'Civilized People Don't Buy Gold'
By The Financial Lexicon:In a recent interview with CNBC, Berkshire Hathaway's (BRK.B) Charlie Munger stated, "Civilized people don't buy gold. They invest in productive businesses." If that's the case, then call me uncivilized. Although I do invest in productive businesses, I also designate a certain percentage of my portfolio to gold (GLD).For reasons about which a doctoral thesis could likely be written, humans have a long history of completely mismanaging fiat currencies. Throughout the countless historical examples of the leaders of nations destroying the value of that nation's currency, gold, as a store of value, has stood the test of time. Today, people who have an appreciation for the historical role that gold has played may choose to purchase gold as a hedge against a very powerful group of individuals who seem to prefer to attempt to solve today's economic difficulties through money printing.It's certainly not shocking that Mr. Munger ridiculesComplete Story »