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Warren Buffet on Gold

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From the Archives : Originally published December 31st, 2007
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Category : Gold University





Gold : "It gets dug out of the ground in Africa, or someplace.


Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it.

It has no utility. Anyone watching from Mars would be scratching their head."



Warren Buffett



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The Martian will notice, if he observes long enough, that very occasionally these vaulted reserves are spent. In the second world war, Britain spent a significant part of her gold reserve in buying essential supplies from the United States. Without these vital supplies, Britain would have collapsed. An important role for gold reserves, even in the absence of a monetary gold standard, is to serve as insurance at a time of extreme threat to the nation. We all hope that they are never used, and fortunately they rarely are, but that does not invalidate keeping them.
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true ! but we are only humans , a very primitive species !
It is refined and consolidated and stored securly ...What, are Martians morons to not understand this? Have they nothing intrinsically valuable?
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The Martian will notice, if he observes long enough, that very occasionally these vaulted reserves are spent. In the second world war, Britain spent a significant part of her gold reserve in buying essential supplies from the United States. Without these  Read more
user4779 - 3/21/2015 at 9:15 AM GMT
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