Thought Leadership

Is Gold Still in a Bull Market?

Is Gold Still in a Bull Market?

By John Hathaway on October 8, 2008

Since the Bear Stearns bailout at the end of the first quarter, the backdrop for gold has unfolded in a more positive way than almost any of its proponents could have imagined. The government takeover of the GSEs, the Lehman Bankruptcy, the disappearance of blue chip investment banks, and continuing intense credit market stress despite …

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Tocqueville Gold Strategy Investor Letter

Tocqueville Gold Strategy Investor Letter

By John Hathaway on January 5, 2017

Fourth Quarter 2016 Investor Letter Physical Will Trump Paper Gold Gold rose 8.5% for the year while gold-mining stocks (XAU – Philadelphia Gold and Silver Index stocks) rose 75%. On an annual basis, results were highly satisfactory. However, there was considerable drama beneath the surface that left precious metals investors in a state of anxiety …

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Investment Case for Gold

Investment Case for Gold

By John Hathaway on January 22, 2002

The investment case for gold centers on the notion that the over valuation and excessive supply of the US currency has funded a decade’s worth of uneconomic investment and unsustainable consumption. According to Professor Robert Mundell, as recently quoted in The Wall Street Journal (WSJ) Europe “There will come a time when the pileup of …

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Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

Tocqueville Gold Strategy Investor Letter Second Quarter 2015 – Part II

By John Hathaway on July 16, 2015

What is required to restore investor interest in gold? In our opinion, a prolonged bout of financial-market adversity would suffice. After all, the cornerstone of coordinated central-bank policy since 2008 has been the levitation of financial assets via Zero Interest-Rate Policy (ZIRP) and Quantitative Easing (QE) by forcing investors into risky assets. We believe that …

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Tocqueville Gold Strategy Investor Letter

Tocqueville Gold Strategy Investor Letter

By John Hathaway on July 12, 2016

Weeks Where Decades Happen The precious metals markets have clearly turned the corner, becoming flat-out bullish following the extensive and painful correction from August 2011 to year-end 2015. Year-to-date through June 30, the US dollar gold price has increased 24.57 percent, while the XAU (Philadelphia index of gold and silver stocks) benchmark has increased 116.16 …

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