My Two Cents

Gold

Chris Farrell Nov 15, 2008

Another pearl of wisdom from Warren Buffett, this one courtesy of the economists at the Angry Bear blog:

[Gold] 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.

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