‘Oracle’ Buffett, Africa and Martians: “Is Gold Worth Anything At All?”

“Is Gold Worth Anything At All? Filter date to 24/02/2020, select Breakfast Business click on the play button

Newstalk interviewed Mark O’Byrne, Research Director at GoldCore about gold’s value and utility and why it has had a value throughout history and it’s continuing value today as a hedge and a safe haven monetary asset.

Warren Buffett’s simplistically negative comments regarding gold are “wrong on so many levels” according to Mark O’Byrne of GoldCore.

The ‘Oracle’ on 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.”

The ‘Oracle of Omaha’ is wrong due to the following important facts:

a) It does not get dug out of the ground in Africa. The largest gold producing nations are China, Australia, Russia, the United States, Canada, Indonesia and Peru.

b) Global gold refineries and government mints then melt it down and importantly refine it to make it 0.9999 pure or 24 karat and either produce investment grade gold bars or they mint legal tender gold coins, as produced by the Royal Mint, the US Mint, the Perth Mint, the Royal Canadian Mint, the Austrian Mint etc

c) We do not “bury it again.” Gold coins and bars are held in secure vaults, most of which have been built and exist for many years, within what is known as the “Chain of Integrity.” This is an important system of cooperation between accredited government mints, state and private refineries, security transport providers and secure vaulting providers
like Loomis, Brinks and G4S , auditors, banks, and insurance underwriters which make up a secure chain of custody for London Bullion Market Association (LBMA) “Good Delivery” gold and silver bullion bars.

These vaults are located very securely both above ground and in the basement of secure vault providers, the biggest banks and central banks – including the New York Federal Reserve and the Bank of England.

Yes highly trained, trusted security personnel are paid to guard it as they are to protect other valuable assets such as millions of dollars of legal tender dollars or indeed fine art paintings. Anything that has value has to be protected and securely stored and the act of guarding dollar notes etc, does not make them any less valuable or of use.

d) It’s proven utility is as a hedge in investment and pension portfolios and as a safe haven monetary asset that protects against inflation and currency devaluations. This is seen in all the data and the empirical research by academia and independent asset allocation experts. It has been seen throughout history and again in recent weeks, months and years.

e) “Anyone watching from Mars would be scratching their head” about many, many things on planet earth today.

Aliens would be particularly amused by our completely unsustainable, debt laden, economic models – both financially and environmentally. They would laugh their heads off at our ponzi style fractional reserve banking and fiat monetary systems which allow banks and central banks to electronically create trillions of dollars, euros, pounds etc at will …


Is Silver the Most Undervalued Asset Today? Watch Video Here



NEWS and COMMENTARY

Gold gains as U.S. warning heightens virus concerns

Gold-Backed ETFs Have Never Seen a Run of Inflows Like This

Dow futures down 150 points after Wall Street’s monster 2-day slide

China’s January auto sales fell 18.7% year-on-year, worse than forecasted

Euro zone money markets price full ECB rate cut by December

Hong Kong will give HK$10,000 cash handouts for all adult permanent residents


GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

25-Feb-20 1655.90 1650.30, 1275.54 1271.39 & 1528.06 1522.73
24-Feb-20 1682.35 1671.65, 1304.49 1293.69 & 1555.84 1540.26
21-Feb-20 1633.70 1643.30, 1264.81 1269.12 & 1512.48 1515.29
20-Feb-20 1610.35 1619.00, 1250.11 1258.45 & 1491.99 1496.77
19-Feb-20 1609.50 1604.20, 1239.80 1237.80 & 1490.40 1486.29
18-Feb-20 1588.20 1589.85, 1218.47 1220.37 & 1467.34 1470.77
17-Feb-20 1580.30 1580.80, 1212.41 1215.16 & 1457.04 1458.29
14-Feb-20 1576.35 1581.40, 1209.60 1214.20 & 1453.08 1456.79
13-Feb-20 1575.00 1575.05, 1213.55 1207.59 & 1447.27 1450.94
12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54


SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE



Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE