Thought Leadership

Investment Case for Gold

Investment Case for Gold

By John Hathaway on January 22, 2002

The investment case for gold centers on the notion that the over valuation and excessive supply of the US currency has funded a decade’s worth of uneconomic investment and unsustainable consumption. According to Professor Robert Mundell, as recently quoted in The Wall Street Journal (WSJ) Europe “There will come a time when the pileup of …

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Is Gold Still in a Bull Market?

Is Gold Still in a Bull Market?

By John Hathaway on October 8, 2008

Since the Bear Stearns bailout at the end of the first quarter, the backdrop for gold has unfolded in a more positive way than almost any of its proponents could have imagined. The government takeover of the GSEs, the Lehman Bankruptcy, the disappearance of blue chip investment banks, and continuing intense credit market stress despite …

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It’s the Spending, Stupid!

It’s the Spending, Stupid!

By Robert Kleinschmidt on June 6, 2011

James Carville is famous for having saved the first Clinton presidential campaign by focusing his candidate on the most important issue of the day. “It’s the Economy, Stupid,” ensured that the campaign stayed on point. Now there is a new most important issue of the day: out-of-control government spending. And the problem is getting worse. …

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A Golden Mulligan

A Golden Mulligan

By John Hathaway on September 6, 2011

Few would dispute that the twelve-year (and still counting) bull market in gold has been the opportunity of this investment lifetime. Even fewer have participated. From its twenty-year bear market low in August of 1999, bullion has appreciated more than seven fold. That works out to a $US compound return of 18.0% compared to 0.7% …

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Tocqueville Gold Year-End Investor Letter – 2011

Tocqueville Gold Year-End Investor Letter – 2011

By John Hathaway on January 3, 2012

2011 was a good year for gold bullion, up 11.3%, but a tough year for gold stocks which declined 18.3% based on the XAU index of gold and silver stocks.  We addressed the reasons for the disparity between the performance of gold bullion and gold mining stocks at length in our web site article (The …

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