Barrick Gold Stake Bought by Warren Buffet Company

SEATTLE (Scrap Monster): Warren Buffet’s Berkshire Hathaway Inc. announced that it has bought stake in the gold mining giant, Barrick Gold Corp. The move has taken many investors by surprise, as the ace investor is generally known as a critique of gold, which has been made public on several occasions.

The latest regulatory filing with the Securities and Exchange Commission indicates that the company purchased nearly 20.9 million shares of the miner over the three-month period through June 2020. The company’s stake is currently estimated at around 564 million. The stake comes at a time when gold prices are on a roll, mainly driven by uncertainties around a possible second wave of Covid-19 pandemic.

RELATED NEWS:

Barrick Gold Confident of Meeting Gold Production Target for 2020

Barrick Gold Declares Final Deal with Skeena on Eskay Creek Mine Project

Meantime, it sold 62% of its stake in JP Morgan Chase & Co. and cut 26% of its holdings in Wells Fargo & Co. In addition, it also cut its positions in financial service firms such as PNC Financial Services Group Inc., M&T Bank Corp., Bank of New York Mellon Corp., Mastercard Inc. and Visa Inc. The filing also indicated that the top five investments of the company- Apple Inc., Bank of America Corp., Coca-Cola Co., American Express Inc. and Kraft Heinz Co.-remained unchanged.

Berkshire Hathaway was not immediately available to confirm the new investment. Meantime, Barrick Gold shares rallied on the news.