InvestorMind

Chris Duane of TheGreatestTruthNeverTold.com put together a little video that puts Munger’s negative comments on gold into perspective.

Warren Buffett's right-hand man doesn't like gold any more than his boss does, Charles Munger told CNBC Friday on the eve of Berkshire Hathway's annual meeting. "Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939," the Berkshire vice chairman said, "but I think civilized people don’t buy gold, they invest in productive businesses." Munger, 88, said he loves Berkshire Hathaway's [BRK.A 121950.00 150.00 (+0.12%) ] portfolio of such businesses, which includes, among many others, the Burlington Northern railroad, specialty chemicals firm Lubrizol and Geico insurance. "We just have a wonderful portfolio in business, if you average them out," Munger said. "By and large they're doing productive, useful work. It’s not outsmarting the computer systems in the trading markets." For the most part, he agrees with Buffett's "simple" investment strategy, which he said is ...

Peter Schiff talking about Warren Buffett on RT.

Schiff Report Video Blog Feb. 27th 2012.

“Gold gets dug out of the ground, then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”-Warren Buffett In a recent Fortune article, Warren Buffett provided a glimpse into his upcoming annual shareholder letter. Buffett used this opportunity to once again remind everyone how much he dislikes gold. He cites gold’s limited industrial demand and places the precious metal in a category of assets that “will remain lifeless forever.” However, there are two precious metals that are considered to be monetary safe-havens. Sometimes referred to as gold’s little brother, silver has also acted as a hedge against uncertainty and fiat currencies. Furthermore, its industrial use is far from being lifeless. Buffett paints another analogy of the world’s gold stock as a useless cube that would fit within a baseball infield. At $1,750 per ounce, this pile of gold would be worth $9....

I saw this on Facebook. I don't know if Warren Buffett really said all these, but some are good advice.