From the Telegraph UK:
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 pining 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.
Personally this is one bet I'd love to make with Buffet - I'll bet my pennies for his billions that he's wrong on this one!
See the full article here:
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9074670/Warren-Buffett-gold-has-no-value.html
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