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 his office overlooking the Nile river in Cairo this week that he sees the price of gold
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 Jones Industrial Average
and the S&P 500 index
were selling off in Tuesday’s jittery 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:
Sawiris has grown his substantial wealth by investing in Egypt’s telecom sector as well as in less popular markets like Iraq, Pakistan, Bangladesh and even North Korea, where a peace deal could deliver him nice profits, according to Bloomberg.