Thought Leadership

Tocqueville Gold Strategy Second Quarter 2018 Investor Letter

By John Hathaway on July 16, 2018

There has been an epic liquidation of speculative long positions in gold over the past two years.  According to the CFTC Commitments of Traders report, long positions in gold held by hedge funds and other large-scale speculators declined from 893 tonnes in July 2016 to only 13 tonnes at the end of June 2018 [As …

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Gold: A Case of Extremes

By John Hathaway on August 22, 2018

Intense liquidation of gold mining shares during the week of August 13, 2018 could, in our opinion, mark a trading bottom, if not the terminal point in the lengthy consolidation of the sector since the bottom of December 2015.  To support our view, we note: -Extreme bearish positioning of COMEX gold speculators; -Extreme bullish positioning …

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Tocqueville Gold Strategy Third Quarter 2018 Investor Letter

By John Hathaway on October 2, 2018

“Disorder in the house                   There’s a flaw in the system                   And the fly in the ointment’s gonna bring the whole thing down”                               …

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It’s Never Too Early

It’s Never Too Early

By Michael Meltzer on March 24, 2014

Roth 401(k)s and Other Fun Stuff As one of the younger portfolio managers at Tocqueville, I tend to focus a lot of my time on developing investment strategies for my peers. Unfortunately, most people don’t start thinking about their retirement until they are in their forties. Better late than never, but I believe there is …

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Caveat Emptor

Caveat Emptor

By Paul Kleinschmidt on September 17, 2015

Buyer beware: ETF’s may not be what they appear Exchange Traded Funds (ETF’s) have been all the rage the past few years as money has flowed out of actively managed portfolios and into investment vehicles that mirror various indices. After all, portfolio managers rarely outperform the broader stock indices and the overwhelming majority of actively …

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Mutual Funds

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