Thought Leadership

Tocqueville Gold Strategy Investor Letter First Quarter 2016

Tocqueville Gold Strategy Investor Letter First Quarter 2016

By John Hathaway

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 …

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What’s So Great About Private Equity?

What’s So Great About Private Equity?

By Robert Kleinschmidt

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, …

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This Is Why You Hire Us: The ABCs of Wealth Management

This Is Why You Hire Us: The ABCs of Wealth Management

By Robert Kleinschmidt

A. Keep Calm and Carry On The tumult in global equity markets has been so sudden and so violent that it has left many observers breathless.  “What in the world,” many investors want to know, “is going on?” The answer?  No one really knows.  This admission is not a bad thing.  Among other salutary characteristics, …

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Tocqueville Gold Strategy Investor Letter Fourth Quarter 2015

Tocqueville Gold Strategy Investor Letter Fourth Quarter 2015

By John Hathaway

During 2015 gold bullion declined 10.4 percent, to $1061.4, while gold mining stocks (basis XAU Philadelphia Stock Exchange Index of Gold and Silver Stocks) declined 33.4 percent. 2015 was the third consecutive year of declines in the precious metals complex, a correction from all-time highs that appears overextended and ripe for a trend reversal. We …

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Paper Gold: Utopia for Alchemists

Paper Gold: Utopia for Alchemists

By John Hathaway

An acute shortage of readily marketable physical gold is developing that we believe will deepen in years to come. This possibility seems to be unrecognized by those who are short the gold market through paper contracts. The relentless dumping of synthetic or paper gold contracts since 2011 by speculators in Western financial markets has caused …

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Mutual Funds

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