A brash new trustee at Grinnell[College], Steve Jobs...tried to talk the investment committee into selling all stocks and buying gold...the investment committee demurred, and Grinnell did not buy gold.It appears Jobs' recommendation occurred in mid-1979. At the time, gold was trading between $247 and $340. And, of course, n early-1980, spot gold traded as high as $830 per ounce.
It would have been one hell of a trade if Grinnell bought the gold and then sold into the strength the gold price displayed in early-1980.
Buffett and Jobs were both on the Board of Grinnell.