'Don't Sell Gold': Expert Warns Against Booking Profit Despite Record Rally - Here's Why

Creator of the Rogers International Commodities Index, Jim Rogers said that in a time where most countries are devaluing their currency, "owning gold is usually the best way to protect yourself," during an interview with Business Standard.

Taking a page from his own experience, he said that he owns both silver and gold and has no intentions of selling either. Although, he added, that he will not be purchasing both the metals at the current market price and advised investors to refrain from buying them at the moment.

However, he further stated that, "If gold and silver prices go down from here, I would love to buy further quantities" and advised investors to start accumulating small amounts of gold and silver over time.

The veteran investor said that he does not believe in timing the markets, and explained that he buys these commodities more when when they are down and nobody wants them, "I'm not very smart. But I know if something is down, I would rather buy it than something at a new high."

On why he does not want to sell either of the two, he told Business Standard that, "I don’t ever want to sell my gold and silver. I want my children to have them someday".

Rogers commented on the surge in silver and said that it rallied more because it had fallen more while gold was at record highs a few months back.

The commodities expert also raised an alarm around global debt and monetary policy, especially in the context of the United States and highlighted that America is the largest debtor in history. He then reiterated the importance of owning gold in the face of currency devaluation by countries.