Jim Rogers: Avoid Dollar At All Costs

Jim Rogers: Avoid Dollar At All Costs

June 30, 2008

Investors should avoid the dollar and buy commodities, which is the “best investment’’ for this year, said Jim Rogers, chairman of Rogers Holdings.

Avoid the dollar “at all costs,’’ Rogers said at the opening of an investment club in Shanghai today. “Agricultural prices have much higher to go over the next decade. We have a shortage of everything including seeds.’’

The U.S. currency has slipped 7.6 percent against the euro and 5.1 percent versus the yen this year as the Federal Reserve cut interest rates to stave off a U.S. economic recession. Oil prices in New York have doubled in the past 12 months, while gold futures jumped 41 percent.

Rogers, who put his New York house on the market in 2006 and now lives in Singapore, said last October he planned to shift all his assets out of the dollar. He predicted last month the currency’s decline would pause in the second quarter because it was overdone.

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