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Warren Buffett’s acquire of virtually 3,500 tons of silver-tongued in 1997 helped turn Thomas Kaplan into a billionaire. After the silver-tongued bubble burst in early 1980, the precious metal plunged in rate from $50 an ounce to below $10, and it was widely rejected as a bad investment. “What genuinely threw and terminate to it was when Warren Buffett purchase[ those] ounces of silver, ” Kaplan, the chairman of NovaGold Assets, told shareholders this month. “It became public that he had done this the week when I was taking my silver corporation public, ” Kaplan said. “That altered everything.” Kaplan told Business Insider he personally thanked Buffett at a dinner year later. Visit Business Insider’s homepage for more tales.
Warren Buffett made an unusual move in 1997 where reference is bought 111 million ounces, or virtually 3,500 tons, of silver. The famed investor’s purchase helped shape Thomas Kaplan a billionaire.
“That altered everything”
Kaplan was in his early 30 s, with a doctorate in history from Oxford University but zero industry experience, when he founded a mining corporation called Apex Silver Mines in 1993. Despite his lack of credentials, he receives an $ 10 million investment from billionaire investor George Soros in 1994. See the rest of the tale at Business Insider
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