By Nicolas Larkin
March 1, 2011
Feb. 28 (Bloomberg) -- Jim Rogers, chairman of Rogers Holdings, talks about his investment strategy for global stocks and commodities. Gold advanced, approaching a record, as tensions in the Middle East boosted oil prices, increasing demand for precious metals as a protector of wealth and hedge against inflation. Rogers also discusses his strategy for the U.S. dollar. He speaks in Hong Kong with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
Gold climbed to an eight-week high in London as unrest in Libya and a weakening dollar spurred demand for the metal as an alternative investment. Silver advanced to the highest price since 1980.
Libya’s opposition gained fresh support from the U.S. and European nations as leader Muammar Qaddafi sent forces to regain lost territory. The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, earlier today fell to the lowest level in more than three months. Gold, which traded within 0.9 percent of a record, typically moves inversely to the U.S. currency.
“Prices are up as the dollar weakens slightly and concerns remain that unrest in the Middle East could lead to more significant protests,” John Meyer, an analyst at Fairfax IS in London, wrote in a report today.
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