Warren Buffett

Goldman Sachs Gold; Buffett Sacks Goldman;

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GOLDMAN SACHS, BUFFETT AND GOLD…

In late July, during an interview with CNBC, the chief investment officer of private wealth management at Goldman Sachs made the following statement:

“Our view is that gold is only appropriate if you have a very strong view that the U.S. dollar is going to be debased. We don’t have that view…” Sharmin Mossavar-Rahmani

Is Ms. Mossavar-Rahmani not aware that the U.S. dollar has already been debased by ninety-nine percent? And, that gold at $2000 per ounce (a one-hundred fold increase from $20 per ounce) already reflects that debasement?

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Gold And US Dollar, Buffett, Trump, – Nothing Has Changed

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GOLD AND US DOLLAR

“Even in the U.S., where the wish for a stable currency is strong, the dollar has fallen a staggering 86% in value since 1965, when I took over management of Berkshire…” — Warren Buffett Feb2012

During that same period (1965 – 2012) the price of gold increased from $35.00 per ounce to more than $1800.00 per ounce – a whopping 5000%. 

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Warren Buffett Is Right (And Wrong) About Gold

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Warren Buffett is right – and wrong – about gold. And many others are, too.

Among their various characterizations of gold are the following:  it is an unproductive asset; it doesn’t ‘do’ anything; it just sits there; it’s too volatile; stocks are a much better investment.

And, of course, they are right.  Up to a point.  

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