Thought Leadership

Tocqueville Gold Strategy First Quarter 2017 Investor Letter

By John Hathaway

Reality Check “We strongly believe a synchronized, self-sustaining global expansion is underway.” (Evercore ISI Weekly Economic Survey, 4/2/17) ****************************************************************** “Atlanta Fed Sees GDP Growth Slowest in Two Years.” (Reuters, 3/15/17) “Real Consumer Spending Fell for Second Consecutive Month.” (Evercore, 3/31/17) “Real consumer spending drops .28% over the past two months, largest two month drop since …

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Letter to the Clients

By Robert Kleinschmidt

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

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

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

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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Mutual Funds

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