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Warren Buffett has made a shock investment buying a stake in Barrick Gold Corp after previously calling gold a "non-productive asset."

Crypto Business World
published on Fri, 21 Aug 2020
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Warren Buffett has made a shock investment buying a stake in Barrick Gold Corp after previously calling gold a "non-productive asset."

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Buffett’s inclination towards “non productive assets”

 

The soon-to-turn 90-year old chairman and CEO of Berkshire Hathaway; Warren Buffett, has made a shocking investment on buying a stake in Barrick Gold Corp. The unpredictable hike in the Gold this year by 30% have made Buffett rethink over his claims of underlining gold as a “non-productive asset” which also raised curiosity among the investors and crypto lover, if he could ever recall his statement over Bitcoin when he once called cryptocurrency as “rat poison squared” and will never invest in Bitcoin.

 

As the pandemic has hit us all hard and its impact has enveloped globally, the declination in trade and commerce have bent knees of many firms, organization and investors to rethink over the concept of business. This Prominent business tycoon Warren Buffett made more selling than buying in the first quarter this year. Apart from selling his airline stocks which included Southwest Airline company, Delta Air Lines Inc, American Airlines Group Inc and United Airlines Holdings. He also dumped his bank stocks. The Berkshire Hathaway investor completely dumped all Buffett’s holding in Goldman Sachs and declined his holdings in Wells Fargo by 26% and JPMorgan Chase by 60%. However, it is not the selling that was highlighted rather Berkshire added to its earlier stake in Store Capital Corporation (real estate investment trust company) and its holdings in Liberty media corporation (US mass media company) and in grocery chain Kroger company.  

 

With the accelerating pandemic, Buffett’s Berkshire had just acquired 20.9 million shares of Barrick Gold Corporation, valued $563.5million. Hours after Buffett gold stock the value peaked from $26.99 to $29 on Friday 14th August.

The sudden change in the interest of Buffett, in gold, have seamlessly increased the curiosity if there is a silver lining for Bitcoin to pave ways into Buffett’s bucket-list of assets.

 

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