Civilised people dont buy gold. They invest in productive businesses, Charlie Munger, Warren Buffetts partner, said in 2012. Farmland trumps gold nuggets any day, the Sage of Omaha opined.
Tell that to the markets. The gold price keeps hitting new highs following the vote on Brexit. Last week, it rose above $1,375 an ounce, up from $1,050 at the start of the year. Bank of America Merrill Lynch now predicts that economic uncertainty will drive the price above $1,500.
Nor did the Sages opinion of gold hold much sway over investors, who agreed last month to hand $70m to Hummingbird Resources so the Aim-quoted company could pay back a bridging loan and start construction of a gold mine in west Africa.
Hummingbird certainly isnt product…
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