Excerpts:
Jeremy Grantham, the investor celebrated for his ability to spot and exploit bubbles in asset classes, guaranteed yesterday that the current bull market in gold will end. His proof? He bought some – for his own account – at the end of last week.
His tongue-in-cheek comment was part of a discussion about relative value in various segments of the market. Indeed, Grantham is bullish on two asset classes...but gold is not among them.
Later in the article Grantham added the following...
"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," he said. "It is the last refuge of the desperate."
Criticism of gold as an investment certainly isn't limited to Grantham.
Warren Buffett and others have, at different times, challenged the idea that gold makes any sense as an investment.
(even the likes of Thomas Edison had his fair share of criticism of gold back in his day.)
Having said that, I realize there are many believers in gold as protection against the inevitable degradation of paper currencies and other potential risks.
Adam
Grantham: Gold is "Last Refuge of the Desperate"
![Grantham: Gold is "Last Refuge of the Desperate"]()
Reviewed by Pisstol Aer
Published :
Rating : 4.5
Published :
Rating : 4.5