Gold outlook: Why Jim Rogers says everybody should have gold under their bed

Commodity guru Jim Rogers is bullish on gold and silver, so much so that he believes everybody should have some gold and silver in the closet and under their bed, as he does. The eternal bull on precious metals, who says he is not a good market timer, told Business Today TV (BTTV) in an exclusive interview that his gold and silver holdings are not for sale, ever.

"My gold and silver will be for my children and my grandchildren someday, I hope," he said, adding that everybody should have some gold and silver, irrespective of where they live.

Rogers said he bought additional units of gold and silver in the recent correction, adding: "When it is cheap, I will buy more."

The  founder of Rogers International Commodity Index said gold and silver would be more valuable in his lifetime, as governments across the world know how to debase currencies, adding that they have done so and continue to do so.

"I repeat myself, everybody should have some gold and silver under the bed," Rogers said. "It's all over in my closet. And as I say, whenever they go down, everybody should buy some," he told BTTV's Sakshi Batra.

International gold prices have slipped from the $5,000 levels to around $4,000. Rogers said he would not predict gold price levels but remained firm in his belief that gold and silver would continue to rise in value and serve as stores of wealth for people everywhere.

On silver's recent fall, Rogers said: "It's a big drop from the peak and I hope I'm smart enough to buy some more. I bought some more recently. I hope I buy more."

Rogers said shares of mining companies would be a fabulous way to make money, but he is too lazy to pursue that route and prefers buying gold and silver coins.