0.9 C
Sunday, February 25, 2024

Warren Buffett sells stake in Goldman Sachs and bets on gold

Must Read

Berkshire Hathaway, the investment vehicle of American super investor Warren Buffett, has sold all of its shares in financial fund Goldman Sachs. Stakes in banks such as Wells Fargo and JPMorgan have also been significantly reduced, according to documents about the second quarter published on Friday after the close of the market.

Warren Buffett often shakes up his equity portfolio. Earlier this year, investors sold all of his shares in four major airlines. The stake in JPMorgan has now been reduced by 62 percent. His share in Wells Fargo was reduced by more than a quarter. It was recently known that Buffett was gradually reducing his stake in Goldman Sachs.

The sale of the bank shares was offset by the purchase of shares in gold producer Barrick Gold. At the end of the second quarter, Buffett had a $ 564 million stake in the company. The investment in gold is somewhat remarkable, because Buffett said a few years ago that better investments are available.

Berkshire also sold all of its shares in oil producer Occidental Petroleum.

On the other hand, Buffet has invested billions in the gold mining company Barrick Gold in the past period. This Canadian company is one of the largest gold producers in the world.

Investing in gold is known as a stable investment. In times of crisis, many speculators decide to invest in the precious metal because of its stable value.

An employee arranges one kilogram gold bars for a photograph at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Wednesday, Jan. 13, 2016. Thailand’s biggest buyer of gold will boost purchases by about 25 percent to 160 tons this year, said chief executive officer Pawan Nawawattanasub. Photographer: Dario Pignatelli/Bloomberg


Please enter your comment!
Please enter your name here

Latest News

Mastering RR Webmail Setup on Apple and Android Devices

In the dynamic world of digital communication, setting up your RR (Roadrunner) webmail on Apple and Android devices is...

More Articles Like This