Reuters Friday February 1 2008
By Eva Kuehnen
FRANKFURT, Feb 1 (Reuters) - Investment guru Jim Rogers won't buy platinum at record-high prices but sees uranium as an up and coming play on metals markets.
Asked about platinum , after it spiked to a record of $1,759 an ounce, the Rogers told an investors conference on Friday: "Would I buy it today? No, I wouldn't buy it today."
He said he may consider buying if prices were to come down but Rogers, whose Rogers International Commodity Index <.RICIX> rose some 30 percent in 2007, declined to give an outlook for platinum prices.
"I just don't know how far it's going to go in 2009," he added, when asked where he saw prices in 2009.
A global Reuters poll of 50 analysts and traders showed last month platinum was seen falling to $1,440 in 2009.
[red]He said prospects looked good for uranium .
"Uranium has a great future and atomic energy has a great future... There is a huge amount of nuclear power plants, which have to be replaced," the American investor said.[/red]
"Even the environmentalists now say we should use atomic energy, because if properly...contained it is cleaner and it is much cheaper.
"Nuclear energy has a spectacular future. There is a huge amount of nuclear power plants which have to be replaced. No one has been opening uranium mines for decades. I think uranium is a great place to be."
While base metals prices such as copper and aluminium are seen to fall this year amid fears of a global economic slowdown and hence weaker demand, Rogers said he was watching the market closely.
Rogers, who co-founded the Quantum Fund with billionaire George Soros in the 1970s, said he preferred investments in the agriculture sector in the light of tightening supplies worldwide.
Cotton , sugar , coffee were currently cheap on a historic scale with inventories running low and in the wake of rising demand from emerging markets and alternative energies, Rogers said.
(Editing by Michael Roddy)
www.guardian.co.uk/feedarticle?id=7275032
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