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


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.

(From Marketwatch)

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.

At last check, gold was down almost 1% at $1,307 an ounce while the Dow DJIA, -0.56%  and S&P SPX, -0.03%  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.