If Buffet thinks gold is so bad why did he just buy $20 million in Barrick stock?... for the dividend? - lol Buffet was suffering some serious FOMO... that's why. He knows where gold is going... to the moon.
Funny thing is that Warren's daddy (Howard Buffet) was a huge devotee of gold.
Just to play devil's advocate for a second here, Buffett could be taking part in a rich man's version of a pump and dump.
Whereby rumors would suffice to inflate a price in the speculative market (albeit illegal), when you're as rich as Buffett you don't need to create false rumors to inflate prices. Buffett can literally just engineer it himself by buying the stocks out, creating price increases and artificial demand by having lemmings wanting to follow the leader and then unload when the profit margins are in by way of substantial price increases and ROI that he can cash out in under a year BUT still fare well after harsh taxes given the kind of volume he moves. There's a bunch of doom and gloomers waiting to trail behind any of Buffett's moves, as they feel he is on the inside AND Buffett knows damn well that he commands such a following.
Not a trader, but take a lonely accountant's thought on this as possibility. Still, no argument that a
small position in gold might not hurt to diversify and I mean small.
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