Mark Cuban Calls Gold Buyers Dumb, Peter Schiff Responds
December 27, 2022
In a podcast with Bill Maher, billionaire Mark Cuban had called gold buyers “dumb as f***,” triggering gold holders on the internet.
Cuban justified his statement on Twitter saying “intrinsic value" from jewelry and mfg is minimal. Once you get beyond that, it's all speculation and narrative, he added.
Preferring Bitcoin, Cuban said BTC intrinsic is ability to transact and transfer, with the same speculation and narrative.
The famous Shark Tank investor also brought the point: what will happen if all gold buyers expect a delivery?
Peter Schiff replied to Cuban saying iIf all longs decide to take delivery, the price of gold would soar, and it's unlikely exchanges would be able to guarantee delivery.
Schiff argued in favor of buying actual gold instead of futures.
Earlier, gold proponent Schiff had tweeted that it's the best time to sell and get out of bitcoin.