Gold surge adds $3 billion to fortunes of these three families


Indian Express

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Gold surge adds $3 billion to fortunes of these three families

While gold bugs are gaining, 2020 has largely been the year of technology and pharmaceuticals as Covid-19 has kept people home and scientists race to find a cure.

Tech and pharma may be getting the attention these days, but three mining billionaires are quietly padding their fortunes with an investment that’s decidedly more old school.

Saudi Arabia’s Mohammed Al Amoudi and Russia’s Alexander Nesis and the family of Suleiman Kerimov have the largest exposure to gold among the world’s wealthiest people, according to the Bloomberg Billionaires Index. As a result, they’ve collectively become $2.8 billion richer this year.

With the coronavirus pandemic devastating economies and central banks and governments boosting stimulus measures, gold is once again king. Investors flocking to the precious metal pushed its price to a record high this week. Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp., among others, say the rally could go even further as interest rates fall with the U.S. dollar.

The top gold-mining billionaires

Kerimov, whose family controls about 77% of Polyus PJSC, Russia’s biggest gold miner, is now worth $6.6 billion, according to the Bloomberg index. Polyus Gold is controlled by Suleiman Kerimov’s son Said.

The fortune of Nesis, whose ICT Group has a 27% stake in Polymetal International Plc, has risen to $3.7 billion, while that of Midroc Gold Mine Plc’s Al Amoudi stands at $9.2 billion.

Egyptian billionaire Naguib Sawiris said in March he was increasing his exposure to the metal. He currently owns $1.1 billion worth of gold mining stocks.

Spot gold slipped 1.1% at 3:26 p.m. in London after a nine-day rally.

While gold bugs are gaining, 2020 has largely been the year of technology and pharmaceuticals as Covid-19 has kept people home and scientists race to find a cure.

Amazon.com Inc.’s Jeff Bezos, Tencent Holdings Ltd.’s Pony Ma, and Jiang Rensheng, chairman of vaccine maker Chongqing Zhifei Biological Products Co., are among the billionaires whose fortunes have surged the most. They’ve gained more than $14 billion each this year, according to the Bloomberg index.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Mangalorean Teen Feryl Rodrigues Shines as May Que
View More

Congratulations to Msgr. Ferdinand Gonsalves on your Secordotal Ruby JubileeCongratulations to  Msgr. Ferdinand Gonsalves on your Secordotal Ruby Jubilee
Final Journey of John Henry Almeida (71 years) | LIVE from UdyavaraFinal Journey of John Henry Almeida (71 years) | LIVE from Udyavara
Final Journey of Mrs. Severine Pais (85 years) | LIVE from Milagres, Kallianpur, UdupiFinal Journey of Mrs. Severine Pais (85 years) | LIVE from Milagres, Kallianpur, Udupi
Final Journey of Mrs Lennie Saldanha (89 years) | LIVE from Kemmannu | UdupiFinal Journey of Mrs Lennie Saldanha (89 years) | LIVE from Kemmannu | Udupi
Final Journey of Zita Lewis (77 years) | LIVE from Kallianpur, UdupiFinal Journey of Zita Lewis (77 years) | LIVE from Kallianpur, Udupi
Final Journey of Henry Andrade (83 years) | LIVE from KemmannuFinal Journey of Henry Andrade (83 years) | LIVE from Kemmannu
Final Journey of Mr. Leo Britto (65 years) | LIVE from Mother of Sorrows Church, UdupiFinal Journey of Mr. Leo Britto (65 years) | LIVE from Mother of Sorrows Church, Udupi
Mount Rosary Church - Rozaricho Gaanch May 2025 IssueMount Rosary Church - Rozaricho Gaanch May 2025 Issue
Final Journey of Juliana Machado (93 years) | LIVE from Udyavara | UdupiFinal Journey of Juliana Machado (93 years) | LIVE from Udyavara | Udupi
Final Journey of Charles Pereira (78 years) | LIVE from KemmannuFinal Journey of Charles Pereira (78 years) | LIVE from Kemmannu
Milarchi Laram, Milagres Cathedral, Kallianpur, Diocese of Udupi, Bulletin - April 2025Milarchi Laram, Milagres Cathedral, Kallianpur, Diocese of Udupi, Bulletin - April 2025
Holy Saturday | St. Theresa Church, KemmannuHoly Saturday | St. Theresa Church, Kemmannu
Final Journey of Albert Lewis (85years) | LIVE From St Theresa’s Church Kemmannu | UdupiFinal Journey of Albert Lewis (85years) | LIVE From St Theresa’s Church Kemmannu | Udupi
Final Journey of Bernard G D’Souza | LIVE from MoodubelleFinal Journey of Bernard G D’Souza | LIVE from Moodubelle
Earth Angels Kemmannu Unite: Supporting Asha Fernandes on Women’s DayEarth Angels Kemmannu Unite: Supporting Asha Fernandes on Women’s Day
Final Journey of Joseph Peter Fernandes (64 years) | LIVE From Milagres, Kallianpur, UdupiFinal Journey of Joseph Peter Fernandes (64 years) | LIVE From Milagres, Kallianpur, Udupi
Milagres Cathedral, Kallianpur, Udupi - Parish Bulletin - January 2025 IssueMilagres Cathedral, Kallianpur, Udupi - Parish Bulletin - January 2025 Issue
Rozaricho Gaanch 2024 December Issue - Mount Rosary Church, SanthekatteRozaricho Gaanch 2024 December Issue - Mount Rosary Church, Santhekatte
Land/Houses for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.Land/Houses  for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.
Naturya - Taste of Namma Udupi - Order NOWNaturya - Taste of Namma Udupi - Order NOW
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi