Barrick Gold Surges After Buffet Reveals Stake

Access To Financial Markets Made Easy • Aug 18, 2020 at 5:02 AM EDT

Shares in gold miner Barrick Gold surged more than 10% higher after legendary investor Warren Buffett revealed a stake in the company through his own investment vehicle, Berkshire Hathaway.

Shares in gold miner Barrick Gold (GOLD) surged more than 10% higher after legendary investor Warren Buffett revealed a stake in the company through his own investment vehicle, Berkshire Hathaway (BRK-A).

Barrick Gold surges after Buffet reveals stake

According to filings with the Securities and Exchange Commission (SEC), Berkshire Hathaway added a $526 million position in the second quarter of the year, making them the 11th largest shareholder in the gold mining company.

While the stake in Barrick Gold may not be as big as Berkshire's $89 billion position in Apple, it is a big bet on the price of gold continuing its surge higher. The precious metal surged to an all-time high just a few weeks ago as investors rushed into the safe-haven asset during the coronavirus pandemic.

Traditionally, Buffett has disliked gold and preferred assets that provide cash flow or pay dividends. As the position is small, it may have been done by one of his lieutenants, Ted Weschler or Todd Combs, rather than himself.

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