‘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

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

How Long Will Inflation Last 2022 – Charles Nenner

Gold To New All-time-high When Fed QT Fails

Blog posts

Inflation is now out of the control of central banks

When “whatever it takes” means confiscation of wealth One of the reasons people decide to buy gold bullion or add silver coins to their portfolio is because they cannot be devalued. No one can suddenly decide to print more gold or silver! Sadly, this is exactly what happens with currencies around the world. And the […]

READ MORE

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

Jim Rickards! Chart analysis! The Wizard of Oz! What on earth are we talking about? Our brand new show, The M3 Report! Click Here to Watch It Now Today we are launching The M3 Report. Tune in for all things Metals, Markets and Money. With all the best bits of previous GoldCore TV offerings we now […]

READ MORE

When Gold is just Gold: Is Russian Gold Back in Favour?

It’s been an interesting week so far in the world of gold prices and central banks making use of their gold reserves. For those asking if they should buy gold, two events this week provide further arguments on the benefits of holding the precious metal.  There is little doubt that central banks, notably the U.S. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

How Long Will Inflation Last 2022 – Charles Nenner

Gold To New All-time-high When Fed QT Fails

Blog posts

Inflation is now out of the control of central banks

When “whatever it takes” means confiscation of wealth One of the reasons people decide to buy gold bullion or add silver coins to their portfolio is because they cannot be devalued. No one can suddenly decide to print more gold or silver! Sadly, this is exactly what happens with currencies around the world. And the […]

READ MORE

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

Jim Rickards! Chart analysis! The Wizard of Oz! What on earth are we talking about? Our brand new show, The M3 Report! Click Here to Watch It Now Today we are launching The M3 Report. Tune in for all things Metals, Markets and Money. With all the best bits of previous GoldCore TV offerings we now […]

READ MORE

When Gold is just Gold: Is Russian Gold Back in Favour?

It’s been an interesting week so far in the world of gold prices and central banks making use of their gold reserves. For those asking if they should buy gold, two events this week provide further arguments on the benefits of holding the precious metal.  There is little doubt that central banks, notably the U.S. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE