This highlights another of gold’s most attractive qualities: excellent liquidity.
While not all of us have a few billion to plow into our precious metals holdings, the gold market is so liquid that Sawiris can do just that and not worry about how, when the time comes, he can sell without displacing the market.
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.”
ORIGINAL SOURCE: This Billionaire Has Put Half His Net Worth Into Gold by Tamim Elyan and Manus Cranny at Bloomberg on 5/1/18...
- ^ This Billionaire Has Put Half His Net Worth Into Gold (www.bloomberg.com)
- ^ Bloomberg (www.bloomberg.com)