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Jim Rogers says he's steering clear of the gold market until the precious metal falls to at least $1,300 an ounce.
"Gold is having a correction, and I presume that correction is going to go on for a while. Who knows, I might buy at higher than $1,300," the chairman of Rogers Holdings tells BNN.
Commodities in general are in what he presumes to be a normal correction. "I mean there are various conspiracy theories going around about oil. It's just a normal correction as far as I can see."
But Rogers, the author of several books, including A Gift to My Children: A Father's Lessons for Life and Investing, says that agriculture will be the place to be.
"Prices have to go much higher… or we're not going to have any food at any price. Prices have to go up to attract labour and capital into agriculture."
Fertilizer and seed businesses will also reap the rewards. "If you don't want to go into some of those businesses, get the Lamborghini dealership in Saskatchewan, because all those farmers are going to have a lot of money," Rogers muses.
"Bay Street's going to be a disaster. Saskatchewan's going to be great," he says.
Now based in Asia, Rogers looks at the European debt crisis and says everything alarms him about the current situation. "You don't solve a problem of too much debt with more debt. It's ludicrous what's happening in Europe. And when it all collapses, eventually they're going to run out of other people's money and then the problem's going to be worse than if they went ahead and bit the bullet now," he says.
But turning to China is not the solution. He says the American and European economies combined are ten times the size of the growing Chinese economy.
"They can't save us," he says. "We have to save ourselves."