1999: What does Buffett think about oil and silver?

AUDIENCE MEMBER: Hi, my name is Michael from New York. First, I’d like to address Mr. Munger. Mr. Munger, it’s so — it’s such a pleasure to be here with you, as well as Mr. Buffett. And if you could just say hi —

CHARLIE MUNGER: You got those in the right order.

AUDIENCE MEMBER: — to my — (laughter) — wife for a second, her name is Jane.
Next, I understand your secrecy on unconventional investments. But Mr. Buffett and Mr. Munger, could you please tell me your insight on market conditions for oil and silver? (Laughter)

WARREN BUFFETT: He asked you, Charlie. (Laughter)

CHARLIE MUNGER: But we’ve already said that we’re not going to comment about commodity investments. I will cheat a little on that. Eventually, the price of oil has to go way up. (Laughter) That does not mean you can make any money from buying it now, counting the interest factor.

WARREN BUFFETT: (Laughs) Zone 6. (Laughter)
Fortunately, I don’t know whether — I listened carefully when he phrased his question. He said “insights” and — (laughs) — I don’t have any insights, so —