"Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." - Warren Buffett
Here is the Gold's performance compared to Berkshire Hathway's performance over the last 10 years. Data and Chart courtesy Bloomberg.
Gold has outperformed Berkshire by a whopping 277% over the decade, 135% over the last 5 years and 10% over the last year. So clearly value is not a function of utility. Blame it on the world of competitive devaluation of currencies!!