Warren Buffett explains why gold is a foolish investment

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Post  Alan WA on Thu Feb 16, 2012 3:38 pm

He might be wrong...

What would you sell gold to buy into now.
Keeping in mind you probably don't have 100 years.

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Post  Guest on Thu Feb 16, 2012 3:49 pm

Guess it may even be good advise if you had
$10 trillion sitting around
and 100 years to hang round and wait. But i think its been a different story for the average person who has invested in the past.
Just my 2 cents cheers

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Post  goldslugger on Thu Feb 16, 2012 4:47 pm

Twisted Evil hi all, you gotta love it when the filthy rich impart there money grubbing knowledge to we, the masses. Rolling Eyes
why would any one buy ALL the gold anyway? that would be moronic. it was virtually tried with silver back in the 90,s.
it would be more helpful if these greedy capitalists told us how they pulled strings and the illegal practices they used to create their immoral wealth. Evil or Very Mad for the average JOE it is still possible to make money with gold,especially '' speciman gold ''. i am sure the time will come when the LAB. BOFFINS'' will grow gold in the laboratory any way, mbe from a '' monotomic '' process. so when the big crunch comes,and it will, what will the bonds and pieces of paper be worth? Twisted Evil people such as BUFFETT are part of this forthcoming event. cheers Cool
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Post  Ayounomad on Thu Feb 16, 2012 5:16 pm

Yahoo Finance news { mainstream media } is rubbish . Warren Buffet always has negative views on investments , usually just before he invests in them . Trying to drive price down to save a few {billion } bucks...It will be interesting to see if he invests in gold soon ?? I bet he already owns a stack of it and when it goes up soon he make even more money ,,poor bugger ,,,
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Post  davsgold on Thu Feb 16, 2012 5:21 pm

Yes I'm not convinced on Buffetts idea here either, and like you say goldslugger who is going to buy the whole lot of the gold any more than who is going to buy the whole lot of the land in his example!!!!

In the past 10 years gold has risen from around $300 US/ oz to over $1700 US/oz something like a 500% increase, surely thats not to bad even by Buffetts standards.

Will it happen again in the next 10 years........who knows........not even Buffett.

cheers dave
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Post  Guest on Thu Feb 16, 2012 5:59 pm

It's a damn fine investment if you're digging it out of the ground as a hobby, which in itself is a damn fine investment in a healthy lifestyle Very Happy

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Post  Guest on Thu Feb 16, 2012 6:14 pm

Trouble is gold has not even kept pace with inflation and that 300 dollar one oz nugg 10 years ago would buy twice as much as the 1700 dollar nugget today.

Still I guess for as long as the gold price keeps rising it will be woth finding/buying.

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Post  Guest on Thu Feb 16, 2012 7:19 pm

As much as he is one of the most successful investor of all time i dont pay attention on 82 yrs old financial advisers.
I can see that his investment advises did not make his American citizens richer, quite contrary they are in some financial mess.
GoldEN






Last edited by golden on Thu Feb 16, 2012 7:20 pm; edited 1 time in total (Reason for editing : forgot a signature :))

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Post  Tributer on Thu Feb 16, 2012 9:24 pm

What a load of dribble with lots of over simplifications from WB.

I say just detect the stuff, put it in a bottle and don't weigh it till you send it to the refiners and then enjoy the tax free proceeds.

I say invest time in detecting. 40, 50, $60 a gram its all good. this is the life.

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Post  Alan WA on Thu Feb 16, 2012 10:02 pm

I read the whole article that that stuff came from.
Hes right about a couple of things.
The tulip and shell bubbles burst and now the paper bubble is bursting.
Gold is always there for back up.
Gold is also the only 'bubble' that keeps coming back.

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Post  Nohave on Fri Feb 17, 2012 12:12 am

Warren Buffet is an investor and he probably having shot gold position and the price did not come down but shooting up over $1,700.

So he's probably losing a lot now. Rolling Eyes Rolling Eyes . The only way to do is to scare some people to offload gold position and advice them to by land and Exxon Mobile ( he probably having long position on both of them ) And this a way for him to make money from public. Twisted Evil Twisted Evil


Gold price was around $18 in 1912. And after 100 years gold is around $1700-$1800. Shocked Shocked

For gold you can sell any day and any place in the world.
But holding US land when you want some cash where and when can you sell? Who want to buy? Arab?

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Post  Nightjar on Fri Feb 17, 2012 1:14 am

Quote:Over the next hundred years, your cropland and Exxon-Mobils would produce trillions of dollars of dividends (the size of which would be adjusted for inflation), and you would still have them at the end of the century, at which point you could probably sell them for vastly more than the $9 trillion you bought them for. End quote.

The most important word in this phrase is "probably"
The next most important point he fails to mention is, how many of us linger on for over 100 years??????
Any investment is a gamble, no one can predict the future?
Whether it is the investment he suggests or gold you would still have, either or, at the end of the century your kids and grand kids may benefit.

I say; Spend the kids inheritance and enjoy life while we can!

How many of us have sat around the campfire in our lifetime and told stories about how we could have invested in this or that and sold it at today's prices at a huge inflated price from the original investment price?
The cost of living has quad tripled and more during this inflation?
Any investment is only as good as whether you sell at the right time.

Peter









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Post  All-AU on Fri Feb 17, 2012 7:03 am

Warren Buffet.....,to whom the man is talking?

If you are the sole owner of the cube of gold its value would be x100 of today’s market price. And who the hell is holding Exxon-Mobil for a 100 years knowing oil production is running dry in 50-60 years.

