Billionaire investor Warren Buffett has dismissed gold as a valueless asset saying that it has no inherent value.
Buffett said that gold investors were pinning their hopes on future demand.
He warned that gold was a self-inflating bubble, created by investors desperate for a viable alternative to property and shares.
The famous investor warned that investors in gold would be left with egg on their face when the price eventually crashed.
"Bubbles blown large enough inevitably pop," he said. "And then the old proverb is confirmed once again: "What the wise man does in the beginning, the fool does in the end."