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Lee Quaintance and Paul Brodsky: Why Buffett is wrong on gold



February 29, 2012 by · Leave a Comment 

GATA

3:25p ET Tuesday, February 28, 2012

Dear Friend of GATA and Gold:

In their latest market commentary Lee Quaintance and Paul Brodsky of QB Asset Management in New York respond to renowned investor Warren Buffett’s disdain for investing in gold. Quaintance and Brodsky argue that gold is simply superior money, less susceptible to devaluation.

Of course GATA would qualify that, arguing that gold indeed has been enormously devalued by government-supported issuance of immense paper claims to metal that doesn’t exist — that much if not most of what the world considers its gold supply is actually imaginary, that only this imaginary supply explains gold’s much-disparaged failure to keep pace with inflation, and that the gold market is vulnerable to a short squeeze of cosmic proportions. But that’s only another argument in gold’s favor.

The Quaintance-Brodsky rebuttal to Buffett is titled “Golden Boy” and it’s posted at GATA’s Internet site here:

http://www.gata.org/files/QBAMCO-GoldenBoy-02-2012.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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