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Berkshire makes a bet on gold though Buffett famously mocked it
By Justina Vasquez
Bloomberg News
Friday, August 14, 2020
Warren Buffett's Berkshire Hathaway Inc. added Barrick Gold Corp. to its portfolio in the second quarter, sending shares of the world's second-largest miner of the metal surging.
Berkshire took a new position in Barrick, buying 20.9 million shares, or 1.2% of the company's outstanding stock, with a current market value of $565 million, according to a regulatory filing today. The filing shows moves made by Buffett or his two investing deputies, Todd Combs or Ted Weschler.
... Dispatch continues below ...
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In the past, Buffett, the billionaire chairman of Berkshire, cautioned against investing in the metal because it's not productive like a farm or a company. Now gold miners are benefiting from surging bullion prices that are boosting profit margins as costs of production have steadied, making them increasingly attractive investments.
Large miners including Barrick and Newmont Corp. have been hoping to woo back generalists who fled the sector years ago. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-08-14/buffett-s-gold-averse...
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