I am not sure if we have seen the [oil prices] bottom yet. Normally, you have a big rally, and then somewhere along the line it peters out. Then you have another test of the bottom. I suspect we will do so this time too. Owing to the collapse in oil prices, inflation everywhere is down.
Oil may stay down for a while, or even go further down and test the lows. Maybe prices will go up by a few more dollars. But by spring this year, we will probably see a new test of the bottom.
Jim Rogers is a smart investor who co-founded the Quantum Fund with George Soros in 1973. By 1983 the fund gained more than 4000 percent.