28
May
Eric Sprott Says S&P 500 Index Slump Just Starting
28 May 2010 Business Week
The monthlong slump that erased 12 percent from the Standard & Poor’s 500 Index is the beginning of a collapse that will drive the measure below its weakest level of 2009 in the next year, money manager Eric Sprott said.
The $1 trillion European rescue package announced May 10 has failed to stop the global equity drop, showing investors are skeptical that efforts to address the debt crisis will work, said Sprott, manager of the best-performing Canadian mutual fund with at least $1 billion in assets in the past 10 years. In response, Sprott is buying gold and betting against stocks.
