Thought Leadership

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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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 Third Quarter 2017 Investor Letter

By John Hathaway on October 11, 2017

Contrarian Music Gold appears to have formed a solid base since bottoming at year-end 2015 at $1060.00/oz.  Through 9/29/17, the metal’s price increased 11.10%, even after a sharp pullback from its early September 2017 high of $1355.  As of September 30, 2017, the price stood at $1280.15, 20.75% above its low at year-end 2015. In …

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Tocqueville Gold Strategy Second Quarter 2017 Investor Letter

Tocqueville Gold Strategy Second Quarter 2017 Investor Letter

By John Hathaway on July 31, 2017

Caught in a Lie During the first half of 2017, gold bullion rose 7.75% while the XAU (Philadelphia Index of Gold and Silver Stocks) rose 2.79% (including dividends).  Among the notable developments of the first half were the pronounced weakness of the trade-weighted US Dollar (down 6.44%) and the continuing sluggishness of the US economy, …

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Letter to the Clients

By Robert Kleinschmidt on January 27, 2017

Dear Clients, Now that the elections are mercifully behind us, the markets should be able to focus on fundamentals, which are, as of this writing, neither terribly positive nor terribly negative. Over the next 12 months, we would expect, so long as U.S. growth continues, that interest rates will rise gradually at first, but then, …

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Mutual Funds

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