'Jeopardy!' Hot Streak Takes Champ Holzhauer Past $1M Mark, Totaling 887 Oz Of Gold
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(Kitco News) - A ‘Jeopardy!’ contestant turned the classic American TV game show into a high-stakes, Las Vegas-styled poker game, smashing through the $1 million mark in winnings this week.
A professional sports gambler, James Holzhauer, 34, is only the second person in the show’s history to ever get past the $1 million mark, with his total earnings standing at $1,135,175 million as of Wednesday.
To put this into gold terms, Holzhauer has managed to win 887 ounces of gold. And his lucky streak is likely to continue as Holzhauer’s risk-taking and buzzer skills seem unbeatable.
The professional sports gambler managed to do all that in just 15 games, winning $73,621 on Wednesday and $118,816 on Tuesday.
On average, Holzhauer’s winnings for each game totaled $75,678 or 59 ounces of gold.
The professional Vegas gambler now has a chance to surpass the game’s legend, Ken Jennings, who earned a record of $2.5 million by winning 74 consecutive games back in 2004.
Holzhauer revealed that his winning strategy involves selecting questions with the biggest price tag right off the bat instead of working up to them.
“You could make an analogy to sports betting or poker tournaments,” he told the New York Times in an interview this week. “There are big advantages to having a lot of chips early on in a poker tournament. You can make plays that other people can’t.”
With over $1 million earned, many portfolio managers would urge to convert somewhere between 5-10% of that money into gold. In this case it would total $56,758 to $113,517, which would buy Holzhauer 44 to 88 ounces of gold.
“The standard advice is to have 5-10% gold exposure in your portfolio,” Pepperston head of research Chris Weston told Kitco News at the beginning of the year.
INTL FCStone and Hubbis also released a report in 2018 stating that banks in Asia have been adopting this advice as well.
“Some private banks and wealth advisers advise that their … clients hold as much as 5-10% of any portfolio in gold. This is up from the past where private banks and wealth advisers typically advised that … clients hold about 3-5% of gold in their portfolio,” INTL FCStone said in its 2018 Going For Gold report.