Middle East Billionaire Puts HALF His Wealth In Gold
Source: What Is That Whistling Sound
Some big investors see warning signs ahead for markets but are holding their positions. Egyptian billionaire Naguib Sawiris is taking action: He’s put half of his $5.7 billion net worth into gold.
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. “Look at the Middle East and the rest of the world and Mr. Trump doesn’t help.”
President Donald Trump is aiding Sawiris in one way, though: 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.
My view:
Some things make you say Hmmmm.
What does this Billionaire know that most other investors do not?
Note that today, when the Federal Reserve raised rates again and gave a somewhat hawkish view of future hikes, even that was not enough to beat down the price of bullion.
When a stock or commodity can’t drop on “bad news” it is a strong signal that a bottom is in.
Now we await the ECB conference tomorrow.
It may be time to back up the truck and load up on gold miners in the very near future.
Source: http://whatisthatwhistlingsound.blogspot.com/2018/06/middle-east-billionaire-puts-half-his.html
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