'm talking about usually they dump everything you know what we like it or not you can sit there and say all day long look the fundamentals of this are great the marching clerk doesn't care margin clerk says mr.
Rogers I can't help you I got to sell you out and that happens to people and whether we like it or not again you look back at other bear markets go gold and nearly everything collapses at one point may not happen this time but it usually does now you mentioned in your talk recently about eventually the government's all pushing toward a digital currencies and such tomato how far out in the future do you expect the for instance you had a daughter in her in her adult life do you assume do you presume that should be mostly in digital cash will be a novelty thing it will be something that no one even uses I'm quite sure it's hardly happening if you go to China they don't have jack I tried to buy an ice cream in China recently I couldn't so that all I had was money cash in mint and all she could take was you know put your card here on just put your phone here on the spot so I'm an inch gave me the ice cream I wish I'd been buying a Mercedes or something I mean cash is almost disappeared in China and other countries in Asia so it's happening now it's not happening in Asia faster than other places but that's good Asia's maybe ahead of the 30 head of the US and many digital and internet happenes governments love having money on the internet because it's money's expensive as you know I got a printer that gotta deal with it they gotta transport it etc etc so they love Internet money and they have much more control you know they all you over say James you've been drinking too much coffee this month you know I mean they know everything about you which your money's on the on the internet and they love that I don't like it but government follow up to that in this next crisis that could come about on the banking system do you see the United States you know there's discussions about it but negative interest rates are still out there and you know right now interest rates have been going up and the talk kids that they'll raise more this year but I mean maybe that's just to clear the room for dropping rates next time there's a crisis is it possible that the US could possibly ever see Newark well what's going to happen James is when the next crisis comes when things start getting bad everybody's gonna call the central bank and say you must save us which means you must save me and the government's gonna panic the central bank will panic cuz if they're just bureaucrats and and academics they will do whatever they tan their lower interest rates by bonds negative interest rates who or whatever they think they have to do to save the markets the markets will have a very nice rally when that happens but unfortunately that rally will not last that'll be the last peak and then we get out because the market by then will know this is really serious and the market has more money than the central banks and at that point we'll have a nice horrible bear market yeah you know currently do you see that the US stock market is in a bear market because if you look at the chart of the Dow it looks you know it's making lower lows and it's you know we saw three or four months ago that huge a correction about 10% so do you see that we've hit the peak for the Dow I'm gonna tell you again I'm the single worst market timer you will ever meet I have the single worst trade you will ever meet I don't I think that there's at least one more time of the markets going higher but and I'm invested that way but I am I am who knows I don't know it would be pretty easy if we could look and say okay this is it but I suspect there's still another rally to come you know it could be caused by lots of things if if North Korea and South Korea settle that's gonna cause a lot of euphoria around the world I mean who knows who knows what might cause it it might not happen but I don't think it's quite okay I'm more inclined towards the fall of this year or maybe early next year just because I read some of your books but I as far as my recollections of your experience in the 70s and 80s could you give us a little bit of what your experience was in the commodity markets back then especially pertaining to precious metals one thing that often happens just so I'm sorry to jump real quick often happens people talk about the precious metal bull market in 1980 and they just go immediately the but they fail to recognize that all four precious metals spiked have been a few months of one another in early nineteen eighties go ahead I'm sorry I remembered well we owned a lot of silver we even own some gold then go so it is you know shooting straight up and like everybody else who's been around for a while we started shorting the spike shorted gold in six hundred and seventy five dollars an ounce and two weeks later three weeks late it was eight hundred and seventy five dollars it was painful and it was not a lot of fun of course three years later or two years later the collapse totally collapsed but no I remember those days very very well I actually started buying gold for my own self I have much money but even had gold in my closet it was illegal in the early seventies for Americans it quickly became legal no I've been messing around with go for decades now if you look back you know at the 1980s bull market and precious metals what would be like the single biggest advice for people who are interested in investing now in precious metals that you'd give for them that you learned back in the 1980s well forget the 80s I from the history if you've read any history of the world you know everybody should own some gold as an insurance policy of nothing else everybody all of us have health insurance fire insurance car insurance we hope we never use our fire insurance but if we need it we're glad we have it so gold should be considered is that for that element as far as I'm concerned and if you then you know what you're doing and you get your timing right then you might make a lot of money in gold but everybody every soul in the world should have some gold and silver in their closet or wherever they want to keep it as an insurance policy and the more you know about gold maybe you get your timing right maybe your own a lot of gold if I get it right and gold go it does go under a thousand I hope I'm smart enough to buy a lot of gold and silver I'm recently Jim I saw a chart that put out in the gold community about various in zeros and ones into who's an official gold backing and it looks like today Russian ruble is the most gold back currency officially I think the m0 account is required about $2,400 amounts in the US dollar gold terms to back up their entire gains zero supply at the current moment you know in Russia I don't know if you've ever invested there I think you have you mentioned recently that China is placed in the long term and that you think will be a great market to be invested in what other industries or sectors or things that you look out head you know next decade or two that you're really interested in it well for what it's worth I own Russian government bonds in rubles I bought more land this week just bought bought more this week again short-term Russian government bonds in rubles russia has much less debt than most countries partly cuz nobody would lend money nobody would let money to the Soviet Union there's one reason they don't have much debt and I see positive changes I should say to you James I was negative on this on Russia for 48 years I was a long-term bear and now I'm bullish on on Russia and ruble and the government bonds and stocks I own Russian shares as well agriculture I'm extremely optimistic about not just in Russia you know Americans put sanctions on Russia so it Russian agriculture is booming now they have to produce their own and they if they cannot buy from other people which is fat I mean we're shooting ourselves in the foot we the u.s.
is now the Russians are making all kind of money from agriculture worldwide agriculture many reasons to buy agriculture worldwide that's probably one of the reasons I mean there are other industries around the world Chinese pollution is horrible China's filthy they're spending scans of money trying to clean up China I mean there are some industries that are gonna do well even if the world falls into a pit you know even if you're falls into the sea or some industries that are gonna do well agriculture Chinese pollution a few others Thanks now speaking going back to China here you've talked about in in the presentation that you gave about the future of money also talked about this James was noting that you see really the most exciting emerging markets our North Korea and China North Korea you can't really invest in so China is the most interesting one that you can invest in so you can expand a little bit on why you see China being very prosperous in the future I also just mentioned Russia I do have investments in Russia and I bought more Russian ruble bonds last week the United States stock market is near its all-time high German the other major markets are near their all-time highs the Chinese market is 40 or 50 percent below its all-time high Japan is 50 percent below its all-time high Russia's hated I prefer buying markets that are depressed rather than jumping on a moving bus because when you jump on a moving bus you might get very badly hurt so china's large very large creditor nation they save over 30 percent of their income they work from dawn to dusk I mean many things are going right in China that's not to say they're not going to be problems in China when the rest of us have promised I will be the Chinese government you know 15 years ago 10 years ago had little debt now even in China there's debt and the Chinese government of Beijing has said when we have problems we're going to let people go bankrupt I wish Washington would say that I wish London would say that I wish Tokyo would say that but the Chinese the Chinese Communists are better capitalist than we are if they say they're gonna let people go bankrupt and that's gonna shock a lot of people including me and I know what's coming so there will be problems in China but in the meantime I had rather buy Chinese shares than US years you
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