Buffett’s Gen Re Sees “Tendency To Higher Gold Prices”

Buffett’s Gen Re Sees “Tendency To Higher Gold Prices”

Buffett’s aversion to gold is in contrast to his father, Howard Buffett.
Today’s AM fix was USD 1,706.75, EUR 1,305.35, and GBP 1,058.65 per ounce.

Yesterday’s AM fix was USD 1,718.00, EUR 1,317.59, and GBP 1,069.67 per ounce.

Silver is trading at $33.55/oz, €25.60/oz and £20.77/oz. Platinum is trading at $1,598.50/oz, palladium at $685.10/oz and rhodium at $1,075/oz.


Gold climbed $2.00 or 0.12% in New York yesterday and closed at $1,715.20/oz. Silver dropped to $33.38 then rose to as high as $33.821 and then retreated, but it still finished with a gain of 0.66%.
Gold fell to its lowest point in a month on Tuesday, briefly touching $1,700/oz after a drop below $1,710/oz triggered some technical selling.

Investors with a longer time horizon continue to accumulate on the dip and the uncertainty of shaky sovereign economies will fuel continuing diversification into gold.

Yesterday, Australia’s central bank cut interest rates ¼ point to match a record low.  Central banks around the world continue to flood the market with cheap, printed fiat money which will continue to boost gold bullion.

Platinum group metals have see a rise in the past few weeks in tandem with car sales data, as the metals are used in exhaust catalysts.

Warren Buffett’s General Re-New England Asset Management has warned that until central bank monetary policies around the world change “there will be a tendency to higher gold prices.”

General Re-New England Asset Management, a unit of Warren Buffett’s Berkshire Hathaway Inc., said gold may advance as businesses temper spending and central- bank stimulus measures fall short.
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