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.
Continue reading “Risk of collapse: billionaire puts half of his fortune in gold”
Gold is doing something we have not seen for 5 years
The last more than two months have been a kind of wake-up call for investors. After a particularly uneventful year in 2017, when the stock market climbed sharply without significant downward movement, Wall Street and investors were surprised by the rapid corrections in February and March.
As you might expect, not too many industries have escaped the sudden decline in equities. The fast-growing technology sector is volatile, the social media giant Facebook is involved in a privacy scandal. Meanwhile, most US multinational companies have been struggling since US President Trump’s announcement of punitive tariffs on steel and aluminum.
We have not experienced anything like that for five years
But an asset has not fallen in step with the stock market: gold. The shiny yellow metal has improved by 2.4% by April 12th. By comparison, the Dow and S & P 500 have fallen 1.4% and 1.8% since the beginning of the year and more than 10% since reaching their historical highs on January 26th.
Strong first quarters have been common for gold in recent years. In 2016, Gold even achieved the best performance in three decades. But it is not the nominal rise in the price of gold in the first quarter of 2018 that is so impressive. It’s what the precious metal has been doing from a trading perspective since the beginning of the year.
Continue reading “Are we facing a new gold rally?”