Billionaire girds for stock-market crash by investing half his net worth in gold

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

Egyptian billionaire Naguib Sawiris isn’t your typical gold bug.

The chairman of Orascom Telecom Media and Technology Holding S.A.E. told Bloomberg in an interview from Cairo this week that he sees gold GCM8-0.29% surging up to $1,800 an ounce while the “overvalued” stock market hits the skids.

At last check, gold was down almost 1% at $1,307 an ounce while the Dow DJIA+0.37%  and S&P SPX+0.17%  were getting hit hard in Tuesday’s session.

Sawiris, Egypt’s second-richest man behind his younger brother, is putting his money where his mouth is, investing half his $5.7 billion net worth in gold.

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

Sawiris has grown his substantial wealth by investing in Egypt’s telecom sector as well as in less popular markets like Iraq, Pakistan, Bangladesh and even North Korea, where a peace deal could deliver him nice profits, according to Bloomberg.

Original Article Link

Author: Shawn Langlois

Picture; Getty Images- Egyptian billionaire Naguib Sawiris goes big on gold.

 


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