Investing.com - Financial Markets Worldwide
Black Friday Sale! Save huge on InvestingProGet up to 60% off

Howard and Warren Buffett on Gold

ByGoldMoney News Desk
Published 03/07/2012, 01:41 AM
Updated 05/14/2017, 06:45 AM
GC
-

Sons often rebel against their fathers, but what accounts for the difference between Howard Buffett’s view of gold, and that of his son – the famed investor Warren Buffett?

While the latter is famous for his disparaging remarks about gold, his father Howard – who represented the Omaha district of Nebraska for four terms as a Republican congressman in the 1940s and 50s – thought human freedom was closely linked to the ability of a citizen to redeem currency for gold.

In a new essay for the GoldMoney Foundation website, James Turk examines the differing attitudes of these two men towards the yellow metal, and looks at what this says about their attitudes towards money generally. Central to this is James’s analysis of what he calls the “modernist” view of money, or the idea – expounded by Warren Buffett – that governments determine the ultimate value of money.

In James’s words: “This modernist view of money ignores that market forces, which a government can influence but in the end cannot control, inevitably determine the value of any asset. With repeated interventions in the market process, governments disregard this basic principle, causing disruptions to the market process that impede economic activity and even worse, can distort money itself.”

For more on the philosophical differences between the Buffetts, go to the GoldMoney Foundation website to read "A Perspective on Money from Howard and Warren Buffett" by James Turk.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.