NEW YORK ( TheStreet ) - Jim Rogers, financial commentator, author and contrarian investor, loves commodities, but after the recent commodity carnage, does he still?

Gold prices fell 4.2% last week, silver prices plummeted 27%, and oil tanked 14.7%. As silver was smacked with an 85% increase in margin requirements in two weeks, Osama Bin Laden was killed removing some risk premium from the markets, over-crowded commodity trades shook out and the U.S. dollar index rallied, commodities took a nose dive.

The SPDR Gold Shares ( GLD) shed almost 25 tons in 5 days while iShares Silver Trust ( SLV) dumped 767 tons.

TheStreet sat down in an interview with Rogers to see if the recent correction changed his view on the bull market in commodities.

I wanted to start off with last week's commodity carnage, what does that tell you about the commodity trade?

Rogers: Well, not much if you ask me. Markets correct all the time. Silver went down a great deal but if you raise margin requirements 150%-200% you would expect there's something to collapse. It's good for the market as far as I'm concerned. Silver especially needed a set back and a consolidation. I'm delighted to see everything.



So this wasn't one current bubble that then burst at that time?

Rogers: I hardly see how silver could be a bubble when, even as its top, is still below it's all time high. That's not much of a bubble. A bubble is when things are screaming up every day and they go to new highs, two to three times their old highs. We'll have a bubble, we'll have a bubble in commodities, we're not there yet.

What price do you think silver will hit that would make it a bubble?

Rogers: Well, it depends on the timing. If it goes to $150 this year, all other things being equal, then I'd say you better sell your silver. If it goes to $150 in 10 years then I would say that's a normal progression up and that's the way things work. But if the U.S. dollar suddenly turns into confetti then you better hold your silver at $200. So it depends on the circumstances and the timing more than anything else.

Now talking to a lot of technical traders when they looked at the silver chart, say over the last year, they saw that parabolic rise which made them really think it was a bubble. Also, to your point, we have talked about this before, when you hear people talking on the street about say pork bellies that means we are in a bubble. I heard stories of people talking on the street on their cell phones talking about silver last week hoping it would go higher so they could sell.

Rogers: Oh, I was hoping it would go down so I could buy ...I was on some show talking about how this parabolic bubble better stop soon. But Ms. Steel, how many people do you know who actually own silver? I suspect you don't know man y people at all. I spoke recently at a conference with 400 big time money managers around the world.

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