Kitco News – Warren Buffett buys gold
Buffett can move stocks. Barrick traded down 0.59% to $26.99 today. However Barrick shot up after hours when the news broke, and the stock hit $29.
The only other resources stock listed within the Berkshire Hathway 13F was Suncor Energy. Buffett increased his holdings of Suncor, adding 28.45% or 4.25 million shares.
Buffett shed airline stocks, such as United Airlines and American Airlines. He also reduced holdings in financial institutions such as JPMorgan and Wells Farso.
Through the years Buffett hung gold with some of its most memorable and negative epithets. In 1998 he shared his thoughts on gold during a Harvard speech.
“(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
During a 2009 CNBC interview, Buffett said the following:
“I have no views as to where it will be, but the one thing I can tell you is it won’t do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money, and there will be a lot — and it’s a lot — it’s a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.”
The gold bulls acknowledged Buffett’s move on Twitter.
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