Warren Buffett bought stake in gold mining company

Warren Buffett is known for his criticism of gold and silver. But in 1997 he purchased $130 million of troy ounce of silver. In 2020 Buffett purchased 10% stake in Barrick Gold mining company (NYSE:GOLD). He purchased 21 million shares that worth $563 million. After news was published price per Barrick share hit $29. Gold price traded in all time high and expected to hit new heights.

Just in two years gold price grown from $1200 to $2000 per troy ounce (31.1 gram). Due to coronavirus pandemic investors search for safe haven and gold price is a perfect proof of it. Stock price of gold mining companies grown on average 40% in 2020.

Barrick Gold stock doubled in last 5 months. Barrick has gold and copper mining operations & projects in 13 countries in North America, South America, Africa, Papua New Guinea and Saudi Arabia. 

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