Peter Grosskopf, CEO of Sprott, a gold-preferred investment firm founded by Eric Sprott, told the Financial Post that he believed Berkshire Hathaway's participation in Barrick Gold demonstrated that the company and Buffett were comfortable with gold as a store of value. In the short term, Barrick shares could continue to face some pressure if gold prices weaken, although any decline in profits due to gold should be partially offset by rising copper prices (Barrick owns and operates four copper mines). Barrick Gold shares rose 10.5% on Monday after Berkshire Hathaway, owned by legendary investor Warren Buffett, revealed its stake in the gold mining company's shares. According to analysts, the decision of legendary investor Warren Buffett to buy shares in Canadian gold giant Barrick Gold could cause a stampede of retail investors in gold stocks, including those interested in Gold IRA rollovers.
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