It\u2019s official, Warren Buffett has finally turned the page on gold. Where once the "Oracle of Omaha" chided it as the investment that \u201cproduces nothing,\u201d Berkshire Hathaway\u2019s (Berkshire Hathaway Stock Quote, Chart, News NYSE:BRK.B) new position in Canadian gold and copper miner Barrick Gold (Barrick Gold Stock Quote, Chart, News TSX:ABX) seems to signal a new direction for Buffett and, potentially, a more tepid view of the equities market going forward. So says Cathy Seifert, director at CFRA Research. \u201cIf you look back on some of the comments that Buffett has made regarding gold or gold shares it certainly is an interesting selection and I think that also speaks to the changing of the guard at Berkshire,\u201d said Seifert, who spoke on BNN Bloomberg on Tuesday. \u201cMy sense is that this purchase is a hedge against some of the higher beta stocks that he has an even more significant position in, specifically Apple and then some of the bank stocks. If you look at his equity portfolio it's sort of a barbell between technology and financial shares and the Barrett purchase represents an interesting hedge, in my opinion,\u201d Seifert said. Barrick bounced earlier this week on news that Berkshire had taken a $562-million position in the mining company, leaving investors wondering if now\u2019s the time to buy gold, even at it tops the $2,000 mark for the first time. But Seifert said with such a small position in gold relative to Berkshire\u2019s total portfolio, the move isn\u2019t all that eventful. More important is the faith that Buffett seems to be placing in his two investment deputies Todd Combs and Ted Weschler, who have transformed Berkshire\u2019s holdings via the company\u2019s large stake in Apple, which has served Berkshire well in recent years. \u201cThis is sort of a little bit of testing the water,\u201d says Seifert. \u201cIt\u2019ll be interesting to see if Buffett increases his stake in this holding or buys some similar names. He\u2019s done this before and then kept the position sort of at this weighting.\u201d \u201cI think the Apple purchase was certainly representative of a change , and it's worked out, so my sense is that at this point the two investment deputies probably have a longer leash than they may have had before. My sense is that Buffett is still well aware of what's going on here and implicitly or explicitly signed off on transaction partly because his the deputies have done a very good job, and I think they're taking a much more proactive stance as it relates certainly to the equity portfolio,\u201d Seifert added. As for Berkshire\u2019s own share price, Seifert said the stock seems fairly valued at its current levels, but while the company has some potential growth areas in its portfolio, it\u2019s also weighed down by holdings in some secular soft spots. \u201cI think their insurance business is poised to do reasonably well this year. The market for insurance pricing is hardening and that's a positive, but literally every other business has got some economic-related issues,\u201d Seifert said. \u201cThe other thing that investors should be looking for is some of their industrials, some of the energy, rail and transportation or the industrial group within Berkshire. If we start to see an increase in economic activity, that group should do reasonably well. Berkshire has a lot of consumer discretionary consumer staples related names and the outlook there is sort of mixed,\u201d Seifert said.