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Well, I've never been a big investor in gold, and I remember reading about Warren Buffett's view on it , and he essentially said that something like gold would never grow like a real company because it doesn't generate any money. Even a farm generates money every year. A company, er, corporation generates money every year, every day, etc.
They have a quarterly report where you can see what their profit is, etc. When it comes to gold, silver, or other similar assets, you buy them with the hope that someone else will pay a higher price for them later for various reasons. Is that correct? No. I mean, I don't disagree with Warren Buffett that in the long run, if you buy a productive asset, you should have a better return than just owning gold.
But gold is not a substitute for productive assets . And this is where I always disagree with Warren Buffett, because he never put it right. Gold does not compete with stocks or real estate. It competes with the dollar. It competes with the euro and the yen. So, if you go back to the creation of the Federal Reserve in 1913, you could buy an ounce of gold for $20, and now it's worth $4,000.
So if someone buried an ounce of gold in the ground in 1913, and someone else buried a $20 bill, and you dug it up today, right? What would you choose? An ounce of gold or a 20- dollar bill? Yes? This shows you that over time, if you are going to save money, it is better to save gold than dollars. Someone might say, " Well, I could put my dollar in the bank and get interest ." Yes, but now you lend your dollar to the bank, and the bank lends it back, right?
You could do the same with gold. I can lend my gold to someone and they can pay me interest on my gold. So, you can still earn interest on gold if you lend it out. But if you just put it in a safe, it's the same as stuffing money under your mattress. They just lie there. The reason gold holds its value better than dollar bills is because the Federal Reserve can just print the stuff like crazy, right?
There is an infinite amount of paper money they can create. So , the supply of dollars grows very quickly, whereas the supply of gold grows very slowly, because you actually have to physically mine and find it. And that's why gold is a great store of value. It is not a source of value. It is a means of preserving value.
So, if you have wealth and want to preserve it, you can buy gold. If you want to, you know, multiply your wealth, then you don't just invest it in gold. You are buying a business or starting a business. When it comes to investing, Warren Buffett would agree with me, and in fact, Brookshire Hathaway now has a record amount of cash.
And the reason Warren Buffett has a lot of cash is because he thinks stocks are overvalued, so he doesn't want to buy them right now. He wants to wait for prices to drop . And I agree. But in my opinion, he would have been better off if he had waited, holding gold instead of dollars. Because it's possible that inflation is so strong that even if stocks are expensive, their value continues to rise in dollars, which are losing value even faster.
But I think that stock prices will fall significantly in terms of gold. And they fell significantly in terms of gold, because gold is quoted better than the stock market. So if Buffett were holy gold waiting for better buys, that would be a better strategy. But if you can buy stocks cheaply, if you can get a good deal on a company so that you're not overpaying and not paying too much on a profit basis, you're getting a good dividend, then yes, of course it's better than buying gold.
Although, if you don't have some diversification, because you could be in a company that I could invest in and something could go wrong. Then the company may start losing money. The company may go bankrupt. Therefore, stock companies should, over time, deliver better returns than simply owning an ounce of gold.
But it's also possible that your company will go bankrupt and you will lose all your money. This won't happen with gold. There is no such risk with gold. Gold will fluctuate a bit , but it will increase over time. That's why its price went from $20 per ounce to $4,000 per ounce and then to $10,000 per ounce.
Then up to 20,000. It just depends on how long it takes to get there. And it will depend on how high inflation is. You know how much money we create and how fast we create it. Good. So, Grant Cardone and I, uh, do you know who he is? Of course, I know who he is. Yes. OK. Always present at my show. He's a billionaire who specializes in real estate, and last time we discussed gold.
Um, he was on my show, and he said something interesting. He said: " If you look at where technology is going with artificial intelligence and robotics, there will come a point where they will start deploying thousands of robots in these mines, uh, mines and so on. You know, at the bottom of the ocean, in all these places, on most of the planet that we have n't really explored.
" Wait until he has 8 million, 80 million, or 8 billion goddamn Optimus robots." Yes. Just mining useful digs. And gold costs, like, $10,000. If it's $10,000, all his work won't be cleaning, damn it, the kitchen. They 'll dig, damn it, this gate. And they will find them too. By the way, 24/7, 365. As long as there's energy, this damn robot, he-he, he won't masturbate.
He will dig in the ground, grab some gold or silver, some uranium or some copper. An infinite amount will be mined from this rock. We have 91% of our ocean floor that we haven't even discovered, haven't even turned over, right? So imagine you throw 100,000 robots in the middle of the ocean and have them mine gold and diamonds and everything else like that and silver, and eventually this will happen.
It won't happen in the next year or two, but it could happen in the next 20 years, right? Well, I don't know how much they'll actually find, but yeah, I do n't think they'll find enough to flood the market because remember, we've already mined a lot of the gold that we have. I mean, gold is pretty rare, and cheap and easy to find gold has already been found.
So, uh, but with the advancement of technology , yes, we might be able to find it, but I'm not worried, uh, that that's going to happen. And of course, it only makes sense to send robots into space or to the bottom of the ocean to mine gold when gold is expensive, because I'm sure it won't be cheap, especially when people talk about mining gold in space.
I hope they start mining gold in space because that means it's really, really expensive for them to justify. But usually the reason you hear this kind of nonsense, and the reason Grant Cardon mentions it, is because he's now a Bitcoin fan. And that 's why the Bitcoin guys are always trying to scare the gold bugs away from leaving them in the gold.
They try to come up with a reason why gold won't work, like you have to own Bitcoin because Bitcoin is advertised as digital gold, which is a scam. This is not digital gold. This is digital nothingness. Digital gold would be tokenized gold, like Tether Gold. It is digital gold because it is backed by real gold.
You know, Bitcoin is not secured by anything. But you know, Grant Cardone also has a gimmick where he, um, combines his real estate funds with Bitcoin and claims that this is some kind of, you know, revolutionary way of managing real estate because he says that real estate is illiquid and therefore you don't have the money to cover repairs and maintenance.
And so you solve this problem by also holding Bitcoin, which, you know, could be more easily sold and used for these expenses, which is complete nonsense. And he should know better as a real estate professional. I mean, he's certainly been in real estate a lot more than I am, but I know that real estate generates income.
That's why you buy it. He buys rental properties. The rent covers all these costs. You know, you don't need Bitcoin to cover your maintenance. That's what rent is for, you know , and you also have a lot of depreciation when you own real estate. Er, so you don't even have to pay taxes on all your income.
So you have plenty of income to cover these expenses. So Bitcoin does not solve the problem for real estate investment trusts (REITs). He creates a problem that does not exist. The problem is that you invested money in Bitcoin, which is going to collapse. So, you know, you're throwing your money away.
But if people want to play Bitcoin, they don't need Grant Cardon's real estate fund to do so . If you want to buy real estate, buy a real estate trust. If you want to buy Bitcoin, buy Bitcoin. There is no point in buying both. There's no point in paying Grant Cardona to manage your Bitcoin when you can manage it yourself.
It's easy. So, I think it's just kind of a scam. I mean, I...I'd be happy to argue with Grant. I mean, I, you know, talked to him from time to time. I challenged them to X, you know, hey , you know, I'd like to discuss this topic, because, you know, I think it's ...I think, I think I'm going to win easily.
Uh, but if you want to do something on your show, that's fine. If you have a monolith...
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