Buffett Buys Gold Not Stocks!

REUTERS FRI AUG 14, 2020 / 4:35 PM EDT Berkshire reduces Wells Fargo, JPMorgan, Goldman stakes; adds Barrick Gold   (Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Friday it has reduced its investments in some of the largest U.S. banks, lowering its stakes in Wells Fargo & Co and JPMorgan Chase & Co and eliminating a stake in Goldman Sachs Group Inc In a regulatory filing detailing its U.S.-listed investments as of March 31, Berkshire also disclosed a new 20.9 million share investment in Toronto-based Barrick Gold Corp,…

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Gold to Stay Above $2,000

FX Empire Gold Prices Expected to Stay Above $2,000, on Growing Global Geopolitical Uncertainty Adesina Olumide August 9, 2020, 12:09 AM The precious metal prices, however, remained above $2,000 a critical support level, showing the pullback in prices recorded recently might be for the short term. Gold traders are still relatively bullish on growing global geopolitical uncertainty on what will follow in the months ahead. President Trump is likely to increase more pressure on the Chinese ahead of the US Presidential election scheduled to hold in November. China presently has…

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Investors Move 10% of Their Gold From Hong Kong Amid Financial Censorship Fears

Hong Kong investors are moving their gold offshore as China’s new national security law prompts fears of financial censorship. Some 10% of private holdings have been moved to safer jurisdictions such as Singapore and Switzerland since the beginning of protests in Hong Kong last year. In a recent interview, Joshua Rotbart, head of Hong Kong-based gold dealer and storage provider J Rotbart & Co, said the new legislation has revived the bullion flight. “Many clients now perceive Hong Kong as riskier than other jurisdictions,” Rotbart said. The development comes as…

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Nasdaq-Listed Company Sued for Backing $2 Billion Loans With 83 Tons of Fake Gold

The Nasdaq-listed company that allegedly used 83 tons of fake gold bars as collateral to secure loans worth about $2 billion from multiple financial institutions in China is now in default and facing several class-action lawsuits. $2 Billion Fake Gold Scheme Unravels The gold industry was recently shaken when it was discovered that a U.S. publicly-traded company was allegedly using 83 tons of fake gold bars to secure loans worth $2 billion in China. Kingold Jewelry Inc. is based in Wuhan, China, but it is listed on Nasdaq in the…

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Germany Begins Closing Down All Bitcoin Unlicensed ATMs

Germany’s Federal Financial Supervisory Authority (BaFin), the country’s top financial regulator responsible for regulating crypto service providers, has begun actively closing down unauthorized bitcoin ATMs, a BaFin spokesperson has confirmed to news.Bitcoin.com. All Unauthorized Bitcoin ATMs to Shut Down German financial regulator BaFin has begun actively closing down all unlicensed bitcoin ATMs in the country. This followed Germany’s new regulation that went into effect in January, requiring crypto service providers to obtain authorization from BaFin. A spokesperson for BaFin told news.Bitcoin.com: Currently, BaFin is taking action to shut down all…

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Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project. Goldman Sachs’ Cryptocurrency Plan Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on…

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