Thought Leadership

Tocqueville Gold Strategy  First Quarter 2015 Investor Letter

Tocqueville Gold Strategy First Quarter 2015 Investor Letter

By Peter Ostberg

Gold and gold mining shares appear to be as contrarian today asin 1999, before a decade‐plusrun in which bullion rose nearly seven‐fold in US dollar terms. For those who are concerned that the financial markets are overvalued, we believe that gold offers an out‐of‐favor investment strategy with asymmetric and dynamic potential. For those who see …

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Tocqueville Gold Second Quarter 2012 Investor Letter

By Peter Ostberg

During the second quarter, the gold price declined 4.3% from $1,668 to $1,597. On a year to date basis, gold has appreciated 2.2%. Gold mining shares as measured by the XAU Index (PHLX Gold/Silver Sector Index) declined 9.7% in the second quarter and 11.9% on a year to date basis. That is the bad news. …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2014

Tocqueville Gold Strategy Investor Letter Third Quarter 2014

By Peter Ostberg

Through September 30, the $US gold price declined 6%, after giving up much of the stronger gains that had been achieved through most of the year. The recent bout of weakness began in late August and coincided with the breakdown of the Yen and the Euro vs. the US dollar. Commentary from all quarters is …

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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 Second Quarter 2015 Investor Letter

Tocqueville Gold Strategy Investor Letter Second Quarter 2015 Investor Letter

By John Hathaway

It is counterintuitive that gold has weakened following the events in Greece. The potential withdrawal of Greece from the euro at the very least emboldens left wing/nationalist factions in Spain, Italy, and France who see the results of the Greek referendum as legitimizing rebellion against the diet of austerity proposed by Brussels. Should voter unrest …

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