Why Warren Buffett’s purchase of Barrick shares is such a big deal for gold-mining stocks

Warren Buffett has bought half a billion dollars’ worth of shares in gold miner Barrick. That’s a big deal, says Dominic Frisby. We could be at the beginning of a bull market in gold-mining stocks.

Barrick Gold mining dump truck © Diego Levy/Bloomberg via Getty Images
For gold miners, Buffett's new-found interest is a good thing
(Image credit: © Diego Levy/Bloomberg via Getty Images)

Gold – and, more specifically, gold shares – received an unexpected endorsement this week from the most unlikely of sources.

Warren Buffett’s Berkshire Hathaway announced it had bought roughly half a billion dollars’ worth of stock (21 million shares) in Barrick Gold (NYSE: GOLD).

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby