Famed investor Jim Rogers doesn’t think the bull run in commodities is anywhere close to running out of steam.

In a television interview Thursday, Rogers, who co-founded the Quantum Fund alongside George Soros, said that in his view the current inflationary environment sets the stage for further gains in the commodity complex.

“Commodities were a disaster for a long time… oil is down 50 per cent from its all-time highs, silver is down 50 per cent from its all-time high – there’s no bubble in commodities,” he said. “There may be a bubble forming in technology, but there’s no bubble in commodities. They’re still very, very depressed.”

A whole host of commodities, including copper, iron ore and grains, are trading near multi-year highs amid concerns over inflation during the reopening phase of the global economy. Copper in particular has benefitted from those inflationary fears combined with the gradual electrification of the global auto fleet, in which the metal is a key component.

While those more industrial commodities have surged, precious metals have by and large languished through the start of 2021 after a strong showing in the early days of the pandemic. In spite of that underperformance, Rogers is constructive on the long-term outlook for the metals, but said he would wait for a further dip in gold before adding to his positions.

“I am now waiting. I want to buy more gold, I want to buy more silver, but I am waiting for a further correction before I do either,” he said. “It may take a month, it may take a year before I buy again.”

Though he’s taking a patient approach, Rogers said silver remains his highest-conviction investment idea over the next five years.

“Silver’s down 50 per cent from its all-time high, stocks will certainly have a big bear market sometime in the next five years, bonds are in a bubble, I certainly wouldn’t buy bonds for five years,” he said. “If I had to put my money aside for five years and couldn’t touch it, it would be in silver.”

Given his bullish stance on the commodities complex, Rogers said he expects resource-rich economies like Canada’s will outperform over the next five years.

“Natural resources-based economies are going to have a much better five or 10 years than they have in the past five or 10 years – you’ve got everything the world needs,” he said. “The wind is going to be at your back for the next five years. Your economy is going to be much better than the U.S. economy.”