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Singapore-based American millionaire and veteran investor Jim Rogers has said that India taught him a lot about gold and silver markets. In an interview with NDTV Profit, Rogers said “I would go to Indian markets and I would see Indian women… wives with unbelievable amounts of silver and gold. I learned, I learned.”
As Rogers waxed eloquent about India’s obsession with gold, the interviewer replied that having gold and silver in huge amounts in cabinets or around your wrist is a "huge waste of capital". To this, Roger responded, “I know, I know how you and the Indian government view it. And many governments view it that way.”
“But when a problem arises, you’re very happy you have some gold in the closet,” he added.
The veteran investor denied the notion that having gold in the locker is a waste of money. The 81-year-old emphasised that gold brings a sense of stability and tranquillity when a person struggles financially. Rogers said that he has long held both gold and silver and showed his interest in buying silver. “I’m not buying now, but if I were, I’d be buying silver," he added.
Rogers said he was embarrassed at missing the rally in Indian stocks. “I'm embarrassed because I've invested in my life and here Delhi finally has the right attitude and I missed it,” he added.
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He also stated that there are going to be more investing opportunities in the future. The key indexes of India, the S&P BSE Sensex and the NSE Nifty 50, have surged by 13.2% and 15%, respectively, placing them as the seventh and fifth best-performing Asian indexes.
India is currently the fastest growing economy in the world, representing structural opportunity over many decades. With its greatest weighting in the index, it has emerged as the second-largest nation in the MSCI emerging markets. India witnessed significant stock market gains along with a remarkable expansion in GDP per capita.
Rogers believes that India is currently an appealing market to watch out for and it claimed that Indian markets taught him a great deal about gold and silver.
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