Thought Leadership

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 Second Quarter 2015 Investor Letter

Tocqueville Gold Strategy Investor Letter Second Quarter 2015 Investor Letter

By John Hathaway on July 8, 2015

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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Tocqueville Gold Strategy  First Quarter 2015 Investor Letter

Tocqueville Gold Strategy First Quarter 2015 Investor Letter

By John Hathaway on April 7, 2015

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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Let’s Get Physical

Let’s Get Physical

By John Hathaway on December 12, 2012

Money printing by world central banks, it would seem, has propelled the prices of all things rare. The list includes fine art, vintage wines and antique sports cars. It is front page news that the flood of paper money has enhanced the quotation of almost any tangible asset perceived to be in scarce supply. In …

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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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