Warren Buffett Buys Shares in Major Gold Mining Company

Warren Buffett

Well, well, so despite frequent corporate lefty talk from Warren Buffett, he hasn't forgotten the lessons his father, Howard Buffett, taught him about the importance of gold as a money that can't be devalued the way paper money can. (Howard, by the way, was an acquaintance of the economist Murray Rothbard).

With Federal Reserve money printing off the rails and growing at an annual rate of around 25%, Buffett has taken a position in a major gold mining stock.

According to a 13-F regulatory filing, Buffet's Berkshire Hathaway bought approximately 20.9 million shares of Barrick Gold (Symbol: GOLD), a position valued at $563.5 million at the end of the quarter.

Barrick’s shares rose 7.4% in after-hours trading late Friday in New York after the filing became public.

At the same time, Berkshire exited its stake in Goldman Sachs selling the remaining 1.9 million shares, the filing shows.

During the quarter, it also slashed its positions in financials, including Wells Fargo and JPMorgan Chase.

I will have more detailed discussion of Buffett's moves in Monday's EPJ Daily Alert.

-RW


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