Thought Leadership

Tocqueville Gold Strategy Investor Letter First Quarter 2013

Tocqueville Gold Strategy Investor Letter First Quarter 2013

By John Hathaway on April 11, 2013

The bottoming process in gold and gold mining shares continues to be an extended and frustrating affair.  Nevertheless, the fundamental rationale for positioning physical bullion and gold mining shares seems more compelling than ever.  The metal dropped approximately 4.5% during the quarter, but the mining shares (basis XAU) dropped almost 19%. From the September 2011 …

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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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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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Let’s Get Physical

Let’s Get Physical

By John Hathaway on December 12, 2012

Money printing by world central banks, it would seem, has propelled the prices of all things rare. The list includes fine art, vintage wines and antique sports cars. It is front page news that the flood of paper money has enhanced the quotation of almost any tangible asset perceived to be in scarce supply. In …

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Robert Kleinschmidt Interview with Steve Forbes

Robert Kleinschmidt Interview with Steve Forbes

By Robert Kleinschmidt on October 24, 2012

The following video of Steve Forbes’s interview with Robert Kleinschmidt was originally posted in two parts, “Forget Apple, Buy Microsoft! and Hold Gold, Says Contrarian Kleinschmidt” and “Ignore the Naysayers; DeVry and Procter Lead Tocqueville Chief’s Contrarian Stock Picks” on Forbes.com. Past performance is no guarantee of future results. This video contains the views of …

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