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IPFS News Link • Worlds Wealthiest People

Billionaire girds for stock-market crash by investing half his net worth in gold


Egyptian billionaire Naguib Sawiris isn't your typical gold bug.

The chairman of Orascom Telecom Media and Technology Holding S.A.E. told Bloomberg in an interview from Cairo this week that he sees gold GCM8, -0.08%  surging up to $1,800 an ounce while the "overvalued" stock market hits the skids.

At last check, gold was down almost 1% at $1,307 an ounce while the Dow DJIA, -0.21%  and S&P SPX, -0.15%  were getting hit hard in Tuesday's session.

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."

Watch the full interview: