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.
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