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Buffett adds Barrick Gold after nixing JP Morgan and Wells Fargo

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Warren Buffett’s Berkshire Hathaway sold stakes in Wells Fargo & Co (N:WFC) and JPMorgan Chase & Co (N:JPM) and exiting a good investment in Goldman Sachs Group Inc (N:GS) friday.

In a regulatory filing detailing its U.S.-listed investments as of June 30, Berkshire additionally disclosed a new 20.9 million share investment worth $563.6 million in Toronto-based Barrick Gold Corp (TO:ABX), one of the world’s mining companies that are largest.

Investors monitor Omaha, Nebraska-based Berkshire’s quarterly filings to see where Buffett and his portfolio supervisors Todd Combs and Ted Weschler see value.

Shares of Barrick have benefited from rising silver prices, which set an archive week that is last and rose 3.2percent in after-hours trading following Berkshire’s disclosure. Barrick did not immediately react up to a request for remark.

Berkshire reduced its Wells Fargo stake by 26per cent in the quarter to 237.6 million shares.

Since early 2018, Berkshire has shed more than half of its Wells Fargo shares, that have been once worth $32 billion but lost value since the bank had been hurt by scandals for mistreating customers. Buffett first spent in Wells Fargo in 1989.

Berkshire also reduced by 62% its stake in JPMorgan, where Combs is a director, to 22.2 million shares, and shed its remaining 1.9 million Goldman shares.

Buffett has not given through to the banking industry, after telling investors in May that banks were capable and well-capitalized of weathering the coronavirus pandemic.

Berkshire still invests in several banks including Bank of America Corp (N:BAC), where in the month that is last invested a lot more than $2 billion, giving it an 11.9% stake worth more than $27 billion.

In Friday’s filing, Berkshire said it exited its investment in Toronto-based Restaurant Brands International Inc (TO:QSR), the moms and dad of Burger King and Tim Hortons.

Berkshire also has more than 90 units that are operating the Geico car insurer, BNSF railroad and Dairy Queen ice cream. Warren Buffett’s Berkshire Hathaway sold stakes in Wells Fargo JPMorgan, prompting speculation.

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Shiomi Saito

Shiomi Saito is a well known finance expert. She has served over 20 years in the finance Industry across Europe and Asia. In the past, she has held managerial positions in reputable global rating agencies and multinational banks. She has also managed regional teams across Europe and Asia which focused on analytics related to both corporate and financial Institutions. She is experienced in building index products for investment banks and multinational banks, risk management and analytics, key risk drivers including FX, geopolitical credit as well as macro over a wide range of sectors. She is also a finance writer and has written extensively for larger audiences. She is currently focused on the development of financial markets, in Currencies, commodities, alternative asset classes and global equities. She has been an author with MetaNews since Dec, 2013.
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