Buying Gold

[mullokintyre]

Has the Oracle of Amaha just ditched the American Financial System>>
From Zero hedge

Berkshire Hathaway's latest 13F just dropped and contained inside is a signal that none other than the Oracle Of Omaha appears to now be quietly betting against The United States.

Why? Because for years - in fact for as long we can remember - Warren Buffet has denigrated gold:

In a speech delivered at Harvard in 1998, Buffett said“(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

He once famously said:

“Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.”

In his 2011 letter, Buffett noted that for $9.6 trillion you could buy "pile a" — all of the gold in the world, or "pile b" — the entire US cropland (400 million acres) plus 16 ExxonMobils and still have another $1 trillion left over.

"Admittedly, when people a century from now are fearful, it's likely many will still rush to gold," he wrote. "I'm confident, however, that the $9.6 trillion current valuation of pile A will compound over the century at a rate far inferior to that achieved by pile B."


In 2013, Buffett even went so far as to mock investors betting on gold, saying that there were better places to put your money.

All of which makes the following even more stunning...

According to the latest 13F, Howard Buffett's Berkshire Hathaway not only dumped all his airlines - as we learned previously 0 but has also liquidated huge amounts of its exposure to US banks (exiting Goldman Sachs entirely).

Berkshire's JPMorgan Stake Down 62% to 22.2M Shrs
Berkshire's Wells Fargo Stake Down 26% to 238M Shrs
Berkshire trimmed its bet on PNC Financial and M&T Bank as well as Bank of New York Mellon Corp., Mastercard, and Visa.
Berkshire Exits Goldman stake entirely
And while he modestly added to his positions in Kroger, Store Cap and Suncor Energy, the only new stock he bought in Q2 was... the world's (formerly biggest) gold miner:

Berkshire took a new stake (20.9 million shares) in Barrick Gold, a holding that was valued at about $564 million at the end of that period.

I am not sure what is the most stunning: The purchasing of gold stocks or the dumping of the financial stocks.
As someone famous once said, if you want the truth, follow the money.
Mick

[nipper]

Perth Mint [sits at] the top of Australia's exports to Germany. Germans purchased gold and silver coins worth almost $487 million from the mint last financial year and the trade has boomed ...

The 2016-17 sales represent more than 158 tonnes of gold and silver turned into more than 4 million commemorative and special edition coins by the mint. Germans have taken a particular shine to the mint's coins, featuring picture of kangaroos, kookaburras and koalas.

Perth Mint chief executive Richard Hayes said the coins found their way into the homes of German battlers as well as multimillionaires fascinated with Australia and looking for a safe store of value.

The mint's coin sales to German hit $520 million in 2015-16 and runs into the billions of dollar since the global financial crisis in 2008.

[rickhb]

[BarraKing]

Junior GOLD Companies ( REAL ONES ) have been "punished" in recent months, which means that they are "primed" for a RISE in SP.

By REAL ONES, I mean, minimum of 3 Million Oz in the Ground - defined at HIGH grade and Shallow Depth.

Note Well - There are Not many!

Go take a GOOD look at PRU. PERSEUS has such a resource that is to be defined to 5 million oz+ by mid 2008.

Jim Sinclair MineSet is an interesting site, Goldseek and of course Kitco..... GO do some REAL RESEARCH and NB the Rise of GOLD ( forget the rest ).

Barraking

[cooma]

[laura]

[cooma]

[rickhb]

[laura]

[Monteverdi]