Thought Leadership

Tocqueville Gold Strategy Investor Letter

Tocqueville Gold Strategy Investor Letter

By John Hathaway on January 5, 2017

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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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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Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

By John Hathaway on July 16, 2015

What is required to restore investor interest in gold? In our opinion, a prolonged bout of financial-market adversity would suffice. After all, the cornerstone of coordinated central-bank policy since 2008 has been the levitation of financial assets via Zero Interest-Rate Policy (ZIRP) and Quantitative Easing (QE) by forcing investors into risky assets. We believe that …

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Tocqueville Gold Strategy Investor Letter

Tocqueville Gold Strategy Investor Letter

By John Hathaway on July 12, 2016

Weeks Where Decades Happen The precious metals markets have clearly turned the corner, becoming flat-out bullish following the extensive and painful correction from August 2011 to year-end 2015. Year-to-date through June 30, the US dollar gold price has increased 24.57 percent, while the XAU (Philadelphia index of gold and silver stocks) benchmark has increased 116.16 …

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Tocqueville Gold Strategy Investor Letter Year End 2013

Tocqueville Gold Strategy Investor Letter Year End 2013

By John Hathaway on January 7, 2014

Despite the painful decline in gold and gold shares that persisted throughout the entire year, we believe that the fundamental case for both remains strong. It seems to us that the correction has left the entire sector sold out and friendless. As contrarians, our experience has been that attractive investment returns arise out of such …

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