For nearly 20 years the “Oracle of Omaha” (Warren Buffett) and his side-kick “Mr. Magoo” (Charlie Munger) have demonized owning gold and ridiculed those who bought gold.
As recently as January 2019, Mr. Magoo is on record saying; “I think gold is a great thing to sow into your garments if you’re a Jewish family in Vienna in 1939 but, I think civilized people don’t buy gold, they invest in productive businesses.”
Isn’t that special how Munger belittles the “little guy” relating to buying gold as Uncivilized or using it as an insurance policy to avoid Hitler in 1939?
This begs the question: How do two creepy out of touch old men all of a sudden reverse their stance on gold and purchase $563.5 MILLION of Barrick Gold Corp? (As of June 30th.)
Buffett himself has often dismissed the idea of gold as a good store of value.
“I would say that gold would be way down on my list as a store of value,” Buffett said at the 2005 annual meeting. “I mean, I would prefer owning a hundred acres of land near here in Nebraska, or an apartment house, or an index fund.”
It’s possible that the two “heir apparent” deputies of Berkshire Hathaway, Ted Weschler and Todd Combs, made the decision to buy Barrick Gold.
Regardless of who made the call – the two old out of touch creepy old men or two young rising studs – someone recognized the “value of owning gold miners.”
Investing $563 Million in one stock ain’t chump change but it’s a wake-up call for any and every investor to look at why they should own gold and silver.
We know why Buffett and Co. are buying gold mining stocks but it’s not for the reasons you might think.
They’re also handcuffed when it comes to buying certain gold stocks which ironically (or NOT) is a HUGE advantage for you.
Tune in tomorrow to learn how to use Buffett’s move in gold to make Big Bucks for you today.
And if you want to see a list of gold and silver mining stocks, we’ve recommended in the past click HERE.