Warren Buffett on the “value of Gold”

Warren Buffett on Gold:

It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

You could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what that’s worth at current gold prices, you could buy all — not some — all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?

Source:

http://money.cnn.com/2010/10/18/pf/investing/buffett_ben_stein.fortune/index.htm

http://en.wikipedia.org/wiki/Warren_Buffett#Dollar_and_gold

Filed under: News, Business & Current Affairs, buffet gold, buffet gold standard, buffett gold, buffett gold value, gold, gold vs dollars, gold vs stocks, value of gold, warren buffet, warren buffet gold value, warren buffet investing in gold, warren buffet value of gold, warren buffett advice on gold, warren buffett gold, warren buffett gold 2011, warren buffett gold prices, warren buffett gold vs dollars, warren buffett investing in gold, warren buffett value of gold, why warren buffet doesn't invest in gold