Fitt.mary the only part of that question that's not even debatable is the moron part ! Buffet demonstrated that when he injected himself into the 2008 presidential campaign & had no reservation's about openly endorsing O'bummer, the biggest liar, the least qualified & most un american president this country has ever seen !
I'm sure the "oracle" & his billionaire buddies on WS made money alright, at the expense of the other 98% of the population ! I see your not quite 1 month old & have limited memory here but with such impaired judgement as warren demonstrated in 2008 why in the world hold him up as some kind of authority on PM's ? . The alternative explanation to moron is warren put his personal finances ahead of the best interest's of this country when he pumped O'bummer, which makes him complicit in creating the mess we have today.
It pain's me to say it but I think even capt brine shrimp AKA seasonal has better sense....& that's not saying much believe me ! GL2U's2
Drawnfire911, congratulations! You get my vote for "numero uno" for jumping to wrong conclusions. Seasonedspeculator calls anyone who thinks silver could increase in value to $40/oz a "silver moron." I asked him whether he thinks Warren Buffett is a "silver moron" and seasoned speculator refuses to answer. Seasonedspeculator won't answer, because he's a coward who knows he's painted himself into a corner. He afraid to say he thinks Warren Buffett is a "silver moron" and he's afraid to admit his obviously stupid remarks are insulting and apologize to those he has already called a silver moron because he knows he'll be ridiculed and discredited on all future posts he makes.
WHY WOULD YOU JUMP TO THE CONCLUSION THAT I THINK WARREN BUFFETT IS AN AUTORITY ON PRECIOUS METALS?
I've twice stated that Mr. Buffett called gold a "barbarous metal." Here are 3 of 7 famous quotes Mr. Buffett has made about gold from kitco:
the seven best Warren Buffett quotes regarding gold and why he hates it so much.
1. “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.”:confused:
2. “The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn’t going to do anything for you….it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.”
3. “Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything."
4. “I will say this about gold. If you took all the gold in the world, it would roughly make a cube 67 feet on a side…Now for that same cube of gold, it would be worth at today’s market prices about $7 trillion – that’s probably about a third of the value of all the stocks in the United States…For $7 trillion…you could have all the farmland in the United States, you could have about seven Exxon Mobils (NYSE:XOM) and you could have a trillion dollars of walking-around money…And if you offered me the choice of looking at some 67 foot cube of gold and looking at it all day, and you know me touching it and fondling it occasionally…Call me crazy, but I’ll take the farmland and the Exxon Mobils.”
5. “The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.”:cool:
6. “What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth — for a while."