Warren Buffett is an investing genius, but he has a habit of pooh-poohing gold. He turns his thumbs down on the metal because it doesn't have any cash flow. He also associates buying commodities with speculating. There are many periods when Berkshire Hathaway beat gold, but this last decade is not one of them. As Jordan Roy-Byrne points out, gold beat Bershire by 8.91% from 2001 to this year.
There's really not much to be said. Items like these make me wonder why I didn't get into gold back in 2001.