Roiling capital markets aren't going to calm any time soon so investors would be better off putting their money in hard assets like gold, silver and agricultural commodities, says international investor Jim Rogers.
Greece is teetering on the brink of default, while the debt crisis appears to be spreading to Spain, as evidenced by a Moody's decision to cut ratings on 16 banks there.
"The world's got serious problems facing it, I don't particularly like saying it, but it's true," Rogers tells CNBC.com.
"Unfortunately there will be more debt and currency turmoil to come."
Greece goes to the polls on June 17 to elect a new parliament, and many worry voters will elect enough leftist and other fringe politicians who favor ditching austerity measures in exchange for bailout money, which could precipitate the country's exit from the eurozone.
The euro has taken a pounding on European uncertainty lately and will continue to do so.
"I hope the euro survives, I think it will survive in some shape and form," Rogers says, adding he's avoiding equities right now.
"I own real assets because if the world economy gets better I'll make money because of shortages and if things get worse they'll print more money," Rogers says, referring to loose monetary policies designed to spur growth amid downturns, which push up commodities prices as a side effect.
Greeks pulled the euro equivalent of close to $1 billion out of the country's banks on one day alone recently, as worried depositors stock up on euros fearing the country will ditch the currency and revert to the drachma, which would be much weaker.
Continued withdrawals will bruise an already beleaguered financial system, experts say.
"If you have significant deposit withdrawals, that's difficult for any institution to overcome no matter the macroeconomic factors. Of course that's not even taking into account everything going on in Greece," says Kris Niswander, associate director of European financial institutions for SNL Financial, according to CNNMoney.
Pro-Life' on 'Gold Futures Index - :-) thanks great charts -
Fyi. your opinion on CALVF would be appreciated - Caledonia Mining Corporation
CALVF Q1Rep. Net profit $7,111,000.-- after tax :-) for the 1stQuarter 2012 was $7,111,000.-- :-) welcome back to Caledonia Mining Corporation (CALVF :-) good to see you and thanks for your opinion :-)
CALVF Q1Report; Net profit after tax for the Quarter was $7,111,000.- compared to $1,369,000 in the preceding quarter (which included an impairment of $3,884,000) and $1,894,000 in the comparable quarter.
Basic earnings per share for the Quarter were 1.4 cents per share, compared to 0.27 cents in the preceding quarter and 0.38 cents in the comparable quarter.
At March 31, 2012 the Corporation had cash and cash equivalents of $16,288,000.-- compared to $9,686,000 at December 31, 2011 and $2,217,000 at March 31, 2011.
Cash flow from operations in the Quarter before capital investment was $8,130,000 compared to $3,506,000 in the preceding quarter and $4,686,000 in the comparable quarter.
a subsidiary to CALVF holding the Blanket Gold Mine, its 51% is sold for $30 million and it may be final agreement by 2014 - mugabe has used it to gain votes for the last 20yrs - but lost the last election to - Prime Minister Tsvangirai of Zimbabwe - who got the majority and should be the President - don't want it (and declared it null and void) - mugabe 88yrs old with prostate cancer etc. the time working in the right direction for CALVF -
Welcome to CALVF - Caledonia Mining Corporation -
well, good to see all @ CALVF :-)
Presentations 2012 04-18-2012 Global Mining Finance Spring Conference, London -
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