More Social Unrest, Currencies Turmoil: Jim Rogers
More social and political turmoil is likely in the future so commodities prices will continue rising, renowned investor Jim Rogers, CEO of Rogers Holdings, told CNBC Thursday.
Five people were killed in protests in Egypt demanding the departure of long-time President Hosni Mubarak and unrest has been on the rise in other parts in the Middle East.
"I don't own very many equities," Rogers, who co-founded the Quantum Fund with billionaire George Soros in the 1970s, said in an interview.
"I don't know what's going to happen but I expect more currencies turmoil, more social unrest, more governments collapsing so I invest more in currencies and commodities than stock," he added.
Rogers said he has had long positions in commodities for 12 years and has warned repeatedly that food prices will "go through the roof."
Shortages of food products are likely to last for a long time and create more upheaval and the ranks of farmers around the world have diminished, he said, adding that for some soft commodities it will take years to increase the stock.
"You don't just snap your fingers and have palm oil, all this takes time," Rogers said.
Rogers, who had no short positions between the autumn of 2008 and the summer of 2010, said he is now short some emerging markets exchange trade funds (ETFs) and some Nasdaq ETFs.