Diamonds and Dogs

8/17/20

Gold shining brightly. Barrick Gold (GOLD) is up 3% after it was disclosed Warren Buffett and Berkshire Hathaway bought 29 million shares worth $600 million during the second quarter. The commodity is up nearly 30% year to date with all the fiscal stimulus the government is throwing at the coronavirus.

While Warren Buffett adds Barrick Gold, he sold stakes in bank and oil stocks. Wells Fargo (WFC) is down 2.5% while Occidental Petroleum (OXY) is down 5% after Berkshire lowered their exposure. Warren reduced his stake in Wells Fargo by 25% while he sold his entire stake in the Oxy. Not a good signal for the overall economy.

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