Thought Leadership

Gold, Gold Mining Shares, and QE

Gold, Gold Mining Shares, and QE

By John Hathaway on June 13, 2012

The protracted correction in gold and precious metals stocks that began in September 2011 appears to have ended.  Our conclusion is based on historically reliable gauges of sentiment, valuation and technical factors.  (We will publish the specific readings on these gauges with our second quarter investment letter on June 30.) This basing, in our view, …

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Tocqueville Gold Strategy Investor Letter First Quarter 2012

Tocqueville Gold Strategy Investor Letter First Quarter 2012

By John Hathaway on April 9, 2012

During the first quarter of 2012, precious metals equities, as measured by the XAU index, declined 2.4% to 175.46, while gold bullion rose 6.7% to $1668.35.  In our opinion, the first quarter consisted of an important test of the low made by the metal in December at $1522.65.  Precious metals shares have been marking time …

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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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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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It’s the Spending, Stupid!

It’s the Spending, Stupid!

By Robert Kleinschmidt on June 6, 2011

James Carville is famous for having saved the first Clinton presidential campaign by focusing his candidate on the most important issue of the day. “It’s the Economy, Stupid,” ensured that the campaign stayed on point. Now there is a new most important issue of the day: out-of-control government spending. And the problem is getting worse. …

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