Wrong call on gold costs fund manager his hair
Toronto fund manager, John Oliver, had his head shaved today after wagering four years ago that gold would hit $2,000/oz.
Oliver, who works for Sprott Asset Management and said he would get his hair shorn if the prediction didn't pass, made the bet on April 16, 2008 when gold was $920/oz.
"You know we got to $1,923 last September and I thought it was in the bag . . . but unfortunately the markets sometimes trick you," said Oliver.
BNN filmed the shaving. Oliver tied the event into some charities, splitting a $100,000 donation to World Vision, Care, Unicef and Terry Fox. Total money raised was $1 million.
Oliver says the pressure on gold still persists since governments are running high deficits and currencies are being debased.
"The important thing you have to do is look forward. Demographics suggest countries around the world are going to continue to run deficits."
Oliver believes the retiring baby boomers who are drawing down their assets, collecting social security and demanding more medical care are all factors that are going to weigh on government's finances and ultimately drive gold higher.