"Before this is over, gold could turn into a very overpriced asset, it might even turn into a bubble," he said. Rogers noted that while he holds physical gold, he would not buy more until prices drop below $1,000 an ounce. "I'm still waiting for $950 an ounce, or something like that," he said.

On U.S. equities, Rogers said that current valuations are overstretched, although stock prices could still climb higher on good news. He added that the next bear market could be "the worst in my lifetime," and that instead of U.S. stocks, he is looking at investing in Zimbabwe, an emerging market.