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Warren Buffett trims Wells Fargo and buys Barrick
Goldenage
Posts: 3,278 ✭✭✭✭✭
Buffett usually talks down gold, but Berkshire just took a nice position in GOLD or Barrick Gold Corp.
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Goldenage
Posts: 3,278 ✭✭✭✭✭
Goldenage
Posts: 3,278 ✭✭✭✭✭
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Yup. This should bring more buyers to gold and silver mining stocks on Monday!👍🇺🇸😁😷
He's a big time player!
Gold is money....always has been.... Should be an interesting few weeks ahead. Cheers, RickO
He's not buying gold, simply a company that pulls gold out of the ground. I'll get excited once he takes a stake in the physical shiny.
The whole worlds off its rocker, buy Gold™.
I suspect there are other motives in play rather than a change of heart and him thinking precious metals are a good investment. I remember his silver investment years ago... he bought at a decent price if I recall correctly, but then sold it all shortly afterwards (may have been for a loss); it may have been a 'politically' motivated move (my opinion only... no data to back it up). So I'm a little skeptical.
But... it may have an effect on the physical market due to perception.
gold stocks should be a better bet then some of the other stocks. jmo
He is one of the nicest people. Short story :
So my mailman who delivered to me for over a decade, used to work in the same bldg Mr Buffett works in.
One day, in the break room , Randy was having a cup of coffee when the Oracle came in to get a drink. ( probably a coke). He didn't have change so Randy bought his drink.
The next day, Mr Buffett's secretary brought him a dollar. It didn't stop there. Randy teased her about "interest". She took the bill back and returned it with a signed note. "Randy, thanks for the loan. WArren Buffett"
I tried to get it from him, to no avail. That'd be a cool dollar to have.
In another time , my sister did a singing telegram for him. When she was finished, he asked her; "is there any money in this business ?" Am sure she blew it when she responded: " I hope so. The person who hired me said to get the check from you ".
He can't bring himself to it or at least do it where it is visible. He'll use proxies for physical but will never own the physical in my opinion.
Why sell wells Fargo? I have three twenty-six accounts there and am very happy.
He who knows he has enough is rich.
I had 2 (down to one since closing out the mortgage). Never had a single issue with them. Great bank.
The whole worlds off its rocker, buy Gold™.
Some forum members got into Barrick over a year ago at half the price.
Knowledge is the enemy of fear
The important take away from this news is his abandonment of US financials:
Berkshire's JPMorgan Stake Down 62% to 22.2M Shrs
Berkshire's Wells Fargo Stake Down 26% to 238M Shrs
Berkshire trimmed its bet on PNC Financial and M&T Bank as well as Bank of New York Mellon Corp., Mastercard, and Visa.
Berkshire Exits Goldman stake entirely
Give Me Liberty or Give Me Debt
He thinks its gonna be cheaper to go get it himself than pay people to buy it.
increases stake in BofA
one of them needs to survive so that you can cash the checks from the others. lol
Give Me Liberty or Give Me Debt
Today’s rise in gold attributed to Berkshire ? Not that it needed help.
Buffet bought one half billion in in a gold miner.
Buffet sold $13 billion in stocks, mostly financials
Buffet just said, "get out," and showed those headed for the doors what to do with a portion of the proceeds. Not a strong enough position to say he is endorsing gold, but it is obvious he feels the need for some dollar insurance.
Give Me Liberty or Give Me Debt