Gold prices could plunge should the European debt crisis intensify, such as messy Greek or Spanish default and withdrawal from the eurozone.
Such a scenario would send gold on fresh declines as investors run to the metal's traditional hedge, the U.S. dollar, but bargain hunters will snap the metal right back up.
Translation: Gold is headed up either way, especially if weak economies prompt central bank to continue stimulating their economies.
"If Spain suddenly goes bankrupt out of the blue, everything is going to collapse ... to $1,300 or $1,200 if it goes that low, and I hope I am smart enough to buy a lot more," Rogers says.
Read more: Jim Rogers: I Won't Sell Gold Despite Losses