Insights from Tocqueville
Trump’s Victory: What Does it Mean for Gold?
By John Hathaway on November 21, 2016
In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …Read More
Tocqueville Gold Strategy Investor Letter Third Quarter 2016 Investor Letter
By John Hathaway on October 12, 2016
During the third quarter of 2016, gold and gold mining shares consolidated in a narrow range following substantial gains in the first half of the year. On a year to date basis (9/30/16) gold bullion rose 24% while most gold mining shares gained 3x-4x the gold price. During the first few days of October, the …Read More
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 …Read More
Tocqueville Gold Strategy Investor Letter First Quarter 2016
By John Hathaway on April 12, 2016
The dollar price of gold rallied 16.14 percent during the first quarter while gold mining equities rallied 53.45 percent (XAU Gold & Silver Index). It appears to us that the nearly five-year decline in the precious metals sector has concluded, and that the stage is set for a renewed advance towards all-time highs. What is …Read More
What’s So Great About Private Equity?
By Robert Kleinschmidt on March 31, 2016
Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …Read More
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