Gold (GLD) Investors React to Buffett/Munger Comments by Ignoring Them
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On Friday, Berkshire Hathway's vice chairman Charlie Munger criticized gold investors when he told CNBC that "civilized people don't buy gold."
Today, Buffett himself had this to say:
"If you buy an oz of gold today and hold it for 100 years, you can coo to it and caress it and fondle it – and 100 years from now you've have an oz of gold, and it won't have done anything for you in between."
SPDR Gold Shares (NYSE: GLD) traded flat today in light volume, showing little reaction to the Oracle of Omaha's comments. Traders have shown very little interest in gold since last Friday, when the jobs numbers failed to provide clarity on future Fed monetary policy.
Today, Buffett himself had this to say:
"If you buy an oz of gold today and hold it for 100 years, you can coo to it and caress it and fondle it – and 100 years from now you've have an oz of gold, and it won't have done anything for you in between."
SPDR Gold Shares (NYSE: GLD) traded flat today in light volume, showing little reaction to the Oracle of Omaha's comments. Traders have shown very little interest in gold since last Friday, when the jobs numbers failed to provide clarity on future Fed monetary policy.
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