Peter Munk of Barrick Gold: "gold is nothing" but he did prefaced that with "as long as you believe in the currency of your country".
Yes, thank you for posting. I usually don't watch Rose because he can be so liberal and one-sided. That was def an interesting discussion.
At one point the topic of "smart money" was brought up by Charlie Rose. Little did he know that the smart-dumb money mechanic is playing out at his table. Munk is a net seller of gold. He's a wealthy man that built a business through prospecting and hedging. His wealth doesn't derive from owning gold. Instead it comes from digging a hole in the ground, removing the gold and then selling it for paper money. Grant and Hathaway are the ones handing over the paper money. They don't like their paper money but lucky for them Munk does. I don't see any gold around their necks so they must have put the gold they bought in another hole in the ground for safe keeping. When it comes to gold and holes in the ground we've now come full circle. While this was going on a real transfer of wealth has taken place though. Can you guys point out the patsies at the table?