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An Answer to Warren Buffet on Gold

From the Archives : Originally published December 31st, 2007

89 words - Reading time : less than a minute

( 18 votes, 3.9/5 ) , 5 commentaries

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Category : History of Gold

This is in response to Warren Buffett's quote that gold has no utility and people watching from Mars would be confused.

"Federal Reserve Notes: They get printed on ordinary pieces of paper, or something. We use expensive presses and lots of ink and make these things, then we stick them in a vault and pay people to stand around guarding them.

They have no more utility than ordinary pieces of paper, which we leave lying around on our desks.

Anyone watching from Mars would be scratching his head." –

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dom1971

3/9/2014 at 4:46 AM GMT
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To those who down-arrow me consistently:

1. You could try to post an intelligent response... if you have one, that is. Your previous attempts at such have been most amusing.

2. I couldn't care less what "score" I have... but you show that you do! Thanks for the heads up.

;)

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Schwerpunkt

4/3/2014 at 2:03 PM GMT
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"I couldn't care less what "score" I have... but you show that you do! Thanks for the heads up."

Life experience tells us that your comment is indicative of exactly the opposite. Aren't you the fool who threw silver into a lake or ocean? You have issues which go well beyond your score on this site and I suspect the reason you get so many down arrows is that readers have a sense of how foolish you are.

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neville

3/6/2011 at 3:03 AM GMT
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No one need answer to the glib warren buffet who has the dubious claim to have his empire saved by the American Taxpayers.The banks which form the welter burden of his portfolio were/are shipwrecked and if it were not for all his lobbying and encouraging the Fed to bail out his ailing investments ,Warren Buffet would not be strutting around like an idiot sprouting nonsense about GOLD.
I am not impressed by his overall attitude it leaves a lot to be desired.
As for investing in his companies ???Not for me as we do alright without the likes of Warren .We earn our cash respectfully without having to use Taxpayers money to boost our portfolios.Thanks to getting into GOLD on the 17th December 1999 we have done alright for our investors beating BRKA by a country mile. Please let Warren know there are still honest men and women out there.

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dom1971

3/7/2014 at 12:48 PM GMT
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Without wanting to sound like I'm high on my horse... I put it to you that it is possible that any investment is an attempt to make something from another's loss. Indirectly through ETFs and shares or directly through speculation of some sort or another.

Its interesting how as a society we differentiate this behaviour so strictly. People like Warren Buffet are elevated to "hero" status while at the same time bankers are shunned / overpaid. It all stems from this same core desire, greed.

Unless you're going to hold that gold until the next global financial reset, investing in gold is a bet that somebody will pay more for it than you did. You're counting on people paying too much for it... taking profits from people who fear for their own "portfolios" as much as you do yours.

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S W.

3/9/2014 at 5:58 AM GMT
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Dom…the higher the price of gold goes ( should that be the case) the less inclined people will be to sell. As such the "price will go higher"

Even less people will sell because they will not sell their gold for increasingly worthless dollars or other paper.
Gold is wealth. Dollars are debt.

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