Home Gold News Warren Buffett buys gold | Kitco News

Warren Buffett buys gold | Kitco News

18
0




Long-time precious metal bugaboo, Warren Buffett, loaded up on Barrick Gold (NYSE:GOLD), according to a Berkshire Hathway 13F released today.
Buffett bought just under 21 million shares. Current stake is worth $563 million.
Buffett can move stocks. Barrick traded down 0.59% to $26.99 today. However Barrick shot up after hours when the news broke and hit $29.
The only other resources stock listed within the Berkshire Hathway 13F was Suncor Energy. In fact, Buffett increased his holdings adding 28.45% or 4.25 million shares.
Buffett shed airline stocks, such as United Airlines and American Airlines. He also reduced holdings in financial institutions such as JPMorgan and Wells Farso.
Through the years Buffett hung gold with some of its most memorable and negative epithets. In 1998 he shared his thoughts on gold during a Harvard speech.
“(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
During a 2009 CNBC interview, Buffett said the following:
“I have no views as to where it will be, but the one thing I can tell you is it won’t do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money, and there will be a lot — and it’s a lot — it’s a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.”
The gold crowd welcomed Buffett on Twitter.


Buffett dumping banks; buying Barrick Gold is a sea-change The importance cannot be overstated He sees global central banks have completely lost control; they’re printing trillions and Killing fiat money The entire $100 trillion global funds biz just got turned on its head https://t.co/YbFlo1luRT— Max Keiser (@maxkeiser) August 14, 2020

Buffett 2018 annual letter: “The magical metal [gold] was no match for the American mettle”Buffett Q2 2020: buys gold.— zerohedge (@zerohedge) August 14, 2020

Huge development… Warren Buffett has always been critical of gold, but he’s not stupid, he sees where profits will come from going forward. Institutional investors will follow, ergo higher gold and mining stock prices https://t.co/kGF6E2ZdBC— Jeff Clark (@TheGoldAdvisor) August 14, 2020


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here