One Of The Most Famous Gold Bug Fund Managers Has Gotten Obliterated

Eric sprottREUTERS/ Steve MarcusA rough year for Eric Sprott, avowed gold bug

Canadian hedge fund manager Eric Sprott
loves him some gold.

But unfortunately for Sprott and his clients, the shiny yellow metal has had a rough 2013. The Wall Street Journal’s Rob Copeland reports that Sprott’s main fund has dropped more than 50% this year, the third straight year of double-digit declines. From the Journal:

Redemptions and weak performance have pushed down hedge-fund assets managed by Mr. Sprott to about $US350 million from nearly $US3 billion in 2008.

The declines are largely due to the conviction of Mr. Sprott — for the most part unshaken — that gold and other precious metals will rise in the long term.

Gold has dropped 25% over the past year and is on track for its first annual decline after 12 years of gains. It settled Wednesday at $US1,257 a troy ounce. Silver, another favourite of Mr. Sprott’s, is down 33% and settled Wednesday at $US20.36 an ounce.

Read the full report at the Wall Street Journal »

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.