MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 25, 2013 Crazy Like a Fox? Schiff Bets on a 40 Act Fund Peter Schiff, chief executive of Euro Pacific Capital [profile], is taking his love for precious metals to a whole new level, InvestmentNews' Jason Kephart reports. The drop in gold has been less steep than the drop in gold-mining stocks, Kephart writes, as gold-mining companies have been a bit irresponsible as of late (link to MF), with a decline of 20 percent vs. 40 percent, respectively. Those hard numbers haven't led Schiff to reconsider launching the EuroPac Gold Fund, which invests mostly in gold mining companies. Schiff does provide logic for his decision. Kephart quotes Schiff as saying that real inflation is "inevitable" and that Wall Street insiders are losing out on the investment because they're listening to the Fed's interpretation of inflation, which is that it's low and moving lower. Why didn't Schiff launch a gold mining mutual fund while they were hot? Schiff's a bit of a contrarian, and he didn't want to feed into something that might turn out to be an embarrassing bubble, Schiff said in an interview with Kephart. Schiff's preference for precious metals played out in 2011 as well, as he co-managed the EuroPac Hard Asset Fund, MFWire reported. The fund's class A shares closed down 1.51 percent Wednesday. The year to date return is a negative 21.45 percent. To read more, click here. Printed from: MFWire.com/story.asp?s=45107 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |