Well-known US commodity expert Jim Rogers sees the panic caused by the corona virus as exaggerated. Such a situation opened up buying opportunities – also for gold and silver.
Gold and silver recovered
The gold price showed a recovery this Monday morning after precious metals suffered significant price losses last week. The troy ounce of gold was $ 1,605 (+1.25%) at 9:45 a.m. This corresponded to 1,447 euros (+0.66 percent). Silver cost $ 17.00 an ounce (+2 percent) or $ 15.33 (+1.5%)
Jim Rogers spoke to Kitco News last Friday about the current state of the financial markets and gold. The well-known US raw materials expert lives in Singapore and speaks of a panicky mood about the corona virus. The shops, the restaurants and the planes are empty, the people avoided personal meetings and the whole service and tourism industry was hit hard.
Everyone is panicked – even in the West, but very few people are really sick. In China, he sees the peak of the wave of infections already reached. However, the economic effects continued. And he expects a recession in many countries. After all, it was in the United States for ten years, the longest period without a recession in US history, Rogers said. The epidemic has meanwhile led to a necessary consolidation in the financial markets, which he previously viewed as overbought – in his opinion by a good 20 percent.