Egyptian billionaire bets half his fortune on gold surge

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Tamim Elyan and Manus Cranny

Egyptian billionaire Naguib Sawiris says he has put half of his $5.7bn (€4.74bn) 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.