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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Tocqueville Gold Strategy Investor Letter Third Quarter 2015

Tocqueville Gold Strategy Investor Letter Third Quarter 2015

By John Hathaway on October 12, 2015

Financial market turmoil has been what was needed to rekindle investment interest in gold, as we have argued in our investor letters this year, here and here. The onset of a bear market is what we envisioned in making this statement. A preliminary glimpse of what is what is needed to turn the tide for …

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Tocqueville Gold Year-End Investor Letter – 2011

Tocqueville Gold Year-End Investor Letter – 2011

By John Hathaway on January 3, 2012

2011 was a good year for gold bullion, up 11.3%, but a tough year for gold stocks which declined 18.3% based on the XAU index of gold and silver stocks.  We addressed the reasons for the disparity between the performance of gold bullion and gold mining stocks at length in our web site article (The …

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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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