…..but yes, I can work a calculator too. Just to bad I am not getting paid by the lines Wink

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Post  CENSORED on Fri Feb 17, 2012 7:57 am

I find GOLD not to get rich... I find GOLD for the shear pleasure of finding it, whilst wondering around our beautiful country.
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Post  detectoraid on Fri Feb 17, 2012 8:42 am

Buffys logic could be applied to real estate, which he's heavily invested in.

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Post  Harb on Fri Feb 17, 2012 9:55 am

yeah I'm not to sure he is far of the mark....
Lets face it, if it wasn't worth as much as it is, not to many people would chase it....... its really a dollar driven lust for most people out there detecting.
to the average prospector what can you do with it...make things to hang around your neck maybe...... you have to be an industrialist to do almost anything else with it.
I accept some people may just enjoy the chase, and I am one of them , but most are in it for the money, and it is when you look at it a pretty useless substance if you take the money out of the equation.
I think there is much better ways to invest your money than in gold...... I think there is much further for it to drop than climb these days with the world economy the way it is.....
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Post  granite2 on Fri Feb 17, 2012 10:19 am

Warren Buffoon is another of those parasites who make enormous amounts of money by buying and selling shares. These profits do not creat any wealth they simply enable wealth to be taken from those who actually work to create wealth to those who sit on their arse and manipulate people.

Jim
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Post  Harb on Fri Feb 17, 2012 11:39 am

So you are saying he is smarter than the rest of us hahahahaha
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Post  davsgold on Fri Feb 17, 2012 11:42 am

Well I don't know about it being a "pretty useless substance" I would have thought the opposite. I realise that it's not very eddible, but all the production for every year nowdays goes somewhere and they want more, which is a good thing in the supply & demand cycle I think.

People for many thousands of years past and up to the present time have had a very keen liking for gold, maybe the reasons for that liking have changed somewhat in modern times.

A paper share is just that, and if the company goes bust it's worth bugger all, but an ounce of gold is still an ounce of gold and it's worth whatever somebody else will pay you for it on any given day. I know which I would rather have. Very Happy

cheers dave
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Post  Harb on Fri Feb 17, 2012 11:50 am

Yeah I see what you are saying, but as mentioned you have be in industry and use it for things like electronics to get any real use out of it.........other than decoration that is.
Anyway I am glad its worth what it is.... it gives you some chance I suppose of paying for the equipment needed to find it in any regular fashion thats for sure.
As far as warren and others that are like him are concerned, its one of the pitfalls of being one of those at the top that most of the blokes way down the ladder under you will always despise what you have and what you do to get it.......but I would put money on it they would trade places in the blink of an eye, and if they say they wouldn't its only because they know they will never have the chance...
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Post  granite2 on Fri Feb 17, 2012 11:53 am

The Buffon says gold is useless but in fact it is the most useful metal on the planet. He is pretty stupid when it comes to anything other than making money off the workers of the world while sitting on his backside.

Try this link to find out just how useful gold is. If the link doesn't work just type it in.

geology.com › Gold

Jim
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Post  Harb on Fri Feb 17, 2012 11:58 am

Given its limited use and cost , I am surprised it is actually worth as much as it is....... near everything it is used for today can be synthetically substituted in one way or another...... and its pretty expensive stuff to use just because it doesn't tarnish much and is a good conductor.
Anyway, I just like the chase because its hard to find and a great challenge
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Post  granite2 on Fri Feb 17, 2012 12:04 pm

On people like Warren Buffon Coco Chanel said this: there are people who have money, and there people who are rich.

Unlike buffoon and Chanel I have little money but I am very rich.

Cheers, Jim Very Happy
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Post  Harb on Fri Feb 17, 2012 12:09 pm

Good on ya mate....... as long as you are Happy, thats the secret to life at the end of the day Cool
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Post  rc62burke on Fri Feb 17, 2012 12:17 pm

Hi All
Wealth is what you make of life not what you make in life, I doubt many of them really rich folk experience the freedom we do when we're out in the bush.
I maintain the most important thing, happy wife happy life!
cheers
Lee
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Post  Harb on Fri Feb 17, 2012 12:26 pm

I doubt wealth restricts you from going to the bush.......it just allows you to go to any bush you please......anywhere in the word.
I find to many people just jump on the tall poppy train and just tear into anyone that is wealthy if they are not.
I know a lot of very very rich folk who are no different than the average dude on the street, other than they can do what they want when they want, and if they worked with either their hands or their brains to get that way, good on them I say.
Wealth does not equal sad.....but I am pretty sure the guy that made up the bit about " he lived in a mansion surrounded by his wealth but was a sad lonely person" , was neither rich or happy himself , and was just trying to make himself feel better !
Anyway if I had the choice I would be rich and sad anytime before poor and sad.....
but better still I'll be rich and happy Smile
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Post  davsgold on Fri Feb 17, 2012 12:35 pm

Free and happy beats them all.
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Post  nero_design on Fri Feb 17, 2012 12:43 pm

If Warren Buffett had invested in silver, he'd have made much more than he would have by investing the same amount of money in Gold - because Silver rose more drammatically in the last year and a half than Gold did.
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Post  TWO BOB on Sat Feb 18, 2012 12:04 pm

Buffet a few years ago had warehouses full of silver. Do not know if he still holds them.Most investments have their time in the sun.I was told property was a bad investment in 1990 was that advice BAD.{so glad I followed my own feelings}But today property is so costly it may not be so good.GOLD & SILVER still hold my interest at this time & finding it is such a great outdoor healthy fun activity{most of the time}
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