Did Buffett really change his mind on gold?

Guest: Jordan Eliseo, Perth Mint.

Headlines in recent weeks have touted an about-turn by Warren Buffett as he finally bought gold after years of criticising. But is that really what happened?

In this week’s episode of The Rules of Investing podcast, I spoke to gold expert Jordan Eliseo, Manager of Listed Products and Investment Research at the Perth Mint. He points out that it was a gold mining company (Barrick Gold), not physical gold itself that Berkshire Hathaway purchased.

“They’ve bought a gold mining equity, which, to me, is entirely consistent with their mandate. It’s not surprising to me that they’d buy a gold mining company.”

We also discuss gold's strong performance this year and whether it can continue, and he shares some indicators that should tell us when the bull market in gold is getting long in the tooth.