The Egyptian Gazette reports that Many Egyptians, as Arab people in general, are now investing in gold, something only the fellaheen (peasant or agricultural laborer in an Arab country, such as Syria or Egypt.) used to do in the past.
Egyptians are fond of purchasing gold ingots and sovereigns. In 1999, a gram of 21 carat gold cost LE27.50; now it costs LE282.50 per gram. This means the price has increased tenfold in 12 years. The price of diamonds has risen by between 15 and 25 per cent.
Some Egyptian ladies have been buying up 5kg or 10kg of gold, because it’s very easy to turn into cash in an emergency.
