Barrick Gold’s stock soars more than 10% after Buffett’s Berkshire reveals stake – by Maggie Fitzgerald (CNBC.com – August 17, 2020)

https://www.cnbc.com/

Barrick Gold’s stock popped 10.5% on Monday after legendary investor Warren Buffett’s Berkshire Hathaway revealed a stake in the gold miner’s stock.

Berkshire added a $562 million position in Barrick Gold in the second quarter, according to SEC filings Friday.

While the position is small for Berkshire — which owns more than $89 billion in Apple stock — the conglomerate is the 11th largest shareholder of the gold mining company, according to FactSet.

This was an unusual move considering Buffett, a long-time value investor, has long professed a dislike for gold, preferring assets that have cash flows or pay dividends.

For the rest of this article: https://www.cnbc.com/2020/08/17/barrick-golds-stock-soars-after-buffetts-berkshire-reveals-stake.html

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