Buffett, 81, built Omaha, Nebraska-based Berkshire from a failing textile maker into a firm selling insurance, energy, and jewelry through acquisitions and stock picks. The company has a market value of $194 billion, according to data compiled by Bloomberg.

'Greatest Investor'

In his note, Goolgasian, called Buffett "the greatest investor of our time." Still, that didn't stop him from questioning Buffett's take on gold.

"It strikes us that Buffett believes that only asset classes and investments that fit his specific investment beliefs can be sensible investments," Goolgasian wrote. "We, however, are agnostic about how to beat the market. We just want to do it."

Buffett didn't immediately return an e-mail sent to his assistant, Carrie Kizer, requesting a comment on State Street's filing.

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