Warren Buffett Said Gold Is 'Just About the Last Thing' He'd Want to Own — He'd 'Much Prefer' Acres of Land, an Apartment or Candy Over the Precious Metal

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Warren Buffett was erstwhile asked whether golden inactive had a spot successful modern investing. His response? It's "just astir the past happening I would privation to own."

The question came up during the 2005 Berkshire Hathaway yearly meeting. An attendee wanted to cognize whether Buffett, arsenic 1 of the world's astir influential investors, should admit gold's humanities relation arsenic a fiscal foundation—especially successful an epoch of inflation, plus bubbles, and rising instability. Buffett didn't contradict the risks, but helium didn't budge connected the metal.

"I would overmuch similar owning 100 acres of onshore adjacent present successful Nebraska, oregon an flat house, oregon an scale fund," helium said.

For Buffett, it each comes down to utility. Gold, successful his words, doesn't nutrient anything. "If you owned gold, you paid $20 successful 1900 oregon thereabouts," helium said. "Then we'll accidental you had $400 a 100 years later. And successful the meantime, you paid security and possibly immoderate retention cost."

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Over that aforesaid stretch, the Dow Jones Industrial Average roseate from astir 60 to implicit 11,000—delivering regular dividends on the way. "A workplace has utility. An flat location has utility. A concern volition nutrient earnings," Buffett said.

Then helium added a examination that's go 1 of his astir memorable. "I'd alternatively person the quality to merchantability radical a lb of candy 20 years from now," helium said. "And if they're dealing successful seashells, I'll get an due fig of seashells alternatively of insubstantial wealth for it."

Buffett isn't against hard assets. He conscionable prefers ones that produce.

He inactive lives successful the Omaha location helium bought successful 1958 for $31,500. Today, that spot is estimated to beryllium worthy astir $1.4 million, according to Zillow. While helium hasn't flipped it for profit, the location stands arsenic a quiescent illustration of semipermanent appreciation.

He's besides praised residential existent property much broadly. In a 2012 CNBC interview, helium said that if helium could bargain a "couple 100 1000 single-family homes" with 30-year mortgages, helium would. He called them "a precise charismatic plus class" and described fixed-rate loans arsenic "the champion instrumentality successful the world."