Stay Up to Date
Gold is used as a hedge against inflation. Even Warren Buffett, one of the biggest gold haters, sold his interests in some banks and shifted to gold recently but many are still arguing that the uncertain times could push the policy makers to make critical changes in Government’s fiscal policies and gold is the most vulnerable.
We’ve been in recession since February apparently, ending the longest economic expansion in American history. The economy collapsed so rapidly that the National Bureau of Economic Research wasted no time in announcing a recession, a stark contrast to previous downturns when the body took upwards of a year to declare what most people already knew.
Warren Buffett has long been critical of gold as an investment. He once said it “has no utility” and that the “magical metal” is no match for “American mettle.” He also said, “Anyone watching from Mars would be scratching their head”, over how we value gold, but he just acquired nearly 21 million shares of Barrick Gold worth $563 million.