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Buffett Mocking Gold Sidesteps Slump As He Bets on Stocks
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Investors including hedge-fund manager John Paulson faced losses this week as gold suffered its biggest rout in three decades. Warren Buffett told them there were better places to put their money.
The billionaire chairman of Berkshire Hathaway Inc. cautioned against investing in the metal in February 2012, when an ounce sold for more than $1,700, because it’s not productive like a farm or company. Gold fell 14 percent to $1,348.21 in the two trading days through April 15, the biggest decline since 1983, and wiped out almost $1 billion in Paulson’s wealth. The price rebounded to $1,374.36 at 4:20 p.m. in New York today.