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really a historic event that really the introduction of the petrol you want China released oil futures contracts that are priced in hue on what is your perspective on this Jim and how do you think this could impact that petro dollar well China and other countries are a little tired of being bossed around at the US dollar about the US 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 too 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 flaw 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 hellraiser 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 little big camp out there who think that you want to eventually be the value of at some point but you did say you mentioned in the discussion that you know someday down the line you may end up buying yuan you know and I suppose my question is what factors would you have to see before you actually wanted to start buying the yuan and holding your capital anymore well I own some nd it's probably my second largest holding of currency I mean it's it's minuscule compared to my US dollar holdings but know 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 renminbi will go down less than anything else but know when those days come winter when currency turmoil comes again you're gonna see a lot of strange gyrations but James I own the 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 more no on the Swiss franc you know most currencies are very seriously flawed compared to the 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 your perspective on the trade war we're seeing right now where do you see this going I should ask you 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 for key known trade wars so when things get bad again he's gonna come up with another trade tariff rate or whatever habit you want to call it and in the end we're all gonna have serious problems nobody's 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 Jim you often bring up gold I think everybody would use your lights to talk about gold 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 read 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 that would probably be the opportunity you know we had gold go to a low point in 2015 at 10:50 and almost a 50% retracement like you typically talk about inform IV bull markets they don't go up in a straight line and they always retraced about 50 percent so 10 fifties been the interim well recently late 2015 do you foresee potentially reaching that again or possibly going well we're really good this is realtor moment 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 before justice 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 I would be like bullion dealer coins I mainly buy coins I do have some futures but I I mainly buy 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 have a preference well I have a few of the u.s.
dollar coins 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 and world know them the 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 off well thank you now Jim you were talking about how you see gold possibly going under $1,000 what specifically makes you think that it will fall further well if I'm right 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 margin clerk doesn't care the margin clerk says mr.
Rogers I can't help you I gotta sell you out and that happens to people and whether we like it or not again you look back in other bear markets go gold and nearly everything collapses at one point and 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 so I to me that how far out in the future do you expect for instance you had a daughter in her in her adult laughs do you assume do you presume that should be mostly in digital cash will be a novelty thing there 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 look at all I had was money cash and all she could take was you know put your card here on this put your phone here on the spot come unhinged gave me the ice cream I wish I'd been buying a Mercedes or something I mean catches 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 may be ahead of the 30 head of the u.s.
in many digital and Internet happenings governments love having money on the internet because money's expensive as you know I got a printer that got it or whether they got a transport it etc etc so they love Internet money and they have much more control you know they can call you up and say James you've been drinking too much coffee this month you know I'm cut back I mean they know everything about you when it's on the on the internet and I love that I don't like it but government was involved to that in this next crisis that could come about 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 nurse 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 can to lower interest rates buy bonds negative interest rates who or whatever they 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 well no 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 now 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 further down 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 and it might not happen but I don't think it's quite over I'm more inclined towards the fall of this year or maybe early next year just because I haven't done 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 Hunt Brothers but they fail to recognize that all four precious metals might have been a few months along another an early 1980s go ahead I'm sorry I remembered well we owned a lot of silver we even owned some gold then go started 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 later it was eight hundred five was painful and it was 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 illegal no I've been messing around with go for decades yeah 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 you're wrong 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 in the world I think the m0 account is require about $2,400 an ounce in the US dollar gold terms to back up their entire 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 a place in the long term 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 well for what it's worth I own Russian government bonds and rubles more laughs this week just bought Baltimore 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 change 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 and 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 if Russian agriculture is booming now they have to produce their own and they cannot buy from other people which is fed 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 scads 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 you also talked about this James was noting that you see really the most exciting emerging markets are North Korea and China and 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 when you jump on a moving bus you might get very badly hurt Oh China's large very large creditor nation they save over 30% 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 gonna be problems in China when the rest of us have problems there 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 gonna 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 Communist 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 and US years okay I run out of questions I want to thank you for taking the time it's I know it's a little late in Singapore Thanks for meeting up with us this evening but James I'm delighted you've run out of questions I've run out of answers did you want to share with the viewers if they're interested in learning more any last thoughts you had and then where they can find you online I have a website but it's not much they're just my round-the-world trip and my schedule my speaking schedule I don't have anything to sell Alijah
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