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business tycoon Jim Rogers is known as a former co-founder of the global investment partnership Quantum Fund along with George Soros he is also chairman of Rogers holding and Beal and interests mr. Rogers had been a gold holder and he believes that everyone should hold gold he thought holding gold is nothing less than insurance policy and he had a recent interview with kit Co News so let's take a look exchange-traded funds truck and gold have bled assets for 13 consecutive weeks the longest run in five years at the same time investors have placed the biggest gold short on record Gold's 9% tumble so far this year belies the turmoil in emerging markets and jitters over technology companies that have been the anchor of the US equity bull market the long-suffering holders of ETFs have finally given up hope of gold returning to its former glory and have decided there is better protection in the dollar the stock market and pretty much anything other than gold gold as a safe haven has been a massive disappointment this year for many hedge funds and other large speculators increased their net short bets on the precious metal in the week ending August 14th to the most on record and that's according to data published Friday going back to 2006 and as you can see here by this chart those in Asia and Europe have done better with gold because of the strong dollar but we're going to focus on the u.s.
because we live here so now let's go take a look at the interview with Jim Rogers so this is a picture of kit Co news with Dan yella on the right the interviewer and Jim Rogers on the Left obviously this is not the picture from the interview that occurred last Thursday but they have had several interviews and I have condensed the interview down here the text to what is useful for this video here and I'm certainly not going to be as alluring as Daniela Nora smart as Jim Rogers but here we go according to the discussion Daniela was talking about the action on Thursday and she says now we're up a little bit this Thursday but what's keeping gold from really taking off here and Jim Rogers answers Daniela as I've said to you several times before I'm still not a buyer until gold goes under a thousand US dollars an ounce I own gold I hope I'm smart enough to buy a golde when it gets there but you know we had a huge blow off back in 2011 and I've been around long enough to know the huge blow offs usually take long times to correct in my view that's what's going on I mean I'm not a very good trader but that's how I see the world and then daniela follows up with another question and she asks so with a tough summer it's been four gold I know you've said in the past many times that you would buy gold when it's down was that a good time for you and then Jim Rogers answers not yet I'm still waiting for nine hundred and fifty US dollars an ounce or something like that it may not get there and if it doesn't it's okay I'll own a lot of gold but that's not what I plan to do Daniela if it gets there I hope I'm smart enough and brave enough to buy a lot of gold because before it's over gold is going to turn into a very overpriced asset it might even turn into a bubble all right so let's go ahead and take a look at the charts and this is the 20-year monthly chart on the spiders gold trust stay in the symbol as GLD and I do not own gold or GLD at this time but I am looking at it very closely we're going to look at this bottom here I suspect that we're going to head down here and I'm going to look for a test of that previous low here in this area this is the top that Jim Roger spoke about in 2011 and the gold price now is currently just slightly above $1200 an ounce in my opinion I'm not quite sure that we're going to get to 950 dollars an ounce which Jim Rogers is looking for but if it gets down that low I'm definitely going to be buying but I think the low is probably going to be someplace in the 1000 to 1100 dollars an ounce but let's take a look further here the MACD the fast line just moved through the slow line a couple of months ago is heading on down I don't think it's going to get as low as this consolidation here but we'll just have to wait and see and the histogram shows that we've gone negative as well again this doesn't look like it's going to be as negative as this time frame here in this area they're moving on down into the the price rate of change we've gone sideways for quite a bit with most recently the fast lane moving through the slow lane and then going just barely below the zero line so I don't think things are really all that negative even with that record short the relative strength shows that we are heading down quite a bit we're heading on down to this level here I'd be surprised if it goes any further below what it did back here in 2013 again another reason I don't think we're going all the way to 950 but I have been wrong before the stochastics is definitely heading on down no real sign of a bottom into volume is fine and then the Williams we've hit this oversold territory and like it has done here it can stay in this lower area for some time but I really I just don't have the feeling I don't think the probability is there going back on up here to the price chart gold is something that I'm keeping an eye on as well as silver silver is trading a little bit differently and we'll take a closer look at silver at some time here in the future but for today I think that gold is heading on down that record short is very interesting you know that I like positions when there seems to be the consensus on one side or another and with a record short I'd like to take advantage of any miscalculations by those shorting gold but for today it just looks like we're heading on down something that we just continue to watch it's not ready to be bought at this point in time but let's monitor it because gold is one of those things out there that is high on my list along with silver and of course along with TLT but none of them are at the point that we are ready to buy at least a wreck for me is not there yet so for today that's Chu dog charts thank you
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