From Business Insider:
It's no secret that Warren Buffett doesn't like gold as an investment.
The legendary investor used an example in his 2018 letter to drive home his point about the importance of not panicking and investing in stocks over gold for the long run.
Buffett highlighted the 40,000% surge in the US's national debt over the last 77 years, and said if you "panicked at the prospects of runaway deficits and a worthless currency" and bought 3.25 ounces of gold with your $114.75 (the amount Buffett invested when he purchased his first shares of stock in 1942) it would be worth about $4,200, or "less than 1% of what would have been realized from a simple unmanaged investment in American business."
He added: "The magical metal was no match for the American mettle."