Jim Rogers favors rice, says gold may go down for a while

Jim Rogers, the famous commodity bull, currently favors rice over gold as an investment.

In a presentation to Chicago business executives, Rogers said gold is overdue for rest and may go down for a while, reported Bloomberg.

Longer-term, though, Rogers thinks gold will top $2,000 this decade.

A major theme that Rogers often repeats is that Federal Reserve Chairman Ben Bernanke's program of quantitative easing, i.e. printing money, will devalue the U.S. dollar and thus drive up the value of hard assets.

However, Rogers said during the presentation that he'd rather own rice than gold.

Rice is more depressed than gold, he said, in light of gold's upsurge in prices. Furthermore, agricultural commodities will benefit from increasing demand in emerging market countries, primarily those in Asia, he said.

Rogers is extremely bullish on agricultural commodities.

He said in the future, it’s the stock broker who’s going to be driving the cabs. The smart stock brokers will learn to drive tractors, and drive them for the farmers, because the farmers will have the money.

In the past, he repeatedly suggested that people abandon their pursuit of MBA degrees and take up farming instead.

Rogers once said on Bloomberg TV that eventually, 29-year-old farmers will be the ones driving Lamborghinis.

Email Hao Li at hao.li@ibtimes.com

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