Jim Rogers sees U.S. Treasuries bubble

Rogers said agricultural products, precious metals and oil remained among his favorite commodity picks.

"I know that inventories of agricultural products are the lowest they have been in decades. We have shortages of everything developing in agriculture," he said.

He said sugar, which recently hit a 28-1/2-year high, could go much higher in the next decade.

Among precious metals, Rogers said palladium and silver looked more attractive due to cheaper prices, but he would buy gold in the long term because the metal has historically been regarded as a real asset.

Rogers said he was certain crude oil could trade as high as $200 per barrel over the course of the bull market because of depletion.

Rogers, who resides in Singapore, had co-founded the Quantum Fund with George Soros in 1970. The fund, since closed, returned 4,200 percent over the next decade, compared with a 50 percent gain in the S&P 500 index.

Asked about his investment philosophy, Rogers warned against chasing hot markets and venturing into unfamiliar assets.

"Investors should only invest in things that they know a lot about..., and that's how you are going to get through all of these and survive. Even though that means just putting your money in the bank," he said.

"It's better to earn 1 percent a year than to lose 1 percent a year."

(Reporting by Frank Tang and Rhonda Schaffler with Reuters Television)