tag:blogger.com,1999:blog-3758330678390419129.post4120051792672500180..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: A Completely Dumb Attack on Gold From Warren BuffettRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-3758330678390419129.post-31165698402419541692012-02-26T11:43:55.957-05:002012-02-26T11:43:55.957-05:00"Buffett doesn't seem to understand...Buf..."Buffett doesn't seem to understand...Buffett clearly doesn't understand...Buffett doesn't understand..."<br /><br />I think the sad truth is that Buffett understands these things perfectly, which is why he can lie with such conviction.Eric Evanshttps://www.blogger.com/profile/17458313070332485986noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-53057946162581681472012-02-25T21:43:11.151-05:002012-02-25T21:43:11.151-05:00Wasn't it Hume who hypothesized about an angel...Wasn't it Hume who hypothesized about an angel coming down to earth and doubling everyone's money overnight? Fortunately in our age we don't believe in angels but central bankers. Anyways as I see it, if everyone's money would be doubled overnight, not everything would double in price. Some goods might increase 200%, some 100%, some 50% etc. Items with supply restraints would Josiahnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-12243763230305764682012-02-25T20:46:01.180-05:002012-02-25T20:46:01.180-05:00Honestly I don't buy precious metals because I...Honestly I don't buy precious metals because I want to invest... I buy it to preserve wealth. Its the only way to "save" "money".. when you have dingle berries in washington going print print print print print print, figuratively speaking. OF course its all on computer. But same thing for the most part. <br /><br />The only good thing we have going for us is the fact the Corenoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-47872009729731820952012-02-25T20:13:46.399-05:002012-02-25T20:13:46.399-05:00I do understand the distinction between gold as an...I do understand the distinction between gold as an investment, which Wenzel is saying it really isn't, and gold as a hedge against inflation/complete monetary breakdown. My only issue with gold as a hedge against monetary debasement is that you have to be able to accurately forecast that this will continue. As obvious as we regular readers of EPJ think this continued debasement is, (1) you Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-79725771343740927992012-02-25T17:23:48.967-05:002012-02-25T17:23:48.967-05:00People who bought gold at $250/oz have increased t...People who bought gold at $250/oz have increased their wealth. In past monetary systems, you could lend gold and earn interest on it. Buffet is establishment now. Governments hate gold.Deftnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-85628864751226665762012-02-25T14:29:12.976-05:002012-02-25T14:29:12.976-05:00Perhaps Warren's aversion to gold is rooted in...Perhaps Warren's aversion to gold is rooted in the "Ben Graham’s Curse in Gold" as David Galland wrote here: http://www.zerohedge.com/news/guest-post-ben-graham%E2%80%99s-curse-goldAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-56832000960759917412012-02-25T14:11:11.908-05:002012-02-25T14:11:11.908-05:00Anon. 09:09 AM: "...When the value of your g...Anon. 09:09 AM: "...When the value of your gold measured in USD raises, it is likely that you didn't get any wealthier, only that the USD lost value..."<br /><br />The median price of a home priced in ounces of gold has plummeted over these last 10 years. I thought that this would be the case, that home prices would come down and that gold prices would go up. That is why we John G.https://www.blogger.com/profile/09127952173210718830noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-37924007164986934992012-02-25T13:54:51.670-05:002012-02-25T13:54:51.670-05:00Fiat money doesn't do anything. You can't...Fiat money doesn't do anything. You can't eat it. It doesn't produce anything of value. You can't make a substantial return in it.<br /><br />Here's what Buffet's alter ego the gold bug said:<br /><br />The second major category of investments involves assets that will never produce anything, but that are purchased in the buyer’s hope that someone else – who also knows Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-33240952069944508332012-02-25T13:49:17.995-05:002012-02-25T13:49:17.995-05:00Anonymous @ Feb 25, 2012 09:09 AM
Actually, Buffe...Anonymous @ Feb 25, 2012 09:09 AM<br /><br /><i>Actually, Buffet is right. Gold is a good choice when the goal is to preserve wealth. But it is a bad choice when the goal is to increase wealth.</i><br /><br />That's not what Buffet said. Buffet never said gold is a good choice when the goal is to preserve wealth. What he said was that gold is essentially a Ponzi-like investment.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-34854886587942557462012-02-25T13:15:55.856-05:002012-02-25T13:15:55.856-05:00Oh, but you CAN eat gold:
New York's $25,000 ...Oh, but you CAN eat gold:<br /><br />New York's $25,000 dessert sets Guinness record<br /><br />http://www.reuters.com/article/2007/11/07/us-dessert-idUSN0753679220071107<br /><br />Also, do you supposed using gold nano tech in medicine is producing something with gold? A.K.A. gold being productive?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-12337055874584519862012-02-25T12:59:39.070-05:002012-02-25T12:59:39.070-05:00And doesnt Buffet have (or had) a major play happe...And doesnt Buffet have (or had) a major play happening in silver?Peternoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-9850682336243859022012-02-25T12:53:21.221-05:002012-02-25T12:53:21.221-05:00For one, you can't eat paper either. But, conc...For one, you can't eat paper either. But, concerning the tulip bubble, though I can't recall the source (most likely a Mises daily article), I thought the theory that indeed it was a bubble was discredited. The new theory goes to say that the growing prices for tulips concerned new species of tulips (basically the seed, or master copies), which investors bought for reproductive purposes, Anonymoushttps://www.blogger.com/profile/15486500138051100745noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-31415687942441971642012-02-25T12:27:15.707-05:002012-02-25T12:27:15.707-05:00What would his father say? I think we all know.What would his father say? I think we all know.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-39727440353538828902012-02-25T12:19:18.554-05:002012-02-25T12:19:18.554-05:00What does paper do? I collect it because I know I ...What does paper do? I collect it because I know I can pass it off to some sucker to get something he produced - for now.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-19602315070882254032012-02-25T12:10:08.976-05:002012-02-25T12:10:08.976-05:00It's not dumb. It's a calculated lie based...It's not dumb. It's a calculated lie based on self-interest.Difsterhttp://difster.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-69265693118107595642012-02-25T12:09:42.065-05:002012-02-25T12:09:42.065-05:00Actually, Buffet is right. Gold is a good choice w...Actually, Buffet is right. Gold is a good choice when the goal is to preserve wealth. But it is a bad choice when the goal is to increase wealth.<br /><br />When the value of your gold measured in USD raises, it is likely that you didn't get any wealthier, only that the USD lost value. If you want to get wealthier in a sustainable way, you need to invest in something that creates value.Anonymousnoreply@blogger.com