Investor Jim Rogers said he prefers oil over gold as he believes the International Monetary Fund will sell its reserves following the recent rally in the precious metal.
“The IMF is trying to sell its gold,” Rogers, chairman of Singapore-based Rogers Holdings, said in an interview.
“The IMF is one of the largest holders of gold so you’ve got this huge supply overhang. Whether they sell it or not, the world is expecting them to sell it.”