Tuesday, May 1, 2018

Billionaire Puts Half His Net Worth Into Gold

Egyptian billionaire Naguib Sawiris has put half of his $5.7 billion net worth into gold.

According to Bloomberg, 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.”

This is an interesting move by Sawiris. I am more diversified in the EPJ Daily Alert model portfolio, but 25% in gold and gold-related investments, at the present time, is not a bad idea.

And I expect gold to climb much higher than $1,800. I hope, for his sake, that Sawiris doesn't sell when it hits $1,800.

-Robert Wenzel  

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