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(Kitco News) After making a lot of noise this summer with the acquisition of Barrick Gold (NYSE: GOLD), Berkshire Hathaway, from Warren Buffett, has given up the stock altogether, according to the latest 13F records.
The move to sell Barrick Gold was made in the fourth quarter, after buying just under 21 million shares in the second quarter of 2020. Berkshire Hathaway sold part of its Barrick position in the third quarter.
Berkshire’s initial acquisition of Barrick was a surprise to many, as Buffett is known for his negative view of gold.
In a 1998 Harvard speech, Buffett said gold was “useless.”
“(Gold) is dug from the ground in Africa or somewhere else. Then we melt it, dig another hole, bury it again and pay people to stand. It’s useless. Anyone watching from Mars would scratch. their head, “he said.
Buffett’s summer acquisition coincided with gold reaching new records of more than $ 2,065 an ounce and figures such as Max Keizer, the host of the Keizer Report, proclaiming the move to buy Barrick as a “big change.”
Buffett dumping banks; Buying Barrick gold is a big change
The importance cannot be overstated
He sees that global central banks have completely lost control; print trillions and kill fiat money
The entire $ 100 billion global business has just begun to be put on its head https://t.co/YbFlo1luRT
– Max Keizer (@maxkeiser) August 14, 2020
And Q4’s decision to sell Barrick is in line with other companies lowering their gold positions, as the precious metal is trapped in a downward trend, trading below $ 1,800 an ounce.
So Buffett scored the tip in Barrick when he was bought. Now he’s a soldier, maybe mark the bottom.
– Mike Barnes aka Cashcosts (@real_MikeBarnes) February 18, 2021
In the second quarter of 2020 Buffett (or $ BRK.B / $ BRK.A) bought a very low 0.15% position in Barrick Gold ($ GOLD) between $ 18.50 and $ 28.25.
He sold ~ 43% of the position in the last quarter between ~ $ 26 and ~ $ 30.50, and the rest this quarter at prices between ~ $ 22 and ~ $ 29.
Why?
– Tobias Carlisle (@Greenbackd) February 17, 2021
Another 13F deposit from BlackRock revealed that the world’s largest asset manager sold SPDR Gold (GLD) shares worth more than $ 470 million and bought iShares Silver Trust (SLV) worth $ 29 million.
Barrick Gold was not the only stock that Berkshire Hathaway sold in its entirety. The company also left its positions in Pfizer, JPMorgan Chase, M&T Bank and PNC Financial. In addition, it has reduced its Wells Fargo & Co. package. by 59%.
The company also reduced its stake in Apple Inc. by 6% and bought shares in Verizon Communications Inc., the insurance broker Marsh & McLennan Cos. And Chevron Corp.
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