Or was it the other way around..

No, seriously. We’re not so sure about his gold call, as we can’t see inflation around the corner (in fact, we think the world is lucky if it escapes deflation in the next couple of years). Sugar is also an interesting bet, we think.

Rogers: Gold to $2,300, Oil to $200

By: Forrest Jones

Demand for commodities will outstrip supply during the next two decades and will fuel a rally for raw materials, says investment guru Jim Rogers.

Gold could hit $2,300 an ounce, which would allow the precious metal to break a record when adjusted for inflation.

Oil could hit somewhere between $150 and $200 a barrel.

“I don’t see any adequate supply situation in any commodity market over the next decade or two,” Rogers told Bloomberg News.

“The commodities boom is not over and the bull market has several years to go.”

Agricultural commodities are also good bets, since rising super economies like China and India will call for grains and sugars.

“Sugar will go much, much higher over the course of the bull market,” Rogers said.

Rogers is not the only investor to predict a bull run for commodities.

Rob Lutts, founder of Cabot Money Management, and Kevin Kerr, president of Kerr Trading International, agrees — a long-term commodity rally is on the horizon.

“When demand does come back, (it’s going to) come back and slap us in the face and there will be even less supply this time around,” Kerr told CNBC.

Lutts sees oil, gold, and platinum rising.

“It’s very hard to know shorter term, but longer term I think we’re going to see higher prices,” Lutts told CNBC.

“It’s all related to the emerging market demand, and that works into gold as well.”