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Home Markets Commodities

Why Warren Buffett’s company is buying shares of a gold mining company

Olumide Adesina by Olumide Adesina
August 16, 2020
in Commodities
warren-buffett, Young Investors, Here’s why Warren Buffet's $4.6m lunch with Bitcoin entrepreneur is experiencing delay , What Warren Buffet will do if he traded Nigerian stocks
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Warren Buffett’s Berkshire Hathaway Inc has bought a new 20.9 million shares in Toronto-based Barrick Gold Corp, one of the world’s largest mining companies.

This was disclosed in a regulatory filing detailing its US-listed investments as of June 30, 2020, according to Reuters.

Meanwhile, it has minimized some of its investments in America’s top banks. This includes America’s most valuable bank, JPMorgan Chase and other leading financial brands like Wells Fargo & Co and eliminating a stake in Goldman Sachs Group Inc.

READ MORE: Gold rockets above $1850 as it continues 9-year high

Why Warren Buffett might be investing in Gold now?

Gold prices have gained 24% this year, and look likely to score more gains in the coming weeks.

The likely reason Warren Buffet might be buying shares of Barrick Gold Corp is related to the macro that quantitative easing isn’t helping enough to calm the global financial markets. This is coupled with exhausted fiscal policies that include tax breaks, tax holidays, and cash credits to low-income families, have done little in stabilizing the world’s fragile economy.

Also, global inflation levels are on the upside, and that seems to be good news for a deflationary asset like gold.

READ MORE: Twitter CEO, Dorsey may be replaced after four years

In addition, the resurgence of COVID-19 has heightened geopolitical uncertainty pushing precious metal higher, gold traders believe that the present record levels of gold might just be the norm, as more stimulus packages find its way to an already over-bloated financial system.

Investors usually monitor Berkshire’s quarterly filings to see what Warren Buffett and his portfolio managers are investing in.

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Tags: Barrick Gold CorpBerkshireCovid-19GoldGold tradersGoldman SachsJPMorgan ChaseWarren BuffetWells Fargo & Co

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