The 80-year-old sage of Omaha told shareholders at Berkshire Hathaway's annual general meeting gold "doesn't have utility" adding he would "bet on a good producing business to outperform something that doesn't do anything".
"You can fondle it, you can polish it, you can stare at it. But it isn't going to do anything," he said.
It would be politer for him to say that gold investing is outside of his circle of competence, but that kind of politeness doesn't come easily for someone wrapped up in his business. Mr. Buffett, of course, has made lots of money focusing on value stocks and later value-growth stocks. As a businessman, he has to rally his employees and shareholders around his own model. Diplomacy comes a distant second to that vital goal.