The Beep Goes On
Silver Member
- Jan 11, 2006
- 3,403
- 207
- Detector(s) used
- CTX3030, Excalibur II, V3i, TRX
- Primary Interest:
- Metal Detecting
He can send all that worthless stuff my way... 
http://www.telegraph.co.uk/finance/...9074670/Warren-Buffett-gold-has-no-value.html
Warren Buffett: gold has no value
Berkshire Hathaway chairman and famous investor Warren Buffett has dismissed gold as a "valueless asset".
By Emma Wall
3:28PM GMT 10 Feb 2012
Billionaire investor Warren Buffett has dismissed gold as a valueless asset saying that it has no inherent value. In an article for Fortune magazine, Buffett said that gold investors were pinning their hopes on future demand.
He warned that gold was a self-inflating bubble, created by investors desperate for a viable alternative to property and shares.
The infamous investor warned that investors in gold would be left with egg on their face when the price eventually crashed.
"Bubbles blown large enough inevitably pop," he said. "And then the old proverb is confirmed once again: "What the wise man does in the beginning, the fool does in the end."
Buffett's attack comes as private bank Coutts predicts that the gold price will hit "new highs" by the end of 2012.
In a report from the bank, that counts the Queen among its clients, gold is confirmed as a "key asset in investment portfolios".
Coutts said: "The easing of global monetary conditions in response to the liquidity squeeze in the latter part of 2011 has boosted gold.
"Some further stimulus measures could now be postponed by an improving economic outlook, at least in the US. Nonetheless, negative real returns, adjusted for risk, are undermining confidence in major currencies as a store of value. We expect gold prices to hit new highs by year end."
Meanwhile, gold fell more than 1 pc on Friday, hurt by a slide in the euro after a Greek party leader said he couldn't back the 130-billion euro bailout deal the country needs to avoid going bankrupt, which comes at the cost of painful austerity measures.
Spot gold fell as low as $1,703.69 an ounce and was down 0.9 percent at $1,715.49 an ounce. US gold futures for February delivery were down $23.30 an ounce at $1,717.90.
Alex Zumpfe, a trader at Heraeus precious metals house, said: "The market is in risk-off mood again with stock markets weaker as well. Gold is facing some selling pressure after support levels didn't trigger sufficient buying interest.
"Physical buying evolved on the lows but were obviously not strong enough to support the market," he added. "Technically, it cannot be ruled out that further weakness might occur if the 1,710 area doesn't hold."
http://www.telegraph.co.uk/finance/...9074670/Warren-Buffett-gold-has-no-value.html
Warren Buffett: gold has no value
Berkshire Hathaway chairman and famous investor Warren Buffett has dismissed gold as a "valueless asset".
By Emma Wall
3:28PM GMT 10 Feb 2012
Billionaire investor Warren Buffett has dismissed gold as a valueless asset saying that it has no inherent value. In an article for Fortune magazine, Buffett said that gold investors were pinning their hopes on future demand.
He warned that gold was a self-inflating bubble, created by investors desperate for a viable alternative to property and shares.
The infamous investor warned that investors in gold would be left with egg on their face when the price eventually crashed.
"Bubbles blown large enough inevitably pop," he said. "And then the old proverb is confirmed once again: "What the wise man does in the beginning, the fool does in the end."
Buffett's attack comes as private bank Coutts predicts that the gold price will hit "new highs" by the end of 2012.
In a report from the bank, that counts the Queen among its clients, gold is confirmed as a "key asset in investment portfolios".
Coutts said: "The easing of global monetary conditions in response to the liquidity squeeze in the latter part of 2011 has boosted gold.
"Some further stimulus measures could now be postponed by an improving economic outlook, at least in the US. Nonetheless, negative real returns, adjusted for risk, are undermining confidence in major currencies as a store of value. We expect gold prices to hit new highs by year end."
Meanwhile, gold fell more than 1 pc on Friday, hurt by a slide in the euro after a Greek party leader said he couldn't back the 130-billion euro bailout deal the country needs to avoid going bankrupt, which comes at the cost of painful austerity measures.
Spot gold fell as low as $1,703.69 an ounce and was down 0.9 percent at $1,715.49 an ounce. US gold futures for February delivery were down $23.30 an ounce at $1,717.90.
Alex Zumpfe, a trader at Heraeus precious metals house, said: "The market is in risk-off mood again with stock markets weaker as well. Gold is facing some selling pressure after support levels didn't trigger sufficient buying interest.
"Physical buying evolved on the lows but were obviously not strong enough to support the market," he added. "Technically, it cannot be ruled out that further weakness might occur if the 1,710 area doesn't hold."
