Thought Leadership

Investing for the Long Term: A Word on Performance

By Paul Kleinschmidt on November 5, 2018

We live in a short-term, short-attention-span world dominated by relentless news cycles. In few places is this more apparent than within financial circles, where these powerful trends have combined to increase the collective anxiety of the investor community. Performance has come to be measured in days and weeks; returns are examined monthly and usually without …

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Reflections on the Past as Prologue

By Joseph Piropato on January 3, 2018

At the beginning of a New Year there is a tendency, particularly among Wall Street prognosticators, to review the recent past and extrapolate its trends into the near future. At this time twelve months ago  many were projecting a continuation of slow but steady growth for the economy, perhaps a little better than that due …

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Tocqueville Gold Strategy Fourth Quarter 2018 Investor Letter

By John Hathaway on January 11, 2019

Going Bananas US debt to GDP exceeds 100%, in the danger zone that has historically led most countries into a banana-republic-style sovereign-credit crisis, loss of currency value, and credit collapse.  The ratio has hovered near the 100% level since 2013 without adverse consequences.  Over the past year, the dollar has been generally strong relative to …

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Tocqueville Gold Strategy Fourth Quarter 2017 Investor Letter

By John Hathaway on January 3, 2018

Gold: Connecting the Dots Gold rose 11.63% in US dollar terms in 2017, an excellent year for the metal.  More important, it has been the top-performing asset since the dawn of radical monetary experimentation by world central banks in 2000 (better than equities, bonds, and other key commodities).  The US dollar, anointed “King Dollar” by …

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Tocqueville Gold Strategy First Quarter 2018 Investor Letter

By John Hathaway on April 4, 2018

Gold’s Dot Plot The Fed dot plot, published after every Fed meeting, shows where each of the 16 members of the FOMC (Fed Open Market Committee) expect interest rates to be at the end of the various calendar years displayed, as well as the peak level of rates upon completion of the tightening cycle.  From …

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Mutual Funds

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