Gold investors are prone to making common mistakes that can be detrimental to a portfolio, including excessive diversification, picking companies that don't adhere to an investment objective, and not sticking with management teams with proven track records, said Rick Rule, president of Sprott U.S. "If I had just hung out with the Ross Beatys, the Bob Quartermains, the Robert Friedlands, the Lukas Lundins, all of them I've done business with, by the time I was 35 and not bothered with the rest of the universe, I would have worked less hard and made more money," Rule said.
0:00 - Common investing mistakes6:04 - How to pick the top 10% of gold stocks9:01 - Investing mistakes Rick Rule regrets13:50 - New demographics of gold bugs
Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd., began his career in the securities business in 1974. He is a leading American retail broker specializing in mining, energy, water utilities, forest products and agriculture. His company has built a national reputation on taking advantage of global opportunities in the oil and gas, mining, alternative energy, agriculture, forestry and water industries.