Futures Market News
Portfolio manager pays the consequences of overwhelming prediction
Apr 13, 2012 04:41 PM
Life and times on the markets are so cutthroat, one man didn't lose his head but he lost his hair.
For over-estimating the price of gold shortly after he started work with Sprott Asset Management in January 2008, portfolio manager Charles Oliver shaved his head on Friday, Bloomberg reports. Four months after he began with the firm, Oliver predicted gold would strike $2,000 per troy ounce by April 16, 2012. At the time, the price of gold was $945 per troy ounce.
When gold struck its record price this past September, he was optimistic about the climb.
"We got to $1,923 last September, I thought it was all good and easy straight from there on in," Oliver told the news source. "The markets can sometimes tease you."
At 4:57 p.m. on Friday, gold futures fell 1.26 percent, a $21.20 drop to $1,659.40 per troy ounce.
Reuters links the downward drive of gold futures on Friday to the increasing strength of the world's reserve currency and the slackening pace of development in China, host of what is believed to be the globe's most rapidly economy.
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