Norris: Why I will never buy another gold mining share

Argonaut's Barry Norris has said he will never invest in a gold stock again, after selling out of his stake in Swedish-listed company Nordic Mines at a 75% loss.

Norris described the stock as the "worst investment" in the ten years since he has been running European equity funds, adding it is "still painful to recollect". He bought the Scandinavian gold producer in 2010 and it performed well for a year, as estimates on gold reserves increased and the gold price remained buoyant. "It all started to go wrong at the beginning of 2012 when the gold actually had to be taken out of the ground," said Norris. "It slowly dawned on us that the company had no mining expertise. It was then revealed that the company had promised to pay back all of the d...