While gold has been reaching new high after new high, Warren Buffett isn’t intrigued by the precious metal.

“Gold really doesn’t have utility,” Buffett said at Berkshire Hathaway’s annual meeting, according to London’s Telegraph. “If you take all of the gold in the world and put it into a cube, it would be about 67 feet on a side and you could get a ladder and get up on top of it. You can fondle it, you can polish it, you can stare at it. But it isn’t going to do anything.”

Instead, Buffett focuses on businesses. “I’d bet on a good producing business to outperform something that doesn’t do anything,” he said.

In a separate article, the Telegraph examines four of Berkshire’s biggest holdings, as well as a recent acquisition that was the largest in the company’s history. The theme of these holdings and purchases: Buffett has built — and is continuing to build — his fortune by focusing on U.S. firms, particularly on those with powerful brands.