What gold mines did buffett buy?

First of all, buying gold is different from buying a gold mining company. If you analyze the investment decision, it's clear that Berkshire bought shares in Barrick Gold. In addition, it mines more than gold. It is true that the price of gold and copper affects their profitability.

For those looking to invest in gold, a Gold IRA Rollover Kit can be a great way to get started. But that's true for any business tied to a commodity product. In the past, Warren Buffett invested in oil companies affected by the price of oil and in Deere & Co, DE, which is affected by the price of crops. But that's a far cry from investing directly in commodities. Buffett, the billionaire president of Berkshire, has previously been cautious about investing directly in gold.

Third, Berkshire's investment in Barrick Gold represents a small fraction of the company's market capitalization and even of its stock portfolio. And if they're more afraid, you make money; if they're less afraid, you lose money, but gold itself doesn't produce anything. Gold, and more specifically, gold stocks, received unexpected approval this week from the most unlikely sources. It consists of eight mines and associated infrastructure, and is capable of producing 3.5 million ounces of gold per year.

And this argument against gold frustrates many staunch supporters, especially when it comes from a position of ignorance. While he sometimes reveals if he was behind a trade, he hasn't revealed it with regard to the investment in Barrick Gold, at least that's what I've seen. For what it's worth at today's gold prices, you couldn't buy all the farmland in the United States. However, Barrick, under the direction of CEO Mark Bristow, who took over Barrick through the much more ingenious Randgold Resources operation, is a completely different beast and a better-managed company.

Referring to gold, “it's much better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and stuff like that. Barrick Gold became the second largest gold producer in the world last year after completing a merger with Randgold Resources. The purpose of gold is to store what it has, protect itself against inflation, the degradation of money, etc. Meanwhile, Barrick has said that it is making significant progress toward its goal of becoming the world's most valued gold company.

It's also worth noting that, although the buying and selling of Berkshire is attributed to Warren Buffett, he is now 90 years old and his partner Charlie Munger (who is even less fond of gold than Buffett) is 96. The move follows a correction in the price of gold and silver last week, triggered by the hope of getting vaccinated against COVID-19, a better-than-expected U.