It appears that Barrick Gold (TSX: ABX) (NYSE: GOLD) has a lot of reason to celebrate, as the gold exploration company has caught the attention of Warren Buffet. According to a regulatory filing, Buffet’s Berkshire Hathaway has purchased a total of 20.9 million shares in Barrick in the second quarter of 2020, which amounts to an approximate value of $563.5 million. This caused the company’s stock to rise to $35.79 per share at the time of writing.
In the meantime, Berkshire Hathaway sold its remaining stake in Goldman Sachs, which consisted of 1.9 million shares. However, that was not all that Warren decided to shy away from in the current volatile market; his company also diminished positions in JPMorgan Chase and Wells Fargo, reducing Berkshire’s stake by 61% and 26%, respectively.
The successful investor also increased Berkshire Hathaway’s stake in Kroger by purchasing 3 million more shares in the second quarter. The company already owns over 21.9 million shares in the grocery chain giant, which will now amount to an estimated value of $742.6 million.
Sponsored · Altamira Gold Corp.
Information for this briefing was found via Berkshire Hathaway. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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