Gold ETFs gain ground as Warren Buffett bets on the miners

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Dave Nadig, chief investment officer and director of research at ETF Trends and ETF Database, and Chris Hempstead, director of institutional business development at IndexIQ, speak to gold's winning streak this year as investors pile into gold ETFs. With CNBC's Bob Pisani. Subscribe to CNBC PRO for access to investor and analyst insights on gold and more:

Barrick Gold’s stock is popping 10% Monday after legendary investor Warren Buffett’s Berkshire Hathaway revealed a stake in the gold miner’s stock.

Berkshire added a $562 million position in Barrick Gold in the second quarter, according to SEC filings Friday. While the position is small for Berkshire — which owns more than $89 billion in Apple stock — the conglomerate is the 11th largest shareholder of the gold mining company, according to FactSet.

This was an unusual move considering Buffett, a long-time value investor, has long professed a dislike for gold, preferring assets that have cash flows or pay dividends.

Shares of miner have surged more than 45% this year as investors rush into the safe haven metal trade during the coronavirus pandemic. Gold prices have had a banner year, topping $2,000 per ounce this month for the first time ever on worries about the impact of Covid-19 on the economy and lower bond yields. Spot gold has rallied nearly 30% in 2020, making it one of the the best-performing mainstream assets this year.

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