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 2014 Investor Letter

Tocqueville Gold Strategy First Quarter 2014 Investor Letter

By John Hathaway on April 10, 2014

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 is impossible to …

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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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