Thursday, July 15, 2010

Grantham: Gold is "Last Refuge of the Desperate"

Jeremy Grantham offered some thoughts on gold back in May:

"I hate gold. It does not pay a dividend, it has no value, and you can't work out what it should or shouldn't be worth...It is the last refuge of the desperate."

Critics of gold certainly aren't limited to Grantham.

Warren Buffett, for example, isn't a huge fan of gold. In fact, even Thomas Edison long ago offered some thoughts on gold -- and it wasn't exactly positive -- back in his day.

Having said that, I realize there are many believers in gold as protection against the seemingly inevitable degradation of paper currencies over time and other potential risks. 


Related post:
-Why Buffett's Not a Big Fan of Gold

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