Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Pan American Silver Corp (PAA-T) -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (287)	9/29/1999 9:40:00 PM
From: paul ross	Read Replies (1) \| Respond to of 358

Gates Has 10 Percent Stake In Silver Mining Company dailynews.yahoo.com SEATTLE (Reuters) - Microsoft Corp (Nasdaq:MSFT - news) . Chairman Bill Gates has taken a 10.3 percent stake in mining company Pan American Silver Corp. (Nasdaq:PAAS - news), following his friend Warren Buffett into the precious metal market. Gates' investment vehicle Cascade Investment LLC began building its position aggressively in February of this year and currently has a stake of 3.15 million shares in the Vancouver, B.C.-based company, according to a document filed this week with the U.S. Securities and Exchange Commission. Pan American Silver, a pure play silver miner with 760 million ounces of reserves, was up 2/16 at 6-11/16 in Nasdaq trading, giving Gates' stake a value of about $21 million. Gates paid about $5.25 a share on average for a total investment of about $16.5 million, according to a Pan American official. The disclosure of the Gates investment represented the latest vote of confidence in silver, which has rallied in recent days although prices were down Wednesday. Last year Buffett made a stir last year by announcing he had bought 130 million ounces of the metal, or 20 percent of the world's annual supply. Recently he has declined to comment on his silver position. In addition to his $72 billion in Microsoft stock, Gates, the world's richest individual, also has an estimated $5 billion in other assets following several years of diversification. About 70 percent of that external portfolio is in short-term government and corporate bonds, with about 10 percent in publicly traded stocks like Pan American, according to Fortune magazine. Gates also owns substantial stakes in Chaparral Resources Inc. (Nasdaq:CHAR - news) ; which is developing oil and gas resources in Kazakhstan, Schnitzer Steel Industries Inc. (Nasdaq:SCHN - news) ; and biotech company ICOS Corp., among others, according to public records.