Buffett Suddenly Likes Gold

Plus: A Better COVID-19 Test You are receiving this limited-time email resource as a subscriber to Kiplinger's free e-newsletters. We will continue to publish this throughout the height of the coronavirus outbreak. To unsubscribe at any time, simply click the link in the footer below. AUGUST 17, 2020 [View in browser]( WHAT YOU NEED TO KNOW ABOUT THE CORONAVIRUS OUTBREAK Buffett makes a bizarre bet (for him) on gold. Gold prices have climbed into record territory in 2020, and factors such as a weakening dollar and continued central-bank money printing have set the metal up for continued gains. It’s no surprise, then, that several institutional investors gained exposure to the yellow metal during the second quarter, according to 13F filings made at the end of last week. But one big buyer raised a lot of eyebrows. Warren Buffett’s Berkshire Hathaway ([BRK.B]( made [a couple dozen moves during Q2]( but his only new position was a nearly 21 million-share stake in gold mining giant Barrick Gold ([GOLD](. Why is that so surprising? In the past, the Oracle of Omaha has been one of the metal’s biggest critics, calling it an “unproductive asset” and “neither of much use nor procreative,” and generally discouraging others from investing in it. Barrick Gold is a step removed from bullion itself – it’s a mining company that generates profits and even a dividend -- but its share price nonetheless rises and falls largely with the price of gold. While Buffett is often mum about many of [Berkshire’s holdings]( Wall Street is hoping to hear what made him pull this 180. SEE ALSO: [Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio]( Another tool in the fight against COVID-19: The Food and Drug Administration just approved the use of a saliva test (in which the patient spits into a tube, like for a DNA analysis) called SalivaDirect for detecting COVID-19 infections. The tests are just as accurate as existing tests, and are used by NBA teams. They are inexpensive, at about $10 a test, and can be processed fast, with results in about three hours, thus removing one of the main impediments to more widespread testing -- the lack of capacity at existing labs. Saliva is easier to collect and doesn’t require the same high degree of personal protection for the health care workers receiving the samples. Finally, this helps address the recurring shortage of test kits. To keep state economies and college campuses open, the best way to contain outbreaks is through large-scale testing. Fast saliva tests promise to enable that. Free download, [The Kiplinger Letter's Forecast](. No information required from you. SPONSORED CONTENT FROM ALLIANCE FOR INCOME [Worried About Your Retirement Savings?]( If your retirement investments in these volatile markets have you worried, you’re not alone. A poll by Kiplinger’s and the Alliance for Lifetime Income found more people seeking protected income in retirement. Read more about "Creating a 'Paycheck' in Retirement." [READ MORE]( LATEST INVESTING NEWS FROM KIPLINGER.COM [College During COVID]( [7 Gold ETFs With Low Costs]( [Investing in Gold: 10 Facts You Need to Know]( [The 7 Types of Financial Procrastinators: Which One Are You?]( [Stimulus Check Relief for Spouses of Deceased People is Coming]( [Kiplinger] [Facebook]( [Twitter]( [LinkedIn]( Send this to a friend. [Click here.]( All content ©2020 The Kiplinger Washington Editors 1100 13th Street, NW, Suite 1000 Washington, D.C. 20005 Thank you for subscribing to Kiplinger's A Step Ahead, a free resource to help readers navigate special circumstances such as the coronavirus outbreak. If you ever wish to stop receiving this service, please [click here to unsubscribe](.