Sawiris expects the return of the rise in global gold prices to $ 1900


04:12 PM

Monday 05 April 2021

I wrote – Shaima Hefzy:

Businessman Naguib Sawiris expects world gold prices to rise again in the coming period, reaching the level of $ 1900 an ounce.

He indicated in statements on the sidelines of the Habi conference today, Monday, that gold has recovered during the past two weeks, and in the short term, things are proceeding in favor of gold investments.

Sawiris said: “Gold was at the level of 1900 dollars an ounce, it went down to the level of 1700 dollars now and is expected to return to its level during the coming period.”

Sawiris talked about the incentives to increase gold prices, saying that “the US Federal Reserve did not raise interest rates, and this is very beneficial for gold, and the stimulus package that Biden recently approved is causing a boom and will create very high inflation rates, and then gold will be a safe haven, also in the interest of gold, but the fear In the event of raising interest rates. “

He said that global economies did not recover from the repercussions of Corona, especially since European countries managed the Corona crisis system with a “failed administration” and closed the country, and this affected the recovery “and no recovery will happen soon.”

The businessman said that the increase in population in Egypt is an advantage, not a disadvantage or a burden, because the increase in population creates a larger market, but stressed that it is important to employ human resources, “it is not a miracle that we occupy all people as long as they are trained.”

He pointed out that his investments were not affected much by the repercussions of the Corona crisis, in gold or real estate.

After the Sawiris company signed 4 gold exploration agreements, the Egyptian businessman intends to compete in the next offering of gold licenses that the government will offer during the coming period.

Sawiris said: “The matter depends on the offering. Our soul is open … and with the arrival of the new bid we will advance in it.”

The Egyptian General Authority for Mineral Resources announced last February, the extension of the closing date for the search for gold in its second round, which was launched last November, to Saturday, May 15, 2021, at 12 noon Cairo time, instead of March 15, 2021, due to the circumstances of the Corona pandemic In order to give investors a greater opportunity to apply to participate in the auction.

This came after the Egyptian General Authority for Mineral Resources signed 10 contracts with 4 English, Canadian and Egyptian companies to exploit 17 new sectors for gold research and exploration, with total investments of about $ 11.2 million.

The agreements included 4 contracts with AKH Gold, a subsidiary of Egyptian businessman Naguib Sawiris, with a total investment of about $ 4.1 million to search for gold in 9 sectors in the Eastern Desert.

Sawiris said today that he hopes that gold will be discovered in the areas that his mining company won in the auction recently raised by the Ministry of Petroleum.


Please enter your comment!
Please enter your name here