Warren Buffet, one of the world’s most famous investors, has derided the investment potential of gold even as the precious metal continually exceeds its own high price record.
In April this year alone the price of gold exceeded records an incredible fifteen times, and people around the world are clamouring to get as much of the metal in their hands as possible.
Such has been the rise of gold over the last year some people were even going so far as to suggest it should re-establish itself as a form of currency in the face of dwindling currencies worldwide.
However Warren Buffet, a man whose investment nous has turned him into the third richest man in the entire world, doesn’t agree. Buffet said: “Gold really doesn't have utility. I'd bet on a good producing business to outperform something that doesn't do anything.”
Buffet made the comments while speaking at Berkshire Hathaway’s third annual shareholder meeting. Buffet added: “If you take all of the gold in the world and put it into a cube, it would be about 67 feet on a side and you could get a ladder and get up on top of it. You can fondle it, you can polish it, you can stare at it. But it isn't going to do anything.”