To the Editor: This freight train is just getting going (" Gold Is Beating Everything. How to Get a Piece of the Action," Cover Story, April 22). As the federal debt goes parabolic, so will gold. War and uncertainty are everywhere. A new meme cryptocurrency comes along every day. Gold, a member of the periodic table, never changes. It has physical scarcity value, which is more reliable than software scarcity value.

How have governments throughout history dealt with massive debt? They inflate their way out and pay back those debts with cheaper dollars. The tariffs are going to create inflation this year, and dedollarization is likely to continue.

Technicians have warned that gold is due for a pullback. But if you compare gold's recent rise to Bitcoin (or electronic fairy dust), the yellow metal has room to move.

Alex Maynard On Barrons.com

'National Emergency'

To the Editor: The Constitution is clear that tariffs are imposed by Congress, not by executive order (" Time Is Running Out for the Stock Market. Trump's Next Move Is Crucial," Up & Down Wall Street, April 25). When these antitariff cases get to the Supreme Court, they will be almost certainly go against President Donald Trump. I would hate to be the solicitor general arguing before the court that all of these tariffs are answering a "national emergency"; the justices will tear him apart.

Robert Ray On Barrons.com

Tall Order for Buffett

To the Editor: Andrew Bary credits Berkshire Hathaway's greatly outperforming the S&P 500 index in 2025 to, among other things, Buffett's "prescient" unloading of over $100 billion of Apple stock.

Something else must be at work here, as Berkshire's average sales price was around $192 per Apple share compared with $209 as I write this.

Nearly 30% of Berkshire's market capitalization is held in cash, currently earning about 3% after tax; as great an investor as Buffett is, even he will find it challenging to earn enough on the remaining 70% to produce the 10% or so returns that equity investors are looking for.

Gordon Gould Boulder, Colo.

Airbus Pick

To the Editor: Here's an equity pick I agree with, and this one (using the ticker symbol EADSY) doesn't come with the fees found with other European stocks trading in France, Germany, etc. (" Airbus Stock Could Gain From Boeing's Woes. Sizing Up the China Question," International Trader, April 25). The combination of Boeing's ineptitude, Airbus' military business, and the move by countries around the world to eschew U.S. military contractors make for real opportunity in Airbus.

Peter Brooks On Barrons.com

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May 02, 2025 18:20 ET (22:20 GMT)

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