Egyptian billionaire Naguib Sawiris is not your typical gold buyer.
The chairman of Orascom Telecom Media and Technology Holding S.A.E. recently told Bloomberg during an interview from Cairo this week that he sees gold climbing up to $1,800 an ounce while the “overvalued” stock market hits the skids.
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.”
Precious metals have been one of the most effective ways to hedge against a major correction in the stock market. It has never been more important to insure your retirement and savings as uncertainty continues to mount in the stock market, the Middle East and Asia.
Most people have insurance for their car, their home and their health. Doesn’t it seem wise to have insurance for your money?