Barrick Gold CEO and President Mark Bristow on why gold and precious metals have rallied in recent weeks.
Barrick Gold Corp. shares grew to their highest level in more than seven years after Warren Buffett’s Berkshire Hathaway revealed a 20.9 million share in the three months through June.
The Berkshire stake, worth about $ 564 million, makes the Buffett-leading conglomerate Barrick Gold’s 11th largest shareholder come as a bit of a surprise to many, as the legendary investor has in the past expressed contempt for it. precious metal.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| GOLD | BARRICK GOLD CORP. | 30.13 | +3.14 | + 11.63% |
“[Not] only Berkshire will do significantly better than gold, but ordinary shares as a group will do better than gold, and probably agricultural land will do better than gold, “Buffett said at a 2012 Berkshire shareholders’ meeting.” I mean, if you have an unre gold now “And you know, if you strike it in the next hundred years, you will have an ounce of gold a hundred years.”
Buffett’s right-hand man, Charlie Munger, has had a similar accident for gold, noting that “civilized people do not buy gold, they invest in productive businesses.”
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A Buffett assistant did not immediately respond to a request for comment from FOX Business.
While both Buffett and Munger have previously smeared gold, it is possible that the Barrick investment decision was made by either Todd Combs or Ted Weschler, Berkshire investment managers who are potential successors to the conglomerate.
Berkshire’s interest comes as gold prices rose 18% in the first half of the year, prompted by both the Federal Reserve and Congress who took unusual action to support the US economy amid its sharpest slowdown. period after World War II.
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Barrick shares were up 62% this year through Monday, closing at their highest level since February 28, 2013.
