The price of gold peaked at just over $1,900 per ounce in the fall of 2011.
And it was right around that time that commodities guru Jim Rogers began warning investors that the yellow metal could hit a low of $1,200 before the sell-off was over.
He was right.
Gold prices entered a bear market (down 20% from its high) in April. And on June 27, they touched $1,200.
In a phone interview this week, Rogers explained to us how he arrived at the $1,200 figure.
He also offers his outlook for gold as it continues its complicated bottoming process.
Business Insider: Two years ago, you told us you could see gold going to $1,200. How did you arrive at that level?
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