Ben Stein interviews Warren Buffett in Fortune: Warren Buffett: Forget gold, buy stocks
My first question, as I sit there on the couch in his office, is: “What about gold? Is this a classic bubble or what?”
“Look,” he says, with his usual confident laugh. “You could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what that’s worth at current gold prices, you could buy all — not some — all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?”
Okay, so gold is not a screaming buy to Buffett. What should a typical upper-middle-class person in the U.S. buy to prepare for retirement?
“Equities,” Buffett answers without a moment’s hesitation.