Why did warren buffett buy gold stock?

However, Buffett didn't buy gold himself. Instead, it invested in a company that depends on gold production for the majority of its revenues. Berkshire's decision to invest in the company was probably based on profiting from the company's performance, and that's precisely what happened. 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).

Now, the reason they prefer gold is because you can take gold anywhere, unlike stocks and real estate. When news broke about the coronavirus vaccine, the risk began to decrease, leading to a decline in gold prices and a decrease in the stock price of gold companies.