Record Mega Millions Lottery Worth 788,617 Ounces Of Gold
(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.