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“[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
by jdofaz 6y ago
“[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.”
― Warren Buffett
- Dirlewanger 6y agoNot every currency is as stable as the USD and has the US federal government backing it up.
- URfejk 6y agoDolar has been declining for a long time: https://seekingalpha.com/article/4366155-u-s-dollar-devalues-99-vs-gold-in-100-years-gold-price-crosses-2067 https://seekingalpha.com/article/4366155-u-s-dollar-devalues...
- Fjolsvith 6y agoIf you had an ounce of gold back in 1934, it was worth $35. [1] Nowadays, your gold would be worth $ 1,870.73. [2] The only thing stable with that is the dollar's decline in value, despite being backed by the US Government. 1. https://nma.org/wp-content/uploads/2016/09/historic_gold_prices_1833_pres.pdf https://nma.org/wp-content/uploads/2016/09/historic_gold_pri... 2. https://www.jmbullion.com/charts/gold-price/ https://www.jmbullion.com/charts/gold-price/