Natural Resource Stocks, Released on 4/21/26

Jim Rogers returns to Natural Resource Stocks for a sharp macro discussion on why he has sold all of his U.S. stocks, why he is still holding U.S. dollar cash, and why broad confidence across markets makes him more cautious, not less. In this interview, Rogers explains how crowd psychology, central bank money creation, and an unusually long stretch of market strength can create the kind of setup that leaves investors asking harder questions. He also breaks down why he still owns gold and silver, why he is not buying more at these highs, and why hard assets like agriculture may deserve more attention if the current market mood changes. Steve Yang presses Rogers on the apparent contradiction between distrusting fiat over the long run while still preferring U.S. dollars right now, and Rogers answers by focusing on what the world believes, not just what he believes personally. The conversation also covers geopolitics, market complacency, commodities, and what younger investors should learn from past cycles before the tide turns.

(Timestamps are below the video)

00:00 Why the U.S. dollar still wins
00:37 Introduction and Jim Rogers returns
01:44 Longest stretch without a major market break
03:31 Geopolitics, Iran, and market stress
06:25 Why Rogers is holding U.S. dollar cash
09:16 Central bank printing and distorted markets
12:05 Why the tide will eventually turn
12:54 Gold, silver, and the commodity setup
15:01 What investors should be doing now
16:39 Advice for younger investors
18:30 Is it time to short stocks
19:11 Travel, books, and final thoughts

Jim Rogers co-founded the Quantum Fund with George Soros in 1973, helping to steer the fund to a 4200% return before “retiring” at age 37. He is considered to be one of the greatest investors of all time. Rogers has made two record-setting journeys – once by motorcycle and once by car – and is in the Guinness Book of World Records for doing so. In between his frequent travels, he has served as a professor at Columbia University, started his own commodity index and is a frequent media commentator worldwide. Rogers has also authored six books. He currently lives in Singapore with his family. Jim has authored a half dozen books, including: Investment Biker: Around the World with Jim Rogers (NYTimes Bestseller), Adventure Capitalist, Hot Commodities (NYTimes Bestseller), A Bull in China, A Gift to My Children, and most recently, Street Smarts.

  gold, investing, iran war, silver