Charles Oliver, a Sprott Asset Management Inc. portfolio manager
in Toronto, will have his head shaved today after losing a bet on
the gold price, according to a Bloomberg report.
Oliver joined Sprott in January 2008 and told clients at a
meeting four months later he was so convinced bullion would reach
US$2,000 an ounce by April 16, 2012, he was willing to stake his
hair on it. Gold was at US$945 an ounce at the time.
"We got to US$1,923 last September, I thought it was all good
and easy straight from there on in," Oliver, who co-manages the
C$500 million ($501 million) Sprott Gold and Precious Metals Fund,
reportedly said in a telephone interview today. "The markets can
sometimes tease you."
Gold futures for June delivery slid 1.5% to US$1,654.70 at 1.49
p.m. on the Comex in New York. Gold on the Comex peaked at a record
US$1,923.70 an ounce on Sept. 6.
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