Hedge fund manager Jim Rogers said he thinks gold's price correction will be "complicated," with a possible bottom of $1,090 an ounce, significantly below its current price of $1,320.

Speaking to attendees at the fourth annual Innovative Alternative Investments conference in Denver yesterday, Rogers added that he remains a long-term bull on the precious metal. If it goes that low, "I hope I buy more," he said.

Gold prices rose for 12 years in a row, which is almost unheard of for any commodity. "It's an anomaly," he said. "I suspect this correction will be an anomaly, too."

Reckless monetary policy around the globe is the driving factor behind today's economy, according to Rogers, who blamed much of the U.S.'s current woes on the past two chairmen of the Federal Reserve Board. "The first two central banks in the U.S. went bust and the Greenspan-Bernanke Fed will, too," he told attendees.