What does Warren Buffett say about gold?
Warren Buffett has historically been a persistent critic of gold as an investment asset, famously pointing out its complete lack of intrinsic utility or productive economic output. In his shareholder letters and interviews, Buffett frequently contrasts gold with productive assets like farms, businesses, or real estate, noting that gold is an inert metal pulled out of the ground in South Africa or elsewhere, after which we just store it in a vault and watch it. He emphasizes that gold does not produce anything, pay dividends, or generate cash flow; its entire value relies exclusively on the psychological hope that the next buyer will pay more for it than you did. Buffett has famously remarked that if you own all the gold in the world, you would have a massive cube that could be stacked in a baseball infield, and at the end of fifty years, it would still just be a cube of gold without producing a single ounce of anything useful, whereas owning American agriculture or productive businesses yields immense wealth and useful goods over the same timeframe.
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