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(Kitco News) After making a lot of noise last summer with the purchase of Barrick Gold (NYSE: GOLD), Warren Buffett’s Berkshire Hathaway threw the stock in its entirety, according to the latest 13F filing.
The decision to sell Barrick Gold was made in the fourth quarter after purchasing just under 21 million shares in the second quarter of 2020. Berkshire Hathaway sold part of its position in Barrick in the third quarter.
Berkshire’s initial purchase of Barrick came as a surprise to many, as Buffett is known for his negative opinion on gold.
In a 1998 Harvard speech, Buffett said gold “is of no use.”
“(Gold) is dug in the ground in Africa, or somewhere. Then we melt it down, dig another hole, bury it again, and pay people to stand up to keep it. has no use. Anyone looking from Mars would be scratching their head, ”he said.
Buffett’s summer buy coincided with gold hitting new records of over $ 2,065 an ounce and numbers like Keizer Report host Max Keizer proclaiming the decision to buy Barrick as a “change. radical”.
Buffett dumping banks; buying Barrick Gold is a radical change
The importance cannot be overstated
He sees that the world’s central banks have completely lost control; They print billions and kill fiat money
The entire global $ 100 trillion fund just turned around https://t.co/YbFlo1luRT
– Max Keizer (@maxkeiser) Aug 14, 2020
And the fourth quarter decision to sell Barrick is in line with that of other companies reducing their gold positions as the precious metal is stuck in a downtrend, trading below $ 1,800 an ounce.
Buffett therefore marked the top of Barrick when it was purchased. Now he’s exhausted, maybe he’s scoring low.
– Mike Barnes aka Cashcosts (@real_MikeBarnes) February 18, 2021
In Q2 2020 Buffett (or $ BRK.B / $ BRK.A) purchased a very small 0.15% position in Barrick Gold ($ GOLD) between $ 18.50 and $ 28.25.
He sold ~ 43% of the position last quarter between ~ $ 26 and ~ $ 30.50 and the remainder this quarter at prices between ~ $ 22 and ~ $ 29.
Why?
– Tobias Carlisle (@Greenbackd) February 17, 2021
Another 13F filing from BlackRock revealed that the world’s largest asset manager sold over $ 470 million in SPDR Gold (GLD) shares and bought iShares Silver Trust (SLV) for $ 29 million .
Barrick Gold was not the only stock of Berkshire Hathaway sold in its entirety. The company also completely liquidated its positions in Pfizer, JPMorgan Chase, M&T Bank and PNC Financial. In addition, it reduced its stake in Wells Fargo & Co. by 59%.
The company also reduced its stake in Apple Inc by 6% and bought shares of Verizon Communications Inc., insurance broker Marsh & McLennan Cos. And Chevron Corp.
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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