Monday, August 3, 2015

Crude oil may not have bottomed yet

I own gold and I am not buying gold right now. If it goes down, I will buy more. 

As for oil, the way most markets work, they have a big drop and collapse followed by a rebound. It is sometimes called a ‘dead-cat bounce’, and then it goes back to test the bottom again. 

I suspect crude oil will test the lows and pass this test, but in the meantime, I am not buying oil. I am waiting to see the oil test lows again.

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.