Saturday, May 5, 2012

Civilized people don't buy gold

Did you see what Warren Buffett's right hand man said about buying gold? Charles Munger was on CNBC yesterday ahead of Berkshire Hathaway's annual meeting:
"Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939," the Berkshire vice chairman said, "but I think civilized people don’t buy gold, they invest in productive businesses."
Not only a coarse comment, probably detached from reality as well.

Gold is, and has always been, real money. Even Alan Greenspan knows that.

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