After he Made Jokes About it: Warren Buffett Buys Barrick Gold’s Stocks

After he Made Jokes About it: Warren Buffett Buys Barrick Gold’s Stocks The Chief Executive Officer of Berkshire Hathaway, Warren Buffett, bought a stake in Barrick Gold in the second quarter, thereby surging Gold’s stocks 12%. As if 2020 couldn't get any stranger, this move comes a little bit surprising, espacilay after Buffett has been critical of gold, saying that it isn't as good of an investment as businesses, farms, and real estate. He also  wrote in Berkshire's 2011 annual shareholder letter that "if you own one ounce of gold for an eternity, you will still own one ounce at its end" and joked about a big pile of gold that "you can fondle the cube, but it will not respond." However, the precious metal has been in a rupture this year as the coronavirus pandemic has prompted investors rushing into the so-called safe-haven assets. According to Friday filling with the Securities and Exchange Commission, Berkshire Hathaway bought 21 million shares in the gold and copper mine worth nearly $ 564 million in the last quarter. Though the stake in Barrick Gold is small for Berkshire Hathaway — the entire portfolio is worth about $202 billion — Buffett's company is now the miner's 11th-largest shareholder. Beyond the investment in Barrick Gold, Buffett's Berkshire Hathaway trimmed its stakes in big banks such as Wells Fargo and JPMorgan and exited Goldman Sachs. Barrick Gold has surged 45% year-to-date through Friday's close.   You might also be interested in:

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