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Thought Leadership
Tocqueville Gold Strategy Update
By John Hathaway on April 15, 2013
Gold bullion prices have been subjected to a cleverly orchestrated bear raid in our opinion. Selling of paper Comex contracts on Friday, April 12th, and Monday, April 15th, totaled 1 million contracts, exceeding global annual gold production by 12%. The attack succeeded when the technical support in the low $1500’s/oz. easily gave way and led …
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Tocqueville Gold Strategy Investor Letter First Quarter 2013
By John Hathaway on April 11, 2013
The bottoming process in gold and gold mining shares continues to be an extended and frustrating affair. Nevertheless, the fundamental rationale for positioning physical bullion and gold mining shares seems more compelling than ever. The metal dropped approximately 4.5% during the quarter, but the mining shares (basis XAU) dropped almost 19%. From the September 2011 …
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The Investment Case for Gold
By John Hathaway on February 28, 2013
Part 2 The investment case for gold, in our opinion, rests squarely on the prospect for U.S. sovereign credit, and by extension, the value of the U.S. dollar. The prospect, in short, appears poor. Therefore, we find that the rationale for gold remains solid. In fact, it seems stronger than ever. One could argue that …
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Tocqueville Gold Strategy Investor Letter Fourth Quarter 2012
By John Hathaway on January 7, 2013
The bull market in gold remains intact. The metal rose approximately 7.14% in 2012 in US dollar terms and has increased in each of the last 12 years. Negative real interest rates incentivize capital to move into gold. It is difficult to imagine a world of positive real interest rates, absent a significant shift in …
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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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