Warren Buffett: Gold has no value

8 Responses to “Warren Buffett: Gold has no value”

1. Colin Reimer on February 12th, 2012 10:43 GMT
   

   Last time I checked It was 1722.00 an ounce. I think his math is a bit off, but he may be wanting to say that a truck load of coke holds its value better than gold.
2. Darryl on February 12th, 2012 11:27 GMT
   

   Speak for yourself, Warren.
3. ke on February 12th, 2012 13:49 GMT
   

   I see Gold at between $800 and $600 on the next crash , everyone will think it’s over and then back to new highs, probably over $2000 – $2500

   this will tandem a large SPX pullback, no idea but i’ll be out of a few shorts under 1000 maybe 900 – 800.

   Look for a small pullback rally higher then bang.

   the system can push as high as it wants but a lack of credibility is now seeping into the market.
4. tol on February 12th, 2012 17:53 GMT
   

   he is right.Gold is basically useless. One day the world is going to wake up and realise that….
5. George Kaloudis on February 12th, 2012 22:11 GMT
   

   gold is valuable, it is an excellant conductor of electricity, and it doesn’t corrode like copper
6. George Kaloudis on February 12th, 2012 22:40 GMT
   

   I take every word that buffet says with a grain of salt. He recommended buying Bank of America after he bought prefered shares, not common stock
7. alan jones on February 12th, 2012 22:43 GMT
   

   Buffett is part of the ruling elite. He’s a washington insider, involved in illegal, backroom deals. He’s far from the wholesome midwestern investor, that the media portrays him as. In fact , many of his calls have been dead wrong from an investing standpoint. I’d never listen to him anyway. He can hurry up and keel over as far as I’m concerned.
8. Ulysses on February 13th, 2012 03:38 GMT
   

   With all due respect to Mr. Buffet, forty years ago gold was around $80/oz and gasoline around 25c/gal. So an ounce of gold would buy 320 gallons of gas.at that time. Today gold is hovering around $1.600/oz and gas is around $3.50/gal so one oz of gold will buy 457 gals of gas. In other words, the purchasing power of gold has gone UP more than 40% over the last 40 years.

   On the other hand, since Nixon trashed Bretton Woods and reduced the dollar to a printed piece of paper signifying nothing, the purchasing power of a dollar has gone DOWN by 90% during the same time thereby bankrupting its holders. So which one is the real “problem”? In fact, what makes a paper dollar any more valuable than the proverbial wooden nickel anyway?

   By the way, if Mr. Buffet really believes that gold is worthless, then why does he keep talking about it all the time? Also, if he ever grows tired of holding on to whatever gold he has, I will be more than happy to show up at his doorstep with a U-Haul truck and relieve him of that burden free of cost