Thought Leadership

Fortifications

By Kenneth E. Lee on December 1, 2017

San Antonio, Texas, was the site of a thirteen day siege of the Alamo Mission by Mexican troops in 1836. The men defending the Alamo fought for independence from Mexico. In the months prior to this siege, Texian (Texan) soldiers had successfully driven Mexican troops out of Texas, creating great hope and enthusiasm for the independence cause. Thus, the Battle of the Alamo was a shock: the few Texan combatants who surrendered on …

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Tocqueville Gold Strategy Third Quarter 2017 Investor Letter

By John Hathaway on October 11, 2017

Contrarian Music Gold appears to have formed a solid base since bottoming at year-end 2015 at $1060.00/oz.  Through 9/29/17, the metal’s price increased 11.10%, even after a sharp pullback from its early September 2017 high of $1355.  As of September 30, 2017, the price stood at $1280.15, 20.75% above its low at year-end 2015. In …

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On Optimism

By Kenneth E. Lee on October 2, 2017

“The man who isn’t a pessimist is a damned fool.” – Mark Twain Is the grizzled, cynical investor the more successful one?  Are his cynicism and negativity a sign of intelligence and experience? Do we perceive the pessimistic person as more intelligent than the optimistic one, and if so what relevance does this have to …

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Tocqueville Gold Strategy Second Quarter 2017 Investor Letter

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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