Buffett Says "Right to Be Fearful" of "Paper Money"

Gold $1,714.36/oz Silver $33.48/oz Platinum: $1,637.25/oz

Buffett Says "Right to Be Fearful" of "Paper Money" -
Favours Stocks over Cash, Bonds and Gold

Gold’s London AM fix this morning was USD 1,715.50, EUR 1,295.21, and GBP 1,084.25 per ounce.

Yesterday's AM fix was USD 1,733.00, EUR 1,304.77, and GBP 1,094.20 per ounce.

European ministers declared that Athens did not meet all targets and demanded more within a week in exchange for a 130 euro billion “bail out” to stave off bankruptcy – at least in the short term.

Warren Buffett, the billionaire chairman of Berkshire Hathaway, has released an interesting, if contradictory, adaptation from his upcoming shareholder letter. Buffett again reaffirmed his opinion about gold’s “significant shortcomings.” He said that gold is “neither of much use nor procreative.” He also suggested that gold was a bubble and compared it to the internet stock and housing bubbles.

Buffett’s thoughts regarding gold are a rehash of similar negative views on gold repeated in recent years.

Buffett shows once again he does not understand gold and he does not understand real diversification. He does not or chooses not to understand gold as a safe haven asset in a portfolio.

The less informed continue to have a blinkered anti gold bias. They continue to focus solely on gold’s nominal price and assert it is a bubble.

The uninformed continue to not understand gold as a form of financial insurance in a diversified portfolio. This is changing slowly with a very gradual growing appreciation of gold’s importance as a safe haven asset and money is a world of massive paper and digital money creation.

SILVER
Silver is trading at $33.48/oz, €25.36/oz and £2121/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,637.25/oz, palladium at $692/oz and rhodium at $1,500/oz.
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