Egyptian Billionaire Put Half His Net Worth Into Gold

Some big investors see warning signs ahead for markets but are holding their positions. Egyptian billionaire Naguib Sawiris is taking action: He’s put half of his $5.7 billion net worth into gold.

He said in an interview Monday that he believes gold prices will rally further, reaching $1,800 per ounce from just above $1,300 now, while “overvalued” stock markets crash.

“In the end you have China and they will not stop consuming. And people also tend to go to gold during crises and we are full of crises right now,” Sawiris said at his office in Cairo overlooking the Nile. “Look at the Middle East and the rest of the world and Mr. Trump doesn’t help.”

Sawiris also has large investments in Evolution Mining, Endeavor Mining and La Mancha Resources.

Read the rest of the article here: Billion Buys $2.8 Billion Worth Of Gold

4 thoughts on “Egyptian Billionaire Put Half His Net Worth Into Gold

    1. I don’t think so – the article would have noted if it were GLD or paper gold. I’m sure
      they specifically did not specify because the dude bought physical

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