Head to head: Advisers debate 'valueless' gold?

“Bubbles blown large enough inevitably pop,” Warren Buffett, perhaps the world’s best-known investor, said earlier this year. “And then the old proverb is confirmed once again: ‘What the wise man does in the beginning, the fool does in the end’.” Plainly, not everyone agrees with Buffett. According to some worrying estimates, investors ‘own’ more physical gold – either directly or via funds and ETFs – than actually exists. This year, bullion hit a high of around $1,790 in late February, but this masked what has been a steady recent decline in price. Peaking at $1,900 per ounce in Sept...