Egyptian Billionaire Puts Half His Net Worth Into Gold

- May 2nd, 2018

Egyptian billionaire Naguib Sawiris, who has put half of his net worth into gold, believes that the yellow metal could reach US$1,800.

Egyptian billionaire Naguib Sawiris’ belief in gold led him to invest half of his US$5.7 billion net worth into the precious metal.

Sawiris predicts that the price of gold will break free from its current slump to reach US$1,800 per ounce as “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.

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

 

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Sawiris, who founded North Korea’s first telecom operator, Koryolink, has been waiting 10 years to repatriate all his profits easily and control his mobile-phone company. In order for this to happen and have his investments finally pay off, a North Korean peace deal needs to be reached.

“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 and built a hotel and did a lot of good stuff there,” he noted.

Following a successful meeting between North Korean President Kim Jong Un and South Korean President Moon Jae-In last week, US President Donald Trump now has plans to meet North Korean leader to discuss his nuclear-weapons and missile programs.

For Sawiris, an agreement would allow for him to restore his investments there and possibly make new ones.

Beyond his telecom business, Sawiris bought out Egyptian investment bank Beltone Financial Holding and expanded his portfolio by entering into the mining sphere. He, with his family, became the largest investor in the sector through shareholdings in Evolution Mining (ASX:EVN), Endeavour Mining (TSX:EDV) and La Mancha Resources.

Addressing his investments, Sawiris stated, “I recently sold a portion of my Evolution shares because I want to invest now in Latin America and Eastern Europe.”

Looking forward, the man whose largest share of investments includes most of his gold stakes, is planning to invest in Egypt’s “booming” real estate market this year, shrugging off concerns of a bubble in the market.

“In my family we are investing a lot right now because we see the opportunities,” he said. “It isn’t patriotism or advertising or anything like that,” he said.

As of 1:58 p.m. EST on Wednesday (May 2), the price of gold was trading at US$1305.70.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

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