Barrick Gold Shares Rise as Buffett’s Berkshire Takes Stake

Gold mining companies were climbing Monday after Warren Buffett’s Berkshire Hathaway  (BRK.A) – Get Report in a Securities and Exchange Commission filing disclosed a new 1.2% stake in Barrick Gold  (GOLD) – Get Report.

Shares of the Toronto gold miner at last check were climbing 9.4% to $29.55, while Newmont Corp.  (NEM) – Get Report was up 4% to $66.40, Kinross Gold  (KGC.B)  was up 4.2% to $4.2% to $9.08, and Agnico Eagle Mines (AEM) – Get Report was up 3.4% to $81.72.

Berkshire Hathaway also exited or reduced holdings in shares of financial companies in the quarter ended July 1.

The filing showed Berkshire had acquired 16.1 million shares of Barrick Gold during the period. The stock had risen $1.94, or 7.2%, to $28.93 in after-hours trading Friday.

Berkshire exited its holdings in Goldman Sachs  (GS) – Get Report and reduced its holdings in JPMorgan Chase  (JPM) – Get Report by 60% and in Wells Fargo  (WFC) – Get Report by 26%, according to the filing.

Berkshire also exited a position in Restaurant Brands International  (QSR) – Get Report and exited its holdings in Occidental Petroleum  (OXY) – Get Report.

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