According to a 13-F regulatory filing, Warren Buffett’s Berkshire Hathaway purchased approximately 20.9 million shares of Barrick Gold (GOLD), a position valued at $563.5 million at the end of the second quarter.
For comparison purposes, this biggest position is Apple, worth $125 billion.
Still this is big for the gold bulls because Warren's thinking is unlike a farm or a business, gold doesn't produce anything. And if you think you missed the boat, you haven't, if Buffett is getting into the mix, it's a sign that price can continue to move higher. How much higher, Goldman Sachs and Bank of America thinks prices are headed to between $2500 and $3000.
In this video I analyze Barrick Gold and Gold Futures.
MY TRADING METHODOLOGY IN A NUTSHELL BELOW
I’m a supply and demand trader. The premise of supply and demand trading is when the market makes a sharp move up or down the large institutions i.e banks/hedge funds are not able to get their entire trade placed into the market, leaving pending orders to buy or sell at the zone with the expectation the market will return to the zone and the rest of their trading position will be filled.
I use multiple time frame (MTF) analysis to improve my discretionary trading decisions. MTF analysis involves analyzing the same asset on multiple time frames. The rule of thumb when using MFT is you want your charts to scale down/up by 4X – 6X. In my case I tend to look at:
Monthly Charts (curve time frame) – which represents that jet fighter flying over the football stadium.
Weekly Charts (trend time frame) – which represents the concession stands looking down at the field.
Daily Charts (entry time frame) – which represents being on the football field with the player.
4 Hr Charts (entry time frame) – which represents the center hiking the ball to the quarterback.