Gold Drop Is Blow to Prominent Hedge-Fund Manager Sprott

Tags: Eric Sprott The Wallstreet Journal



From The Wallstreet Journal

One of the world's biggest gold bugs is getting crushed by the metal's steep fall.

The flagship fund of prominent Canadian hedge-fund manager Eric Sprott has dropped more than 50% this year in what will likely be the third consecutive year of double-digit percentage losses, according to documents sent to investors.

Redemptions and weak performance have pushed down hedge-fund assets managed by Mr. Sprott to about $350 million from nearly $3 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.

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