Legendary investor Warren Buffett has been making the financial news rounds with his claims that gold is “valueless,” and that the metal is experiencing an exaggerated bubble that is set to burst sooner rather than later. On the Edge host Max Kaiser asked Ned Naylor Leyland of Cheviot Asset Management on his opinion of Buffett’s gold rhetoric, and Naylor responded that Buffett must have an ulterior motive for the claim considering gold’s performance as compared to Buffett’s own Berkshire Hathaway. Kaiser went further, labeling Buffett a “financial terrorist” whose meddling in banking institutions and broader impact on the financial markets tinges the investor’s comments with dishonesty. For more on this continue reading the following article from Tim Iacono.
Max Keiser talks to Ned Naylor Leyland of Cheviot Asset Management about why Warren Buffett hates gold after the “Oracle of Omaha” devoted a considerable portion of his recent shareholders letter(.pdf) to discuss why the metal is not worth owning.
Among the many other interesting things you’ll learn from Ned is that Warren Buffett’s father was the “Ron Paul of his day”, meaning that, Buffett the Younger’s views toward the yellow metal are likely something he didn’t learn at home.
This blog post was republished with permission from Tim Iacono.