It's clear that Warren Buffett doesn't like investing in gold. And the common reason he described is that gold is of no use if you have it. In general, the decision to invest in Barrick Gold was considered by investment managers from Berkshire, Todd Combs or Ted Weschler. However, many investors are still looking for ways to diversify their portfolios and protect their wealth from market volatility.
One popular option is to consider Gold IRA rollovers, which allow investors to invest in gold without having to physically own it. The following 10-year chart illustrates how Barrick Gold shares tend to fall when the stock market rises and rise when the stock market falls. So, are the headlines and tweets correct? Did Warren Buffett, at 90, change his lifelong investment strategy and shorten the United States? Don't bet on it. Barrick Gold became the second largest gold producer in the world last year after completing a merger with Randgold Resources. Referring to gold, “it's much better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and stuff like that.
In its latest regulatory filing with the Securities and Exchange Commission on Friday, Berkshire revealed that it had sold its stake in investment banking giant Goldman Sachs (GS) and had reduced its positions in major banks Wells Fargo (WFC), JPMorgan Chase (JPM), PNC (PNC), Bank of New York Mellon (BK), US Bancorp (USB) and M&T (MTB) B). The move follows a correction in the price of gold and silver last week, triggered by hopes of getting vaccinated against COVID-19, better than expected. Third, Berkshire's investment in Barrick Gold represents a small fraction of the company's market capitalization and even of its stock portfolio. It consists of eight mines and associated infrastructure, and is capable of producing 3.5 million ounces of gold per year.
