Warren Buffett may have scored as a jewelry salesman last week, but the famed investor continues to scorn a prime jewelry-making material as an investment.
“If gold went to $1,000 I wouldn’t be a buyer,” said the “Orcale of Omaha” at a press conference, according to reports. “If it went to $800, I wouldn’t be a buyer. It’s never interested me.”
“Gold’s not reproduced or anything since I wrote about it a year or two ago,” Buffett said. “It just sits there, and you hope somebody pays you more for it.”
He boasted that his holding company, Berkshire Hathaway, has proven a better investment.
“If you go back to 1965, Berkshire was at $15 and gold was at $35, so you could’ve bought two shares of Berkshire for an ounce of gold, a little more than two shares. And so far, two shares of Berkshire’s have been better.”
Buffett’s comments echo remarks he made in 2012, when he wrote the gold price was a “bubble” that would “inevitably pop.”