This billionaire has put half his net worth into gold

Repost from 5/2/2018

Bloomberg/Tamim Elyan and Manus Cranny/4-3-2018

“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.’”

USAGOLD note: The link above includes a lengthy video interview of billionaire Naguib Sawiris in which he elaborates on why he has half of his net worth in gold. It is highly recommended. Though we can understand Mr. Sawiris’ motivation, we recommend a more modest commitment to gold between 10% and 30% of your net worth depending upon on your own assessment of present economic uncertainties.


By Naguib.jpg: upload user [1]derivative work: Jobas (Naguib.jpg) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons


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