Buffet’s statement is correct that gold will never produce an income stream or anything. It just sits there, lifeless, as he puts it. (See footnote #1.) He claims that assets which never produce anything are bought in the buyer’s hope that someone else will pay more for that asset in the future, and gold is such an asset. Those claims are all reasonable.
#1. Actually gold can produce an income stream when leased out. Gold is often leased out to be short sold into the market, to suppress the gold price to support and stabilise fiat currencies such as the US dollar. But no investor would knowingly lease out their asset to drive down the price, even though your fund manager and your broker probably do so with your stock investments. So leasing does not refute the essence of Buffet’s claim, which I endorse.
 My presentation to Thomson Reuters: “Gold price fundamentals from a currency perspective”, found at http://options21.com/2011/04/gold-price-fundamentals/.