"We're Full Of Crises Right Now" - Egyptian Billionaire Piles Billions Into Gold

Zero Hedge | 5/1/2018 | Staff
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Meet Egyptian billionaire Naguib Sawiris, older brother of Egypt's richest man...

Like many other big investors, Sawiris sees warning signs ahead and has taken action - putting half of his $5.7 billion net worth into gold.

Bloomberg - Reports - Interview - Monday - Gold

Bloomberg reports that 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.

Middle - East - Rest - World - Mr

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

However, as Bloomberg notes, Sawiris also has a major investment that President Trump could very much help him with...

Peace - Deal - Egyptian - Investments - Years

If a North Korean peace deal can be reached, the Egyptian’s investments there may finally pay off. After 10 years of waiting to repatriate all his profits easily and control his mobile-phone company, Egypt’s second-richest man says an accord would let him reap some of his returns.

“I am taking all the hits, I am being paid in a currency that doesn’t get exchanged very easily, I have put a lot of money...
(Excerpt) Read more at: Zero Hedge
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