Thought Leadership

Tocqueville Gold Strategy Investor Letter First Quarter 2015

Tocqueville Gold Strategy Investor Letter First Quarter 2015

By John Hathaway on April 7, 2015

Gold and gold mining shares appear to be as contrarian today as in 1999, before a decade‐plus run in which bullion rose nearly seven‐fold in US dollar terms. For those who are concerned that the financial markets are overvalued, we believe that gold offers an out‐of‐favor investment strategy with asymmetric and dynamic potential. For those who see the …

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Tocqueville Gold Strategy  First Quarter 2015 Investor Letter

Tocqueville Gold Strategy First Quarter 2015 Investor Letter

By John Hathaway on April 7, 2015

Gold and gold mining shares appear to be as contrarian today asin 1999, before a decade‐plusrun in which bullion rose nearly seven‐fold in US dollar terms. For those who are concerned that the financial markets are overvalued, we believe that gold offers an out‐of‐favor investment strategy with asymmetric and dynamic potential. For those who see …

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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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Monetary Tectonics

Monetary Tectonics

By John Hathaway on November 24, 2014

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 John Hathaway on October 3, 2014

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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