Sprott Chief Sees Good Things For Gold

Feb 8 2010 | 8:33am ET

Canadian hedge fund manager is betting big on two kinds of gold.

Eric Sprott offered a bullish take on gold’s future. The founder of Toronto-based Sprott Asset Management also pledged some gold to support the future of Canada’s athletes, promising a donation for every gold medal won by a Canadian at this year’s Winter Olympics, which are to begin in Vancouver, British Columbia, this week.

Sprott estimates that gold, currently sitting at about $1,067 per ounce, will soar 40% to $1,500 by the end of this year. And the distant future is even brighter, with Sprott predicting that price will double to $2,000 next year.

Sprott has about 40% of his fund’s assets in gold.

His optimistic take on the precious metal will certainly be music to the ears of another hedge fund manager: John Paulson’s gold-only hedge fund dipped 16% in its first month of operation, a rare misstep for the Paulson & Co. founder.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note