"If you cannot spell commodities I wouldn't suggest buying commodities. Please, you'd better know what you're doing if you're going to use a lot of leverage," he said.
He does not own stocks of companies linked to commodities, because there are lots of risks associated with stocks.
- Watch the full interview with Jim Rogers above.
"I actually own some Australian mining shares but I own them for 10-12 years and I'm not buying them now," he said. "Unless you're very, very good at stock picking, you should own the commodities themselves."
Rogers said he is shorting the technology sector, emerging markets and the US stock market.
In the financial sector, he said he was short "one major Western financial institution" with headquarters in North America. He was not short other banks, because their prices had not risen enough, he said.
His views on the financial sector are not optimistic and he believes Wall Street and the City are going to lose their appeal in the coming years as the economy turns more towards tangible goods.
"You should become a farmer, you should become a miner, go into the production of real goods," Rogers said.
The price of oil is likely to rise further because, following the Gulf of Mexico oil spill, there will be more restrictions on offshore drilling in the US and maybe elsewhere, he said.
BP is on Rogers' radar screen but he is not buying it yet and he does not have a price target where it would be a good buy. "I wouldn't judge it on price, I would judge it on time," he said.
If there is a slowdown in the US and in the euro zone, it is also going to affect China, he predicted.