Warren Buffett, the world's most famous investor, is known for his conservative approach. Buy good stocks and hold them until you die – this is the principle that helped him earn billions. Until recently, Buffett wasn't very enthusiastic about gold, believing that it doesn't create any added value (unlike companies that issue stock).
Thus, everyone was amazed to learn that Buffett's investment company bought half a billion dollars' worth of Barrick Gold in Q2 2020. The news even provided a boost to the price of gold.
On Monday, August 17, the gold market was shaken by the news that Buffett's company, Berkshire Hathaway, invested $563.5m in the Canadian gold-mining firm Barrick Gold. Now, the billionaire owns almost 21 million Barrick shares, despite expressing his gold-related skepticism in the past.
According to some sources, Warren Buffett is now no.14 on the list of Barrick Gold's shareholders with 1.8% of the overall stock. In theory, Berkshire Hathaway could sell their shares at any moment, but once the news spread, the price of one share jumped by 11% to $30.13. At the beginning of 2020, it was only worth $17.80.
Half a billion dollars isn't such a large sum for Buffett's fund. He is also known to increase his positions in companies over months or even years. Thus, we might soon hear about Buffett buying more shares of Barrick Gold or other gold-mining companies.
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Gold is going to the Moon,and Silver is going to Mars...
September 13, 2020... 17.8 Hollywood Time...
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