Subject: Re: Buffett/Munger have been dead WRONG on gold
The main case for owning gold is also the main case for NOT holding gold.

Exactly, but I would adjust the statement to -

The main case for owning gold is also the main case for NOT holding gold as an investment.

Holding "some" gold is a hedge against financial armageddon, but as an investment it is terrible, especially over the long term. Why would anyone invest in something that *just* keeps up with inflation, but shows no real gains at all over the long-term?