#327 Jim Rogers: Out Of US Stocks, Not A Bubble Yet & Holding Not Buying Gold

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Jan 15, 2026

In this insightful discussion, veteran investor Jim Rogers shares why he sold all his U.S. stocks, citing historical market highs and emerging bubble traits. He warns of a looming financial crisis fueled by staggering national debt and expresses skepticism toward extreme market exuberance. While he owns gold and silver, he remains hesitant to buy more at peak prices. Rogers also critiques U.S. actions abroad, particularly towards Venezuela. His stark advice? Young Americans may face significant challenges ahead.

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ADVICE

Question Central Bank Independence

Treat central bank independence with skepticism because appointments and politics influence decisions.
Expect policymakers to prioritize job security, which can bias them toward easy monetary actions.

ADVICE

Don't Assume Debt Is Sustainable

Recognize that rising debt and money printing historically precede serious problems and eventual declines.
Avoid assuming that markets or policy fixes will make high debt sustainable forever.

ADVICE

Hold Precious Metals, Buy On Dips

Hold gold and silver as protection against rising debt and widespread money printing.
Don't buy at current all-time highs, but be ready to add if prices retreat sufficiently.

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Jim Rogers, who has sold all his US shares, warns that the American market has been going up longer than ever in history and when people say "it's different this time," you should look out the window and ask questions. While he doesn't think we're in a bubble yet, he sees bubble characteristics forming and is watching for signs to start shorting - like kids leaving college for the stock market and everyone talking about their investments. Rogers is deeply concerned about the $38.6 trillion in balance sheet debt plus over $200 trillion in off-balance sheet obligations, noting that historically this has always led to big problems. He still owns gold and silver but isn't buying at all-time highs, holds positions in China and Uzbekistan, and says he's "not happy" about the US capturing Venezuela's president - calling it "not normal" and "not defensible on the international stage." His stark conclusion: "It's a good time to be an old American. Young Americans are going to have lots of problems in their lifetime."

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

00:00 Intro and welcome Jim Rogers

01:28 US economy and market going up longest in American history - sold all US shares

02:06 Has the US performance surprised you?

02:53 What questions should we be asking right now?

02:58 When should I start selling short? Exuberance setting us up for a top

03:41 Still owns shares in Uzbekistan and China - assessing China after recent run

04:12 Is the US in a bubble? Not yet, but beginning to have bubble characteristics

05:31 Worst crisis in our lifetime still coming - debt is unbelievable

07:55 Fed Chair Powell DOJ subpoena

11:00 US debt highest in history of the world, Fed printing huge amounts of money

13:12 Gold and silver performance - owns both, not selling, will buy more if they go down

15:34 Room to run in precious metals? Debt skyrocketing, money printing everywhere

16:36 What signs would make you short?

17:27 America losing financial wherewithal

19:44 Portfolio: Watching China go straight up, watching Uzbekistan, not adding

21:30 Venezuela

22:53 Nearly every stock market in the world making new highs - time to ask questions

24:56 Greatest strength and weakness as investor?

25:57 Biggest mistake?

27:46 Parting thoughts