Thought Leadership

Paper Gold: Utopia for Alchemists

Paper Gold: Utopia for Alchemists

By John Hathaway on January 7, 2016

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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Tocqueville Gold Strategy Investor Letter Third Quarter 2015

Tocqueville Gold Strategy Investor Letter Third Quarter 2015

By John Hathaway on October 12, 2015

Financial market turmoil has been what was needed to rekindle investment interest in gold, as we have argued in our investor letters this year, here and here. The onset of a bear market is what we envisioned in making this statement. A preliminary glimpse of what is what is needed to turn the tide for …

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The 0.1% Solution

The 0.1% Solution

By Robert Kleinschmidt on October 8, 2015

Conan Doyle fans will recognize the reference to the eminent denizen of 221B Baker Street in the title of this note, but it isn’t for the benefit of Dr. Watson that we are penning this brief. Rather, it is for Dr. Yellen. Economic stimulation in the form of low rates has been the focal point …

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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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Keep Calm and Carry On

Keep Calm and Carry On

By Robert Kleinschmidt on August 25, 2015

“If it bleeds it leads” the old saying goes, and indeed, roiled equity markets have been front page news every day for about a week now, butting their way into the final days of summer vacations everywhere. Memories of the 2008/2009 crisis, the 2000 dot com bubble burst and even the 1997 Asian Contagion are …

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