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

By
A A A

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 The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks:

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

34,560,428
  • $75.2605 ▲ 0.37%
32,400,127
  • $3.43 ▼ 0.58%
28,609,939
  • $97.2315 ▲ 0.21%
26,134,696
    $3.73 unch
22,565,938
  • $25.5601 ▼ 11.00%
21,953,600
  • $17.57 ▼ 1.51%
21,213,834
  • $15.55 ▼ 0.45%
20,270,372
  • $35.01 ▼ 2.04%
As of 7/25/2014, 02:00 PM