Billionaire investor Warren Buffett would rather invest in a robust business than gold, despite the precious metal soaring to all-time highs above $1,500.
Buffett told shareholders at Berkshire Hathaway's annual general meeting that "gold really does not have utility" and is not the way to create lasting wealth,CNBC reports. He added: "I would bet on a good producing business to outperform something that does not do anything." With all the gold in the world, Buffett said he could buy 10 Exxon Mobils, all the farmland in the US and have $1trn left over. Charlie Munger, Berkshire Hathaway vice chairman, said: "There is something peculiar to buy an asset that will only really go up if the world goes to hell." The billionaire in...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
