‘The world is heading into a period of serious problems, and gold and silver are among the few ways to protect oneself.’

Photograph: Francis Mascarenhas/Reuters

Gold and silver prices have seen a phenomenal run thus far in 2025.

Jim Rogers, chairman of Rogers Holdings, tells Puneet Wadhwa/Businiess Standard over a telephone interview that the world is in a period when paper money is becoming less trusted in many countries, and people are turning to real assets like copper, gold, and silver.

This, he believes, has been the case throughout history, and will continue.

 

What’s your view on gold and silver? Do you own them right now, and what’s your strategy?

Yes, I own both gold and silver. At the current levels, I wouldn’t be buying more, but if prices go down, I’ll definitely add to my holdings.

I’m not selling them either. For me, gold and silver are long-term insurance.

So, are you expecting prices to head higher then?

Absolutely. Over the next couple of years, I think they’ll go much higher. The world is heading into a period of serious problems, and gold and silver are among the few ways to protect oneself.

That’s been true for hundreds of years and will remain true now.

Whether people are right or wrong about the reasons doesn’t matter — that’s what they believe, that’s where they put their money, and I do the same.

Could we even see gold and silver doubling in the next two or three years?

I don’t know and it is difficult to predict. What I do know is I want my children to inherit my gold and silver someday, not sell it all in the near term.

In terms of returns, over the next couple of years, do you think gold and silver could outperform equities?

Equity markets in most countries have been on an unusually long winning streak. That usually leads to problems eventually.

I’m not shorting equities yet, but I’m very cautious. If you ask me where I’d rather put my money, I’d choose gold and silver over equities in most countries.

Copper, too, has seen a good run off late. What’s your take?

I wouldn’t short it either. We’re in a period when paper money is becoming less trusted in many countries, and people are turning to real assets like copper, gold, and silver.

That’s been the case throughout history, and this will continue.

Crude oil, on the other hand, has been subdued. Where do you see it going?

If geopolitical turmoil increases, crude oil will go higher. Right now, I don’t own any crude oil. I’m just watching the situation. I’m not sure what to do at the moment.

What’s your view on Donald Trump’s presidency and its impact on global markets?

Well, Donald Trump seems like a nice man, but frankly, he doesn’t appear very smart. Still, he is the President of the United States — and that’s the reality.

That said, tariffs have never been good for economies. They might help a very small group of people for a short time, but in the long run, they’re bad for almost everyone.

Unfortunately, Mr Trump seems to believe tariffs are good, perhaps because he wants to help his friends.

But history shows tariffs don’t work. Tariffs create distortions and inefficiencies.

How do you see global markets play out over the next 6-12 months?

Markets around the world have been making new all-time highs recently. Everyone is very happy — and that actually makes me nervous.

My experience tells me that when everyone is euphoric, it’s time to be cautious. I’m worried about how good things look right now.

And India?

India is different. For the first time in my life, I feel India really understands how to make things work. I’ve always loved India, but now I’m extremely impressed.

The leadership in New Delhi seems to genuinely believe that prosperity and success are good, and they’re encouraging it. That’s a big and exciting change.

Would you invest in India at current market levels?

If the Indian market corrects, I hope I’ll be smart enough to buy.

As I said, India excites me right now — the government truly seems to understand that growth and wealth creation are positive things. That’s a very encouraging shift.

What would you list as the key risks to global financial markets from a one-year perspective?

The US is the biggest risk. American markets are at all-time highs, and this is the longest bull-run in the US’ history.

At the same time, America’s debt keeps climbing to staggering levels. That combination worries me the most.

Feature Presentation: Aslam Hunani/Rediff

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