Thought Leadership

Tocqueville Gold Strategy Investor Letter Second Quarter 2014

Tocqueville Gold Strategy Investor Letter Second Quarter 2014

By John Hathaway on July 18, 2014

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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The Investment Case for Gold

The Investment Case for Gold

By John Hathaway on February 28, 2013

Part 2 The investment case for gold, in our opinion, rests squarely on the prospect for U.S. sovereign credit, and by extension, the value of the U.S. dollar. The prospect, in short, appears poor. Therefore, we find that the rationale for gold remains solid.  In fact, it seems stronger than ever. One could argue that …

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A Golden Mulligan

A Golden Mulligan

By John Hathaway on September 6, 2011

Few would dispute that the twelve-year (and still counting) bull market in gold has been the opportunity of this investment lifetime. Even fewer have participated. From its twenty-year bear market low in August of 1999, bullion has appreciated more than seven fold. That works out to a $US compound return of 18.0% compared to 0.7% …

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Tocqueville Gold Strategy Investor Letter First Quarter 2014

Tocqueville Gold Strategy Investor Letter First Quarter 2014

By John Hathaway on April 11, 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 …

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Tocqueville Gold Strategy Investor Letter Fourth Quarter 2012

Tocqueville Gold Strategy Investor Letter Fourth Quarter 2012

By John Hathaway on January 7, 2013

The bull market in gold remains intact.  The metal rose approximately 7.14% in 2012 in US dollar terms and has increased in each of the last 12 years. Negative real interest rates incentivize capital to move into gold.  It is difficult to imagine a world of positive real interest rates, absent a significant shift in …

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