WARREN BUFFETT Quote : Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Saturday, May 9, 2009

Will gold soar on Buffett speech?

Commodity Online
WASHINGTON: Did Warren Buffett ever help gold? A fast check shows that he never helped gold. But this week’s his address to the AGM of Berkshire Hathaway shareholders may help gold in a big way.

He said inflation is coming back and the US dollar will fall. Buffett, who has delivered compounded returns exceeding 20% a year to shareholders for more than four decades, did not mention gold by name. But that will matter little to the yellow metal’s continuously growing group of supporters. They are sure to interpret this as further evidence that gold’s best days lie ahead.

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After dabbling in precious metals in the 1960s, Buffett, the Sage of Ohama, ignored them until a well publicised trade in silver between mid-1997 and early 1998. The decision to accumulate 130m ounces was based on factors specific to silver’s supply and demand at the time.

Once he’d closed out the position, Buffett jokingly describing it as the perfect trade — except that we bought too early and sold too late. Since then he has publicly and consistently shunned precious metals, mainly because he prefers assets which generate dividends.
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