We are proud gold bugs here at AC2 News. I wish I personally had a pile of it so I could ski down it like Scrooge McDuck. Alas that is not my current lot. But this guy might give McDuck a run for his sound money.
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, -0.97% surging up to $1,800 an ounce while the “overvalued” stock market hits the skids.
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.