Berkshire Makes a Bet on Gold Market That Buffett Once Mocked

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. added Barrick Gold Corp. to its portfolio in the second quarter, sending shares of the world’s second-largest miner of the metal surging.Berkshire took a new position in Barrick, buying 20.9 million shares, or 1.2% of the company’s outstanding stock, with a current market value of $565 million, according to a regulatory filing on Friday. The filing shows moves made by Buffett or his two investing deputies, Todd Combs or Ted Weschler.In the past, Buffett, the billionaire chairman of Berkshire, cautioned against investing in the metal because it’s not productive like a farm or …read more

Source:: Yahoo Finance