The U.S. economy is getting closer to suffering an “extremely bad” recession, said investing legend Jim Rogers, but he’s more likely to buy silver than gold as a way to “hide” from the economic turmoil.
History would indicate we’re getting closer to a recession, “but I don’t know when,” said Rogers, chairman of Beeland Interests Inc., who co-founded the legendary Quantum Fund with billionaire George Soros in the 1970s. “I do know there’s going to be a recession again, and I do know it’s going to be extremely bad.”
A souring economy leads to money-printing and inflation, and people will want to have ”somewhere to hide in assets that will hold their value,” he said.
Commodities, in particular gold and silver, usually hold their value when there’s a lot of inflation and money-printing, said Rogers. But if you were buying one of those metals today, “you would probably buy silver because it’s down from its all-time high, and gold is near its all-time high.”