Quote:
Originally Posted by PR_Glen
yeah he's wrong, he doesn't know how to make money at all.. his opinion means nothing compared to the countless fearbies spouting off about how gold will make them millionaires in the future via internet spamming and countless blogs and websites stating such.
If it was so profitable and such a guaranteed investment why do people feel the need to push it on everyone like it's the only way to go? Ohh right, invested interest...
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Glen,
I don't think ilnjscb said Buffett doesn't know how to make money. No one's questioning the fact that Buffett managed to become incredibly rich. However, to think that Buffett's automatically right about everything related to investing, finances, gold, stocks etc, is a logical fallacy (
ad hominem argument). Whether something's true or false does not depend on who said it.
Regarding gold: Personally, I've been buying gold for years. I'm not doing this to make money. I know there's plenty of people who see buying gold as an investment, as something you buy for x amount of dollars and then sell for y amount of dollars and make y-x amount of profit. If making a profit is your goal then yes there are ways to make more money than by buying and selling gold. When I buy gold, I do it to protect my earnings. I use it as a 'store of value'. I'm not buying gold to become a billionaire, I'm buying gold to protect the money I've already earned. Do I think gold will go up? Yes I do. Do I 'need' gold to go up? No, I don't.