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Seeking Alpha/Bert Dohmen/7-17-2020
“Our opinion, and that of millions of people throughout history, reflects a different view [than Buffett’s]. Gold is a store of value. Over the long term, its value is not eroded by central banks creating money artificially. In fact, in terms of paper currency, which is basically paper with ink slapped onto it, gold prices rise over the very long term. In 1975, gold was $35. Now, gold has broken out above $1800/oz. Look at the concept of ‘store of value.’ According to Zillow, a medium-priced house in 1960 in the U.S. was $11,900. The same home now would cost between $700,000 and over $1 million depending on the part of the country. In terms of gold, the house may cost the same as in 1960, using ounces of gold. That’s a store of value!”
USAGOLD note: Bert Dohmen takes the Oracle of Omaha to task …… Translated to ounces his 1960s medium-priced house cost 340 ounces of gold and today’s cost 385 ounces.