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billionaire investors Charlie Munger and Warren Buffett are well known for being uninterested in Gold Charlie Munger was even blunt when asked about his opinion on investing in gold well I have never had the slightest interest in owning gold it's a much better life to work with businesses and people engaged in business I can't imagine a worse crowd to deal with than a bunch of gold bugs Charlie Munger said gold is a great thing to sew into your garments if you're a Jewish Family in Vienna in 1939 but I think civilized people don't buy gold they invest in productive businesses I think gold was a and similar items that was a great thing to have if you were a well-to-do Jewish Family in Vienna in 1935 because you had hazards where that gold had enormous uh utility to you but for Berkshire Hathaway sitting here in 200 five it just doesn't interest us at all Warren Buffett has also spoken extensively about his belief that people who buy gold are essentially betting on fear gold is often described as a safe haven investment that people flock to it in times of turmoil in order to feel more secure and to balance out other areas of their portfolios gold would wa be weighed out on my list as a store of value I mean I would much prefer owning 100 acres of land near here in Nebraska or a uh uh an apartment house or an index fund gold will say was freed up 30 odd years ago but it adjusted to a market that still if you go back if you go back to 1900 you know you were talking $20 gold well you take 20 to 400 uh in 100 years the Dow went from 60 to what 12 or 13,000 and then 12,000 or whatever it might have been in that same period and paid you dividends during the time you own it it was 66 I think on at the start of the century and and uh I forget whether ended but it's 11 or 12,000 and like I say it was paying you something every quarter during that period And if you own gold you you paid $20 uh 1900 or thereabouts and then you we'll say you had at $400 a hundred years later and uh uh in the meantime you paid insurance and perhaps some storage cost it it it it it really is not a it's not a store of value and it's uh uh I'm not arguing for paper money but if if you're worried about paper money and I think you know makes a lot of sense to worry about paper money over long periods of time but it just it's just about you know it's just about the last thing uh I would want want to own under those circumstances you it has a farm has utility an apartment house has utility a business you know will produce earnings and to some businesses will produce them in real terms as they go along you know I'd rather have the ability to sell people a pound of candy 20 years from now and if they're dealing in seashells I'll get an appropriate number of seashells instead of paper money for it but I it uh uh I just don't I don't see I don't see uh gold is a store of value and it's the truth is it hasn't worked very well but forget about whether it's worked well the last 100 years in the last 50 years or the last 10 years I see no reason you know why it would why it would work well in the future I forget whether we're turning out about 3 or 4,000 tons of gold a year and you know we take it out of the ground in South Africa and we put it in the ground at Fort Knox or someplace you know in the New York fed and I mean and it doesn't do much along the way uh for anybody Buffett has often dismissed the idea of gold as a good store of value but gold enthusiasts reacted strongly to those comments arguing that the point of gold isn't what it can produce instead its value comes from the fact that it's a source of protection in times of crisis when we took over burshire gold was at $20 and burer was at 15 so uh gold gold is now at, 1600 and Berkshire is at 120,000 the one thing I would bet my life on essentially is over a a 50-year period not only will Berkshire do considerably better than gold but Common Stocks as a group will do better than gold and probably Farmland will do better than gold I mean if you own an ounce of gold now and you you know you caress it for the next 100 Years you'll have a you'll have an ounce of gold 100 years from now if if you if you own 100 acres of Farmland you'll also have 100 acres of Farmland 100 years from now and you'll have taken the crops for 100 years and sold them and presumably bought more Farmland with the process it it's very hard for an unproductive investment to beat productive Investments over any long period of time and uh uh I recognize that it's it's very interesting I can say bonds are no good and Bernan still Smiles at me you know and I I or I can say some stock is no good people but if you if you if you say anything negative about gold I mean it it it uh it arouses passions with people which is uh uh kind of fascinating because usually if you thought through something intellectually it shouldn't really make much difference what people say it should be the you know the question is whether your facts are right and your reasoning is right but uh but uh when you run into people that are really excited about going gold and I came from a family where my dad loved gold uh and he was he was tolerant he he he he could take a discussion of it I find many people have trouble with it Warren Buffett explained he always preferred businesses that produce something than gold which just sits there Buffett said it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that my dad was a huge gold Enthusiast so I I I sat around the dinner T my two sisters are here they will testify to it we sat around listening to the virtues of gold and that was in we'll say 1940 and gold at that time uh was $35 an ounce and we would had some storage and insurance cost and you know here it is 65 years later World Wars nuclear bombs all kinds of things and uh the compound rate from $35 to little over $400 less those expenses is not something that causes me to salivate Buffett said there are some industrial uses for gold such as goldplated electrical connectors in high-end Electronics outside of jewelry it has a lot in common with Bitcoin its value is only based on what buyers think it's worth and customer confidence is a Fickle Beast we're not enthused about gold people historically have felt that was the first Refuge from a currency that was going to be um decline in value but you know so is a barrel of oil so's an acre of land SS a piece of of um of Coca-Cola so SS Seas candy Sees Candy if the dollar goes down 50% we will be selling ciz candy for double at the present price we'll be we'll be getting the same real price for Seas candy people will work the same number of minutes or hours per week in order to buy a pound pound or a 2B box of the candy so we we we would much prefer a some asset that is going to be useful whether the currency is worth what it is today or or 10% of what it is today or whether people are using seashells in order to transact business because people will go on eating and they'll go on drinking and doing various things and and their preferences will translate in real dollars uh into more or less the same economics for us and we would not trade the ownership of those kind of assets for for a hunk of yellow metal which has very little real utility except for people who are looking to uh uh flee from the dollar and in an rview really haven't thought through the consequences of what fleeing would where they should flee Buffett and Munger has been consistent in their approach to gold for years and it seems unlikely that they'll change it anytime soon
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