Berkshire announced a new  20.9 million-share stake in Barrick Gold, worth $564 million. The investment, disclosed recently, gives Berkshire a 1.18% stake in Barrick and makes it the 11th largest shareholder.

Barrick Gold Corp. CEO Mark Bristow praises the new investment from Warren Buffett's Berkshire Hathaway as a “significant step” for his gold mining company and the industry. "It's the ultimate privilege to have Berkshire Hathaway as an investor in one's company and something that I've been aspiring to,” Bristow told FOX Business exclusively. “We hope it’s not the end.”

Barrick Gold shares has gained around 62% this year.

In 2005, Buffett complained gold was “something that gets dug out of the ground in Africa“ and has “no utility.”

Munger once famously said “civilized people don’t buy” gold.

While Buffett's team didn't disclose the reason for its investment, its possible the decision was made by Todd Combs or Ted Weschler, investment managers who are potential successors at Berkshire.