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Record Mega Millions Lottery Worth 788,617 Ounces Of Gold

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(Kitco News) - Lottery fever has once again gripped the U.S. as Friday’s Mega Millions lottery pushes close to the one-billion dollar mark.

As of Friday morning, the jackpot had an estimated value of $970 million with a cash option worth $548 million. The Mega Million’s lottery win could buy about 788,617 ounces of gold with prices currently trading around $1,230 an ounce. To put that into perspective, that is more gold than the U.S. Mint sold last year and so far this year.

However, most analysts only recommend holding about 5% to 10% of their portfolio in gold, which would between 39,430 and 78,861 ounces of gold.

According to reports, this is the biggest Mega Millions jackpot and the second-largest lottery price in history, behind a 2016 $1.586 billion Powerball jackpot.

The prize has grown because the last winning draw was in late July. A California office pool of 11 co-workers shared $543 million, the largest prize ever won on a single ticket in the game.

Finally, here is some sage advice that billionaire investor and businessman Mark Cuban gave in 2016, that is still relevant for tonight’s potential lottery winner. The first thing he recommended was to hire a tax attorney.

  • Don't take the lump sum. You don't want to blow it all in one spot.
  • If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness. If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
  • You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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