Warren Buffett says he’s not a buyer of gold after price slump

Warrne Buffett says, “Gold’s not reproduced or anything since I wrote about it a year or two ago”

Published6 May 2013, 10:27 AM IST

A file photo of Berkshire Hathaway chairman and chief executive officer Warren Buffett. Photo: Reuters — A file photo of Berkshire Hathaway chairman and chief executive officer Warren Buffett. Photo: Reuters (Reuters)

New York: Billionaire investor Warren Buffett , the chairman and chief executive officer of Berkshire Hathaway Inc., comments on the investment appeal of gold. He spoke to reporters in Omaha, Nebraska, on 2 May.

add_main_imageGold rallied $4.9 in the past two weeks after entering a bear market on 12 April. Futures in New York are still down 13% this year to $1,464.20 an ounce.

On whether he would buy gold after recent declines, Buffett said: “No. Gold’s not reproduced or anything since I wrote about it a year or two ago. It just sits there, and you hope somebody pays you more for it.”NextMAds

‘‘If gold went to $1,000 I wouldn’t be a buyer. If it went to $800, I wouldn’t be a buyer. It’s never interested me. If you go back to 1965, Berkshire was at $15 and gold was at $35, so you could’ve bought two shares of Berkshire for an ounce of gold, a little more than two shares. And so far, two shares of Berkshire’s been better.”

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First Published:6 May 2013, 10:27 AM IST

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