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Charlie Munger: “Civilized People Don’t Buy Gold

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Tim Iacono
The Mess that Greenspan Made
Published : May 07th, 2012
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Category : Market Analysis

 

 

 

 

Here’s Warren Buffett’s sidekick Charlie Munger offering a few thoughts about gold as an investment in a CNBC interview the other day just prior to Berkshire Hathaway’s annual meeting.


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It’s not clear whether these comments are more insulting to today’s gold investors in general, Jews in 1939 Vienna, or the world’s emerging market central banks who happen to be buying lots of the metal lately, perhaps because they’re not as civilized as us Westerners and are not able to appreciate the many benefits of a monetary system consisting of pure fiat money, most of which is issued in the West.

 

 

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Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
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billgreenjeans   5/8/2012 at 7:47 PM GMT
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I saw on the same segment and in a interview with Bill Gates he said “buying gold was all emotional buying”. So anyone buying gold is not only a heathen in the wilderness but an emotional neurotic as well. Of course Bill admitted he had invested in silver and made a lot of money on that but gold buying was just emotional.
I guess I need to visit a shrink because I am a real advocate of civilization and my wife tells me I not very emotional. Pigeon holing the whole world is quite a responsibility.
Oh well back to my meditation, I am trying to get in touch with my feminine side.
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SNAFU   5/7/2012 at 7:14 PM GMT
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Makes sense if you have a $60 billion dollar bet on the health of the stock market
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I saw on the same segment and in a interview with Bill Gates he said “buying gold was all emotional buying”. So anyone buying gold is not only a heathen in the wilderness but an emotional neurotic as well. Of course Bill admitted he had invested in sil  Read more
billgreenjeans - 5/8/2012 at 7:47 PM GMT
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