Buffett's Berkshire Hathaway added a $562 million position in Barrick Gold in the second quarter, SEC filings showed on Friday.
's stock is popping more than 7% in premarket trading Monday after legendary investor Warren Buffett's Berkshire Hathaway revealed a stake in the gold miner's stock.SEC filings showed
on Friday. While the position is small for Berkshire — which owns more than $89 billion in Apple stock — the conglomerate is the 11th largest shareholder of the gold mining company, according to FacSet. This was an unusual move considering long-time value investor Buffett has long professed a dislike for gold, preferring assets that have cash flows or pay dividends.Shares of miner have surged more than 45% this year as investors rush into the safe haven metal trade during the coronavirus pandemic. Gold prices have had a banner year, topping the $2,000 level for the first time ever earlier this month on worries about the impact of Covid-19 on the economy and lower bond yields.
Barrick Gold has gold and copper mining operations in 13 countries around the world. The company's shares trade on the New York Stock Exchange under ticker GOLD. To be sure, because Berkshire Hathaway's position in Barrick Gold is relatively small, one of Buffett's investing lieutenants, Ted Weschler or Todd Combs, could be responsible for the purchase.for exclusive insights and analysis, and live business day programming from around the world.
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