Record gold gains save Sawiris' fortune

Record gold gains save Sawiris' fortune

The record gains currently achieved by gold prices helped famous Egyptian businessman and billionaire Naguib Sawiris compensate most of his losses incurred at the beginning of this year due to the Corona pandemic, coinciding with the international gold prices touching record levels approaching $ 2000 an ounce.

Sawiris owns 24% in Lamnasha Holding, which has investments in Endeavor, a gold mining company based in Toronto, Canada.

Naguib Sawiris is investing about half of his wealth in companies working in gold mining.

And Endeavor shares on the Toronto Stock Exchange have risen 33% since the beginning of this year, and Evolution shares on the Sydney Stock Exchange jumped about 58% in 2020, supported by the rise in global gold prices.

Sawiris compensates for most of the losses in 2020
According to Bloomberg data, Naguib Sawiris' wealth exceeded $ 5 billion, to $ 5.08 billion in particular, after falling to $ 3.8 billion on March 22 under pressure from the spread of the Coruna virus.

Sawiris' fortune at the end of last year was 5.2 billion dollars, and Naguib Sawiris advanced one position in the Bloomberg Index to the world's richest people thanks to the growth of his last wealth to 425 compared to 426 a month and a half ago.

A remarkable performance of gold amid global confusion
Gold in today's trading exceeded its record levels in 2011 at $ 1829.5 an ounce and broke the $ 1900 mark for the first time and is currently trading around $ 1930 an ounce after touching the price of 1941.65 dollars.

Heights of the precious metal come in light of the global confusion caused by the Corona pandemic, and we may feel in Egypt and the Middle East about the end of the crisis with the decrease in the number of infections, but countries like China and Spain started the signs of a second wave of the spread of the virus while the United States continued to record more than 75 thousand new infections With coronavirus a day, Brazil, whose president recovered yesterday, decided to cancel the traditional New Year's celebrations in Rio de Janeiro due to the spread of Coruna virus.

Brazil has recorded nearly 2.3 million injuries so far, after the United States.

Recently, the European Union approved a historic financial support package of 750 billion euros to support the economy in the face of the pandemic, but government measures around the world raise investor fears of inflation, and fiscal facilitation measures by central banks led by reducing interest and the spread of zero bonds drive them to invest in the precious metal that It has been considered a safe haven throughout the ages.

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