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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,”
The world is now 12 percent of GDP deeper in debt than it was at the peak of the financial crisis in 2009, says the International Monetary Fund (IMF). China was described as a “driving force” behind the new debt levels.
According to its Fiscal Monitor report, global debt is at a historical high, reaching the equivalent of 225 percent of GDP.
“One hundred and sixty-four trillion is a huge number,” said Vitor Gaspar, head of the IMF’s fiscal affairs department. “When we talk about the risks looming on the horizon, one of the risks has to do with the high level of public and private debt.”
originally posted by: skunkape23
You can't eat gold.
It has no use for building a structure.
It's just a shiny rare metal that works well as an electrical conductor.
It's a little pricey to use for bullets.
A hungry man would trade an ounce of gold for a chicken.
Ile be more impressed when billionaires donate half their net worth to ending world hunger and poverty.