Egyptian businessman Naguib Sawiris, chairman of Orascom Investment Holding, predicted that the price of gold would reach US$5,000 per ounce within a year or two.
The Egyptian billionaire indicated that psychological pressures and investor need for liquidity were among the reasons for the decline in gold prices, and confirmed that he will continue to invest in the yellow metal.
Sawiris said that the sharp declines in global markets are due to the policies of US President Donald Trump, who did not anticipate this sharp decline and could have implemented his economic plans in a calmer manner that would satisfy everyone.
In an interview with Al-Arabiya Business, Sawiris added that most stocks have lost 100 percent of their market value, believing that the current downturn has reached its peak and that markets will not experience a deeper collapse than this.
Sawiris noted that the US economy is heading toward recession as a result of Trump’s trade decisions, which will force the Federal Reserve to cut interest rates in the coming period.
He also criticized Trump’s choices for leadership positions, saying, “A television presenter cannot be qualified to be Secretary of Defense,” referring to his unconventional appointments that have sparked widespread controversy.
Regarding more local matters, Sawiris emphasized the need to attract massive investments to boost the Egyptian economy, warning that politically motivated American pressure could have a significant economic cost for the country.
