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Warren Buffett‘s annual must-read shareholder letter is supposed to come out today, according to reports.

But the great thing about Buffett is that all of his writing stands the test of time.

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tap here to see other videos from our team. Try refreshing your browser, or If you had listened to Warren Buffett on gold a year ago you would have made a lot of money Back to video

Last year in his letter he made a great call on gold, explaining famously that for $9.6 trillion, you could buy all the gold in the world, and it would fit into a nice cube inside of a baseball field diamond.

Or for that money, you could buy all US cropland (400 million acres) + 16 Exxon Mobils, and still have another $1 trillion in pocket money left over.

As he put it, it’s a no brainer. Buy the industrials and the cropland, and forget about the big block of gold.

Anyway, it was a great call.

We know that farmland had a blistering year, and here’s a 1-year chart showing how the S&P has crushed gold over the last 12 months.

FRED

Here’s Buffett’s full segment on gold.

What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As “bandwagon” investors join any party, they create their own truth – for a while.