Famed investor Jim Rogers, chairman of Rogers Holdings, said in an exclusive interview that while he is not yet buying gold at current levels, a rebound in the yellow metal could cause it to overheat.
"Before this is over, gold could turn into a very overpriced asset, it might even turn into a bubble," he said.
Rogers noted that while he holds physical gold, he would not buy more until prices drop below $1,000 an ounce.
"I'm still waiting for $950 an ounce, or something like that," he said.
On U.S. equities, Rogers said that current valuations are overstretched, although stock prices could still climb higher on good news.
He added that the next bear market could be "the worst in my lifetime," and that instead of U.S. stocks, he is looking at investing in Zimbabwe, an emerging market.
"Zimbabwe was ruined for 40 years by a crazy dictator. There's a new guy, he may be worse, he may be better, but he's certainly different, so you should think about Zimbabwe," he said.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.