I have just completed an analysis of the performance of the spot price of gold vs. Berkshire Hathaway. I think you will find the results are a little suprising.
Interestingly, Buffet himself emphasised the non-productive aspects of gold in a speech at Harvard in 1998:
"It 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."
Perhaps its utility is in balancing a porfolio Warren? Download the gold-vs-warren-buffett PDF.