Home Business News This billionaire just bet $2.85bn on gold

This billionaire just bet $2.85bn on gold

by LLB Reporter
2nd May 18 10:58 am

Hint: ‘overvalued’ stock markets

Egyptian billionaire Naguib Sawiris has reportedly put half of his $5.7bn (€4.74bn) net worth into gold as he believes that the gold prices will rise further to $1,800 per ounce — from $1,300 right now. All this while “overvalued” stock markets crash.

“In the end you have China and they will not stop consuming (gold). And people also tend to go to gold during crises and we are full of crises right now,” Egypt’s second-richest man said in a interview recently.

“Look at the Middle East and the rest of the world and Mr Trump doesn’t help.”

According to reports, Sawiris has built a fortune by investing in the telecom sector in Egypt and in less popular markets including Iraq, Pakistan, North Korea and Bangladesh. He also bought Italy’s Wind Telecomunicazioni before merging it, along with a number of his telecom assets, with Veon in 2011.

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