Loading ...Berkshire buys shares in Barrick
Warren Bufett’s Bershire Hathaway just bought almost 21 million shares of Barrick Gold Corp. Barrick stock is up 7.7% after hours. Things are beginning to get real in the gold space. Buffet also dumped all his Goldman Sachs stock.
You mean the Warren Buffett that said –
“I have no views as to where it (gold) 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 will be making money, and I think Wells Fargo 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.”
or
“You could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what it’s worth at current gold prices, you could buy — not some — all of the farmland in the United States. Plus, you could buy 10 ExxonMobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?”
I guess gold companies are different.
BAMM, That should change the outlook of the index Barrick is in.
History will show that Buffet was early to the party. However we at the tent set up the lights, music and keg!
🙂
Always mystified the rational behind why the political left (now that it IS the establishment) would be interested in PM’s – next up, P. Krugman recommends gold. This coming week is going to be an opportunity for those who bought at the 8/12 close are looking to sell to the buffett crowd. I’m not back into large miners until new spot highs are breached with momentum. The timing of this announcement doesn’t help. Nice reminder KenS, thanks.
Just a follow up on my ‘political left’ comment.
“Sound Money caucus”
What would you know, not a dem among them. – and only 6 rep’s – pretty weak.
https://www.zerohedge.com/political/new-sound-money-caucus-launched-capitol-hill