The Egyptian billionaire Naguib Sawiris owns $ 5.7 billion in assets. Half of them now invested in gold – to protect themselves from the supposedly imminent crash.
Naguib Sawiris is the second richest man in Egypt and chairman of the Orascom Telecom Media and Technology Holding . Sawiris has not only made his fortune in the Egyptian telecommunications industry, but also in relatively unpopular markets such as Iraq, Pakistan, Bangladesh and even North Korea.
In the financial sector, too, Sawiris has gained a foothold by buying the Egyptian investment bank Belton Financial Holding – with no less a goal than founding the largest investment bank in Egypt through another acquisition. In addition, Sawiris is a major investor in the mining industry and holds interests in Evolution Mining , the Endeavor Mining Corporationand at La Mancha Ressources.
So, all in all, it’s good for the Egyptian, not for nothing that Sawiris has been able to accumulate a sizeable cash balance of a whopping $ 5.7 billion. Nevertheless, Sawiris does not feel safe, he fears an approaching crash – and has taken measures to arm himself against it, which seem drastic.
Sawiris: The price of gold will rise – the stock market is spinning
In an interview with Bloomberg, Sawiris said he had invested half of his $ 5.7 billion in gold . He sees the gold price as having the potential to climb to $ 1,800 an ounce, while the “overvalued” stock market is starting to spin, the billionaire said. “China will not stop consuming gold,” Sawiris continued, “and people tend to turn to gold in times of crisis – and we’re having crises all over the place right now – look to the Middle East and the rest of the world, Mr. Trump does not make it any better. ”
Currently, the gold price is $ 1,310.23 per ounce. If Sawiris is right about his assessment of the situation, there could still be a lot of upside potential here.
Although US President Donald Trump in Sawiris’ eyes does not contribute to the stabilization of the global economy – and thus of the stock market – at least the recent development between the USA and North Korea could be beneficial for Sawiris. The 63-year-old is founder of the first telecommunications operator in North Korea, Koryolink, and hopes that a conciliatory course with North Korea will also have a positive effect on his investments there. But Sawiris also has good advice for Trump in dealing with North Korean leader Kim Jong Un: “Do not harass him and promise prosperity in exchange for concessions on nuclear weapons.”
If Trump’s diplomatic skills are not enough to help Sawiris’ North Korea investment, the billionaire can still count on his staggering gold investment.