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

By MT Newswires,  April 13, 2012, 03:53:39 PM EDT

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.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

How to Pick Stocks in This Economic Environment
How to Pick Stocks in This Economic...
How To Grow Your Small Business
How To Grow Your Small Business     
Private Wealth Revives, Managers Face Higher Costs
Private Wealth Revives, Managers Fa...
Private Island on the Thames: $11.7 Million
Private Island on the Thames: $11.7...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
S $ 7 0.32  4.37%
PFE $ 29.10 0.30  1.02%
BAC $ 13.19 0.08  0.60%
MU $ 13.97 0.22  1.60%
SIRI $ 3.37 0.03  0.88%
GE $ 23.98 0.35  1.44%
QQQ $ 72.76 0.82  1.11%
ELN $ 14.15 0.37  2.69%