Thought Leadership

Tocqueville Gold Strategy Investor Letter Third Quarter 2013

Tocqueville Gold Strategy Investor Letter Third Quarter 2013

By John Hathaway on October 2, 2013

Gold and gold mining shares spent most of the third quarter backing and filling without establishing any clear direction. Gold increased 7.6% during the quarter, closing at $1328.6/oz, but down 20.7% year-to-date. The XAU Index of gold and silver stocks rose 4.1% during the quarter, and was down 42.5% on a year-to-date basis. The rationale …

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Tocqueville Gold Strategy Investor Letter Second Quarter 2012

Tocqueville Gold Strategy Investor Letter Second Quarter 2012

By John Hathaway on July 2, 2012

During the second quarter, the gold price declined 4.3% from $1,668 to $1,597.  On a year to date basis, gold has appreciated 2.2%.  Gold mining shares as measured by the XAU Index (PHLX Gold/Silver Sector Index) declined 9.7% in the second quarter and 11.9% on a year to date basis.  That is the bad news.  …

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Tocqueville Gold Strategy Investor Letter Year End 2014

Tocqueville Gold Strategy Investor Letter Year End 2014

By John Hathaway on January 15, 2015

It is a little-known fact that gold outperformed all currencies in 2014, except for the US dollar. In dollar terms gold declined 1.7 percent, but as the table below shows, it posted solid gains against all other currencies. While the dollar price of gold was essentially flat in 2014, highly negative media coverage created the …

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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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Tocqueville Gold Strategy Investor Letter Second Quarter 2013

Tocqueville Gold Strategy Investor Letter Second Quarter 2013

By John Hathaway on July 1, 2013

In light of the dramatic developments of the past six months, this letter addresses seven key investor concerns:   What is happening to gold? In our opinion, the severe pressure on gold prices since April 16, 2013 has been caused by a coordinated bear raid orchestrated by large bank trading desks and hedge funds. The …

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