Thought Leadership

Let’s Get Physical

Let’s Get Physical

By John Hathaway on December 12, 2012

Money printing by world central banks, it would seem, has propelled the prices of all things rare. The list includes fine art, vintage wines and antique sports cars. It is front page news that the flood of paper money has enhanced the quotation of almost any tangible asset perceived to be in scarce supply. In …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2016 Investor Letter

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 …

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Tocqueville Gold Second Quarter 2012 Investor Letter

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 First Quarter 2016

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 …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2012

Tocqueville Gold Strategy Investor Letter Third Quarter 2012

By John Hathaway on October 9, 2012

Gold and precious metals stocks rallied sharply in the third quarter. The rally suggests that the lengthy correction which began in August of 2011 has been completed, setting the stage for a powerful new leg in the bull market for precious metals and related mining shares. During the quarter, the metal rose 10.9% to $1,772/oz. …

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