(Kitco News) -- When those that view gold as holier than thou throw in the towel, that's when famed investor Jim Rogers is stepping in.
"For me, gold has not had enough corrections yet. There are still too many gold bugs," Rogers, chairman of Rogers Holding, said in an interview Monday.
The Singapore-based investor, who first rose to fame in the 1970s when he co-founded the Quantum Fund with billionaire George Soros, said he would take a more contrarian approach when investing in gold.
"When people say, 'I never want to invest in gold again,' that is when I want to invest in it...When everybody is throwing it out the window, that is usually a good time to buy anything, including gold. So far, there are too many people that love gold."
Rogers noted that he bought gold "a long time ago" and has not made any serious purchases since 2010.
Gold prices are hovering around four-week lows as a more hawkish Federal Reserve has caused the U.S. dollar to strengthen. The price of the yellow metal has now tumbled about 7% in September.
But the recent gold dip is still not low enough for Rogers.
In a past interview with Kitco News, Rogers said $1,000 gold is his target. "I'm not buying gold and have not bought gold. I own gold and have owned gold for years but I'm not buying or selling it at the moment," he said.
"If and when gold goes down a lot, or under $1,000, I hope I'm smart enough to buy more gold because in the end, gold is going to go up a lot because when people lose confidence in governments and paper money, they always put their money in gold and silver."
Rogers added that gold will get "very, very, very overpriced" before the current run is over.
Watch more from Kitco News: