Jim Rogers: US QE3 could come by Q3

Mr Rogers, speaking to CNBC, said he does not own any US shares but is long the dollar and commodities and is short emerging markets and US technology.

He said: "If the world economy gets better I will make a lot of money on commodities because of the shortages.

"But if the world economy doesn't get better I'm probably going to make money on commodities too as they will print more money.

"It's the wrong thing to do but that's all they [US policymakers] know to do. They are not very smart people so you better own commodities."

He added more stimulative monetary policy is likely "in the fall or early next year".

He added: "They will see things not getting better and will do what they do."

His comments come after US Federal Reserve chairman Ben Bernanke hinted last week at "additional policy support" should economic conditions warrant it, suggesting a third round of quantitative easing may not be off the cards after all.

Asked about his dollar play, Mr Rogers said the allocation is because "everyone is very bearish, including me", adding when he sees uniform negativity, he "tries to go against the trade".

Elsewhere, Mr Rogers is short 30-year US debt.

He said: "I have no idea what can cause the bond market to rally but I don't think it will rally any time soon."

Mr Rogers is a US investor based in Singapore. He was the co-founder of the Quantum Fund with George Soros and creator of the Rogers International Commodities index (RICI).