Gold bug unfazed despite a slide in prices

Fund manager sees bullion hitting record US$2,000 within year

[NEW YORK] Peter Schiff predicts repeatedly on his daily two-hour radio show broadcast from his basement studio to 68 stations in 30 states and 50,000 listeners online that paper money will become worthless. The unabashed gold bug's Euro Pacific Capital Inc manages a US$20 million mutual fund that invests in stocks related to gold and lost 6.4 per cent since it began in July. The Philadelphia Stock Exchange Gold and Silver Index slid 1.5 per cent in the same period.

Mr Schiff, 50, isn't fazed that gold is heading for its first annual price drop in 13 years, or that Goldman Sachs Group Inc has called it a "slam-dunk sell". He predicts that bullion will reverse its 21 per cent year-to-date decline...

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