Market Chatter: Fund Manager to Lose Hair After Betting on US$2,000 Bullion

By Staff,

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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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