Thought Leadership

Tocqueville Gold Strategy Investor Letter Year End 2014

Tocqueville Gold Strategy Investor Letter Year End 2014

By John Hathaway

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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Monetary Tectonics

Monetary Tectonics

By John Hathaway

The “strength” in the dollar appears to have been the proximate cause of the recent selloff in gold. The rise in the dollar index (DXY) is taken by most to mean that the dollar is actually strong. The chart below shows the inverse correlation between the DXY and the dollar gold price. This discussion will …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2014

Tocqueville Gold Strategy Investor Letter Third Quarter 2014

By Peter Ostberg

Through September 30, the $US gold price declined 6%, after giving up much of the stronger gains that had been achieved through most of the year. The recent bout of weakness began in late August and coincided with the breakdown of the Yen and the Euro vs. the US dollar. Commentary from all quarters is …

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Tocqueville Gold Strategy Investor Letter Second Quarter 2014

Tocqueville Gold Strategy Investor Letter Second Quarter 2014

By John Hathaway

The precious metals complex, both mining shares and bullion, appears to be in the process of completing a major bottom extending back to mid-2013. The chart below depicts this action quite clearly in the form of what technical analysts refer to as a reverse or upside down head and shoulder pattern, a classic indication of …

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Tocqueville Gold Strategy Investor Letter First Quarter 2014

Tocqueville Gold Strategy Investor Letter First Quarter 2014

By John Hathaway

Gold and gold mining shares recovered during the first quarter with the metal rising 6.5% and precious metals shares (basis XAU) 8.7% through March 31st. It appears to us that the precious metals complex has bottomed and is attempting to gain footing following the grueling two-plus year correction that started in August of 2011. It …

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