The Sage Does a 180
The big news in the monetary metals is that Warren Buffett — famed disliker of gold — sold bank stocks to buy gold mining shares. What is interesting to us is not that we think he has any special powers to predict the gold price. After all, he famously bet on silver, and lost.
GOLD, daily, over the past two years. The Sage is a bit late to the party, but his entry confirms that the sector is now entering the “recognition phase” – the stage at which the investoriat-at-large realizes something is afoot. [PT]
What is interesting is that he understands, intuitively, that owning a piece of gold is not an investment. He may have been disingenuous in his dismissals of gold, which he did to defend the regime of irredeemableRead More »