Jim Rogers: How to Play $2,000 Gold

NEW YORK (TheStreet) -- Jim Rogers, the contrarian investor and author, says gold will hit $2,000 in the next five to 10 years.

In a continuation of a conversation with Rogers, TheStreet.com TV spoke with the typically contrarian investor who talks about how high gold will go, how to trade the precious metal and whether mining stocks are a good play on rising gold prices.

Jim Rogers Talks Gold

With gold prices up 14% year to date, physically backed ETFs like SPDR Gold Shares(GLD Quote), ETFS Gold Trust(SGOL Quote) and iShares Comex Gold Trust(IAU Quote) are seeing heavy volume. Investor demand has driven the popular SPDR Gold Shares to add almost 50 tons of the precious metal since Sept. 1, boosting its market cap by $1.6 billion.

Silver stocks are also seeing big moves. Silver is up 40% year to date and is still trading 70% below its all-time high. Silver ETFs like iShares Silver Trust(SLV Quote) have posted year-to-date gains of almost 20% as investors seek value outside of gold.

Mining stocks like Newmont Mining(NEM Quote), Barrick Gold(ABX Quote), Freeport McMoRan Copper & Gold(FCX Quote) and AngloGold Ashanti(AU Quote), although not pure gold plays, have also been trading higher. Market Vectors Gold Miners ETF(GDX Quote), a basket of large-cap miners, is up 11.61% year to date.

Following are some excerpts from TheStreet's interview with Rogers:

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TheStreet: Aside from gold, what other precious metals do you own?

Jim Rogers: I own silver as well. I would suspect that if you were buying [gold or silver right] now, silver would be a better buy. I mean, gold is making all-time highs, [but] silver is 70% below its all-time high. Now, if my thesis is right about commodities -- that they're going to make new all-time highs -- obviously you would make that much more [money] in silver than in gold.

What about palladium and platinum?

I own them all. I think probably now the better plays would be palladium and silver, but again, let me hit you over the head and say I am [the world's] worst market-timer and trader. I think you would make more money with silver and palladium at this point, but I own all four [gold, silver, palladium, platinum].