Recently, Berkshire Hathaway, led by the billionaire Warren Buffett, has made a massive move by deciding to sell its share of Goldman Sachs for buying in a Canadian Gold company by the name of Barrick Gold. The Firm has recently sold a large percentage of its share in JP Morgan Chase and Wells Fargo, which only shows that one of the greatest and most successful investors doesn’t hold much trust in the big banks.
Warren Buffett’s decision to sell its position in Goldman Sachs comes after Goldman Sachs records the bank’s second-highest quarterly trading revenue amounting to $13.3 billion. Barrick Gold is a mining company that works on producing gold and copper by operating more than 16 mining sites in 13 countries. Barrick Gold has recorded a 45% increase year-to-date. After the decision of Berkshire Hathaway, Barrick Gold’s stock has seen a rise of 8.11%.
Barrick Gold’s Investment Correlation With Bitcoin:
Although Bitcoin has performed better than Gold since April, the price trend between the Bitcoin and Gold has consistently shown excellent correlations. The data below shows the relationship between them. The massive investment of Warren Buffett’s Berkshire Hathaway will bound to have investors put their money in Gold, which would result in massive investments in Bitcoin. Therefore, if I were someone who has previously invested in Bitcoin, the future looks very bright.