Thought Leadership

Tocqueville Gold Strategy Second Quarter 2017 Investor Letter

By John Hathaway on July 31, 2017

Caught in a Lie During the first half of 2017, gold bullion rose 7.75% while the XAU (Philadelphia Index of Gold and Silver Stocks) rose 2.79% (including dividends).  Among the notable developments of the first half were the pronounced weakness of the trade-weighted US Dollar (down 6.44%) and the continuing sluggishness of the US economy, …

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Letter to the Clients

By Robert Kleinschmidt on January 27, 2017

Dear Clients, Now that the elections are mercifully behind us, the markets should be able to focus on fundamentals, which are, as of this writing, neither terribly positive nor terribly negative. Over the next 12 months, we would expect, so long as U.S. growth continues, that interest rates will rise gradually at first, but then, …

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Tocqueville Gold Strategy Investor Letter

Tocqueville Gold Strategy Investor Letter

By John Hathaway on January 5, 2017

Fourth Quarter 2016 Investor Letter Physical Will Trump Paper Gold Gold rose 8.5% for the year while gold-mining stocks (XAU – Philadelphia Gold and Silver Index stocks) rose 75%. On an annual basis, results were highly satisfactory. However, there was considerable drama beneath the surface that left precious metals investors in a state of anxiety …

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Trump’s Victory: What Does it Mean for Gold?

Trump’s Victory: What Does it Mean for Gold?

By John Hathaway on November 21, 2016

In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2016 Investor Letter

Tocqueville Gold Strategy Investor Letter Third Quarter 2016 Investor Letter

By John Hathaway on October 12, 2016

During the third quarter of 2016, gold and gold mining shares consolidated in a narrow range following substantial gains in the first half of the year. On a year to date basis (9/30/16) gold bullion rose 24% while most gold mining shares gained 3x-4x the gold price. During the first few days of October, the …

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