Sunday, December 14, 2008

US Dollar - Jim Rogers using rally to exit dollar assets GDX, HUI, XAU, GDL, SVL, SSRI, AUY, SLW, MGN

Jim Rogers using rally to exit dollar assets

By Vivianne Rodrigues
NEW YORK (Reuters) - Investor Jim Rogers said on Thursday he has been using the sharp rally in the U.S. dollar as an opportunity to exit assets denominated in the U.S. currency.
Rogers told the Reuters Investment Outlook Summit 2009 in New York that the rally -- which has pushed the greenback up about 20 percent since July -- is a reversal of a "gigantic short position" accumulated over several years and not a result of a fundamental bet. He added the U.S. currency is likely to weaken sharply again.
"I plan to get out of all of my U.S. dollars at some time throughout this rally," he said. "The dollar is a terribly flawed currency, and perhaps a doomed currency."

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