InvestorQ : Is it true that Warren Buffett has been selling out of banks and buying into gold?
Ria Jain made post

Is it true that Warren Buffett has been selling out of banks and buying into gold?

Answer
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Dia Deshpande answered.
2 months ago


Like any shrewd investor, Warren Buffett has also been churning his portfolio but there have been some significant shifts in the last quarter. Buffett has heavily sold out of banks in the June quarter but has also re-allocated to other banks in his portfolio.

What is interesting is Buffett taking bigger positions in gold, despite his traditional aversion. Rather than buying gold per se, Buffett accumulated Barrick Resources, a gold mining stock. During the quarter, Buffett largely exited positions in Wells Fargo after holding since 1979.

In its last Berkshire Hathaway AGM, Buffett had rued his investments in airlines and had almost entirely exited his positions in the aviation industry. That had resulted in a huge loss to the fund during the previous quarter.