I can't tell you what irritates me about Warren Buffett exactly...other than I think that Buffett thinks he has earned the privilege of talking like an expert on anything having to do with money. That somehow his opinions are actually matters of fact.
That's a lot of credibility to extend to anyone. So it seems that a lot of people think Buffett is the smartest guy in the room in all things money. So why doesn't the smartest guy in the room like gold? This is actually far simpler than one would imagine.
Simply stated, if everyone abandoned fiat currency and equities, Warren's investments wouldn't be worth shit, would they? In other words, the Oracle of Omaha doesn't want to drive buyers out of the markets he's in- he wants buyers to come in. He arrived before you did.
I'm glad Warren hates gold. All the more reason to buy some. We will be there ahead of him. Here's a snip...from the smartest guy in the room....well except for Komrade Obama of course.
Jim Cramer Critiques Warren Buffett Over Anti Gold Bias
Jim Cramer, the host of "Mad Money" has critiqued the Sage of Omaha, Warren Buffett, and his anti gold bias. Buffett has said that gold isn't a sound long term investment because the precious metal has no ‘utility’.
Cramer says that he has heard from people saying they will not invest in gold since it was $700 per ounce because they “missed it” or because “someone like a Warren Buffett has said how valueless or silly it is”.
(GoldCore Editors note: George Soros cryptic comments about gold are similarly used by so called financial experts to dissuade people from owning gold)
“No one goes to Warren Buffett and says how have you done versus gold in the last 10 years. That is verboten. You are not allowed to ask him that.”
Cramer said that this “makes it very difficult to make headway with people” about owning gold.
While Buffett snubs the value of gold, Cramer emphasizes the limited amount of gold bullion available and gold’s rarity (see GoldNomics video), as well as the lack of new gold being mined. Cramer says that there is far less gold than there is Berkshire Hathaway B shares and that Buffett can just print the shares.
“Against all that is a grey beard investor who has already made a lot of money, who frankly could have his money devalued and still have a lot and I feel like … you know what Warren … give other people a chance to make some money here ok.”
“Give other people a chance to protect their assets, give people a chance to buy insurance.”
“I would rather buy the insurance policy of gold than the insurance policy of Geico … pretty simple.” (to laughter)