Warren Buffett: gold has no value

Been reading comments here and knowing sweet F All about how finance works or rather doesn't these days still know sweet F All. Most people love Gold but the wearable variety. I have a couple of sovereigns which do nothing but sit in a box yet I know are now worth over one and a half times more than when purchased. I just don't get why gold is that good. I try and work on the basis that It's not just a metal we have chosen as having value because we can make it sparkle but that it is one metal and that there is a table of metals having different values. Silver, Copper, Lead, Steel, Nickel, etc etc. so I'm guessing that it is all based on how much there is, how easy or difficult to get it etc rather than its glitter. We created paper money and metal money of sorts. From there on it gets messy and I guess it i as I read here, a lot of it is just thin air, credit, stuff that when asked for isn't there afer all.
Then I think that as little as I know how much more to the "experts" know, seeing as the system has been in place for donkey's years and none of them can work it porperlyor even agree with each other on how to. Maybe I should buy all the stuff the Royal Mint sends me catalogues of thogh I think I just missed out on the limited number of Diamond Jubilee editions,,,, silly me huh,

I'm glad I sold the Krugerrands I bought in Dubai in 1992 last year for 5x what I paid.

warren buffet has plenty in common with that economic guru gordon brown, who sold UK gold reserves to fund his spending spree. if he sold it today it would have made an extra £3 billion. not "valueless" after all.

the more they have the more they want...........they will be as poor as any bugger else once dead

This is deliberate misinformation.No ones likely to fall for this garbage....surely?

The price of gold can be measured from the inverse of market values. When the market is strong and shares make money, gold loses value. The economic turnaround should get started in 2013 as various government measures and improving private sector industries take effect.

With this in mind, gold should continue to rise for the next year. It may rise a little more in 2013 as there is a time lag between increased values and increased prices. Once into 2014, its value will decline again. If the economic recovery kick-starts itself at that point, the price of gold may well crash as investors move their money into more lucrative share deals.

Gold only holds value in that it is where the world hides its money in the bad times. It has very little intrinsic value, being used in a few electrics and jewellery and sitting in bank vaults. Put like this, if there was a famine you wouldn't swap your loaf of bread for half a ton of gold.

If you are a shrewd investor, you will be out of the gold game by the end of 2012. The good money will have been made by this point and the diminishing returns into 2013 don't even begin to justify the risk of angling your portfolio this way.

Has anyone ever wondered why gold became sought after many thosands of years ago before it was used for wearing and for currency. We know now that it does not corrode and is excellent for electrical continuity and can be used as a screen heating element for aircraft but what about way back then?

If Warren has any valueless gold I'd be happy to collect it from him - no charge!

Gold has been of value for over 10,000 years.
Buffet has only been alive 5,000 years

And the same goes for that other fool's folly - diamonds!

Why has it been a safe haven for 6,000 years?????

Dear Warren, I will send round a wheelbarrow that you can dump all your valueless gold into. Don't be afraid to let me know if the wheelbarrow is too small - I'm sure many others would be pleased to help remove any excess

Warren Buffet gives the game away by stating gold hold's no inherent value, he know's he's stating the obvious because no commodity holds any inherent value in of itself fact, its the value we as people put into commodities this is the origin of the value of things. Buffet as so typical is looking out for his own portfolio he needs cheaper gold to buy, it really will be as simple as that.

If David Rockefeller came out and said that gold has no value would you believe him, NO. It seems if Warren Buffet says it you suck it up as he has no association with gold.
The elite like him work together

NEW HEADLINE :
'Large trader uses subservient media to launch new campaign to spook markets so he can clean up later'
As the USA keeps printing $, gold will continue to rise unless the BRICS can agree a new world reserve currency with EU/Russia support behind the USA back, which is unlikely because the Tories will scupper it to curry favour.

It may have no value except that it has been in demand for a few thousand years and that trend may continue. The price can fluctuate but it will never be worthless

Warren Buffett is no fool. If he was, he would not be as rich as he is.

I respect his opinion (way) more than that of the contradicting (uninformed, inexperienced, opinionated only) posts on this thread.

Anyone who seriously believes that "gold is a valueless asset" should read the book "Corruption of Capitalism" by Richard Duncan - it explains how today's economic depression is deeply rooted in the the abolition of the gold standard by the Federal Reserve.

Unfortunately, most who are at the 'coal face' of everyday life now view most of these speculative comments with deep suspicion, even from the likes of Buffett. Everybody to go short on gold asap? People with major money to invest should show some balls & lead by example, adopt less aversion to risk and get back to basics. Industry of all kinds is starving of capitol, banks and governments alike are too witless to help, and more direct action would start to heal the rift that has grown between the 'coal face' and the so called markets - let's face it, they need each other.

What has value? a coin exchanged for goods or services was the accepted item. Countries are happy to create notional wealth that serves nothing of true value.Financiers say they create wealth by increasing values Banks heve crashed on the words financiers. The world is full of imence wealth created by dillusional illusionists.